Advanced Trades in Scottrader

To place a stock or ETF trade using Scottrader, click the Trade button in the Quote Grid window, click Quick Trade from any supplementary window or click any of the Buy or Sell links located in Trading columns throughout the account management windows. When you're placing an advanced order, you may choose one of the following order types:

Please note that instructions for placing advanced option orders differ from those for advanced stock and ETF orders.

Placing a Conditional Order (CO)

A conditional order is a type of advanced order that is submitted based on criteria you define when entering the order, such as volume, percent change, intraday change or whether the bid or ask hits a certain limit.

For example, you can set up an order to buy shares of XYZ if XYZ stock hits its 52-week high. Conditional orders are available for stocks, ETFs and options, although the conditions available for option orders will be limited to bid and ask.

  1. From the Trade window, click the Advanced tab. Make sure Conditional Order is selected in the Place This drop-down menu.
  2. Complete the order information:
  3. In the If The Following Event Occurs area, complete the condition for the order:
    To add more than one condition, click the plus sign (+) next to Add Condition, and complete the next condition. You may add a maximum of two conditions for Conditional Orders or one condition for One Cancels Other and Once Cancels All Orders.
  1. To submit the conditional order, click Place Order.

To modify or cancel an order before it has been executed, click Open Orders in the upper left corner of the main Scottrader Quote Grid window. Next to the order you want to change, choose the Modify or Cancel link.

Placing a One Cancels Other Order (OCO)

One Cancels Other is an advanced order type, also known as a bracket order. One Cancels Other orders allow two orders (typically a trailing stop-on-quote order and a limit order) to be placed at the same time. When one order is executed, the other is automatically canceled.

From the Trade window, click the Advanced tab. Select One Cancels Other from the Place This drop-down menu.

  1. On the Order 1 tab, complete the order information.
  2. Click the Order 2 tab. Complete the order information for the second order.
  1. To submit the one cancels other order, click Place Order.
    To modify or cancel an order before it has been executed, click Open Orders in the upper left of the main Scottrader Quote Grid window. Next to the order you want to change, choose the Modify or Cancel link.

Placing a One Cancels All Order (OCA)

A One Cancels All (OCA) is an advanced order type that consists of three separate orders. If one order is filled, the other orders are canceled. This type of order can be useful if you want to invest a certain dollar amount in one company but have several candidates to choose from.

  1. From the Trade window, click the Advanced tab. Select One Cancels All from the Place This drop-down menu.
  2. On the Order 1 tab, complete the order information.
  3. Click the Order 2 tab. Complete the order information for the second order.
  4. Click the Order 3 tab. Complete the order information for the second order.
  1. To submit the one cancels all order, click Place Order.

To modify or cancel an order before it has been executed, click Open Orders in the top left of the main Scottrader quotes screen. Next to the order you want to change, choose the Modify or Cancel link.

To configure your order entry fields with pre-set information, click the Configure link in the Trade window. Once you have configured your trading functionality, selected order entry fields will auto-fill according to your chosen default settings.