Profit Target and Stop Loss Order Types
Profit Target Types
The standard profit target type, and the default, is the 1-minute platform-managed check.
You can also choose a resting profit target by selecting that option. This places a brokerage GTC resting limit order for the specific PT.
Note: As described below, you can alternatively have a resting SL order on a single leg only. If a user chooses a resting PT, they cannot also have a resting SL. This is a broker limitation.
Stop Loss Types
The default stop loss is a 1-minute platform-managed check, and it is submitted as a limit order.
Intra-Minute Stops
For 0DTE SPX and SPY, you can also choose Use 0-DTE Intra-Minute Stops.
If this option is selected, the automation platform checks stops at 1-second intervals.
There is also an option to select Minimum Consecutive Hits. For example, if the user wants to execute the stop only after it is reached for 15 consecutive seconds, the user would enter 15 in this field.
Resting Stop
There is also an option for resting stops at the broker on single legs only. This is a stop-market order placed at the brokerage rather than a platform-managed stop loss.
Note: As described above, a user can alternatively have a resting PT at the broker. If a user chooses a resting PT, they cannot also have a resting SL.
OTO (One Triggers Other)
The automation platform can close one leg after a resting stop has been triggered on another leg. This feature lets users place an OTO (One Triggers Other) order, which sets a resting stop market order on one short leg of a trade and triggers a contingent market order on another long leg when the first order executes.
The OTO order rests at the broker. The stop-market order remains active at the exchange, and the second market order is held by the broker in a contingent state until the stop order fills.
To use this feature, you must be using leg groups and resting stop-market orders on the initiating leg group, as shown below.
Note: tastytrade limits the number of concurrent OTO orders per symbol. This maximum varies by account and margin type. Contact your broker directly to confirm the limit for your specific trading account.
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