Can I Use Take Profit and Stop Loss on Options Transactions on Pluang?

Yes — you can attach either a Take Profit or a Stop Loss to your US Stock Options order on Pluang, but not both on the same order at once. Take Profit and Stop Loss are order modifiers available inside Pluang's Advanced Order menu for options, which also includes Limit Order, Stop Order, and Stop-Limit Order. Take Profit automatically closes your position once the option's premium reaches the target price you set, letting you lock in a gain without watching the market continuously; Stop Loss automatically closes your position once the premium moves against you past a price you set, capping further downside. Because Pluang currently lets you activate only one of the two per order — rather than linking them together the way some other Pluang products do — you need to decide upfront whether that specific order is meant to protect a profit or limit a loss, not both.

How Take Profit and Stop Loss fit into Options order types

• Advanced Order for options covers three base order types — Limit Order, Stop Order, and Stop-Limit Order — with Take Profit and Stop Loss layered on top as optional modifiers, not separate order types of their own.
• Only one modifier can be active per order. If you want both a profit target and a downside cap on the same position, you currently need to manage them as two separate actions rather than one linked (OCO-style) order — a different behavior from Pluang's US Stocks Stop Loss/Take Profit feature, which auto-cancels one leg once the other triggers.
• Market Order execution for options only runs while the exchange is open, so a Take Profit or Stop Loss condition set outside trading hours waits for the next session before it can trigger.
• Take Profit and Stop Loss apply to both call and put contracts, and to both long (buy) and short (sell) options positions — the modifier simply closes the position once your chosen premium level is reached.

Related questions:

Q: Can I set both Take Profit and Stop Loss on the same Options order?
No — Pluang currently allows only one of the two per order for US Stock Options. Choose Take Profit to lock in a gain once the premium hits your target, or Stop Loss to cap a loss once the premium moves against you — not both on one order. For both protections on the same position, place them as separate actions instead. This differs from Pluang's US Stocks Stop Loss/Take Profit feature, which links the two so one auto-cancels when the other executes.

Q: What's the difference between Take Profit and a regular Limit Order on Options?
A Limit Order executes at a price you set or better and can be used to either open or close a position. Take Profit is specifically a closing modifier tied to a profit target — it only closes a position you already hold, and only once the premium reaches the level you consider a gain. Both let you set an exact price, but Take Profit is purpose-built for locking in profit on an existing position, while a Limit Order works for entering or exiting a trade.

Q: Does Take Profit and Stop Loss work on short Options positions too?
Yes — Take Profit and Stop Loss apply to both long (buy) and short (sell) options positions, and to both call and put contracts. For a short position, Take Profit closes the trade once the premium falls to your target (letting you buy back the contract cheaper than you sold it), while Stop Loss closes it once the premium rises past a level you set, limiting further loss. The same one-modifier-per-order rule applies regardless of whether the position is long or short.

Q: Can I edit or cancel my Take Profit or Stop Loss after placing it?
Yes — as long as the order hasn't triggered and filled, you can cancel or adjust the Take Profit or Stop Loss level from your open orders before it executes. Once the premium reaches your set trigger price and the order fills, the position is closed and the modifier can no longer be changed. This works the same way as cancelling any other unfilled Options order on Pluang: you can only modify or remove the condition while it's still pending in the order book.