exit-plan

What does this do?

The Exit Manager™ window allows you to set an Exit Plan™ for each strategy you are holding for the underlying you are viewing. Note that if you regroup your holdings for an underlying you will have to enter new Exit Plan™’s.

How to do it:

How to Set Up Exit Plan™

  •  Click on any position strategy to get an Action Menu.
  • Click the Exit Plan™ icon, or if you have not yet set an Exit Plan™ you may also click the Set Exit Plan™ button.
  • You will see the Exit Manager™  window. Note that all the strategies you own for the underlying will appear in the left hand column. You set an Exit Plan™  for a particular strategy by first selecting the strategy. The initially selected strategy will always be the one you navigated from. The right side of the window will display the Exit Plan™  for the selected strategy. If you have not yet set an Exit Plan for this strategy, the form will contain default values.
  • To set an Exit Plan™ , enter your Time Horizon, Profit Target and Stop Loss. Note that you may use the calculators (click the calculator icons) to enter the Profit Target and Stop Loss in several ways. For example, you may enter the Profit Target directly as a price level you wish the security to reach. You may also enter your target as a Change from Cost, or the amount you wish the security to move relative to your cost basis. Or you may enter your target as a %Chg from Cost, or the percentage amount you wish the security to move relative to your cost basis . You may also specify the  Market Gain which is the dollar amount of the move. The Change from Cost, %Chg from Cost and Market Gain values can be either positive or negative. By entering a value and clicking the Refresh button in the calculator the other three corresponding values will be calculated for your reference.
  • Click Save to save your Exit Plan™.

Create an Order to Implement the Exit Plan™ (applies to calls, puts and stock only)

  • You may create a Bracket Order to implement your Exit Plan™ for a call, put or stock position (Bracket Orders not available for spreads)
  • First, set up the Exit Plan™ as above
  • If you don’t already have it up, bring up the Exit Manager™ dialog by clicking on the position of interest and then clicking the Exit Plan™ icon on the action menu.
  • Click Create Orders
  • You will see the Order Ticket window. Note that this window is populated with an OCO or One Cancels Other order. The OCO actually contains two orders, one to implement the profit target exit criteria and one to implement the stop loss criteria. As soon as one order is triggered, the other order is canceled. You may adjust parameters in the order or you may confirm and send it.

Create Alerts for the Exit Plan™ (applies to calls, puts and stock only)

  • You may create Alerts to notify you if any of your Exit Plan™ criteria has been fulfilled for a call, put or stock position (Alerts not available for spreads).
  • Set up the Exit Plan as above
  • Click the Create Alerts button.
  • You will see the Alerts portion of the User Configuration window. The window will be pre-populated with the criteria to set Alerts for your Exit Plan™. You may enter a note if you wish and an email address if you wish to receive your alerts via email.
  • Click Activate to make your alerts active.