Maybe this is obvious to most here, but I’m wondering if there is anything like a trailing stop but in reverse. Where the trailing stop will follow the price to ensure it doesn’t move against you and you loose all the gained ground…I’m wondering if there’s such thing to take a profit that will be set above the current price?
If the price goes from 10 and i have a trailing stop at 5. then the price goes to 15 and the trailing stop is now at 10. I want to not sell as long as the price is moving up…for example most of my orders on thinkorswim have an exit strategy for taking a profit, say a limit order at 20. Is there a way to get around this, so if the price moves to 20, the limit order will move up to 25 – i realize it would never actually execute, but I’m not sure how to set it up w/o one.
I’m using BUY [OCO Bracket] to create the order.