PBWBs are bearish trades in the sense that you actually make more profit if the underlying drops in value (but not drastically, obviously). The question I have is about taking profit if this does in fact happen.
Let's suppose that I open a PBWB for a credit of .30. If I set a traditional Take Profit order it's based on that $30 credit. Instead, is there a way to use TWS's Condition tool to trigger a STC order if the underlying drops close to the short strikes (the Max Profit amount)? I'm not sure if the Condition tool is capable of doing this. I'm not that familiar with that aspect of TWS. Otherwise, the only way I can see to make more profit (than simply the credit received) is to "babysit" the trade and close it manually if/when it drops in value. I'm thinking there must be some way to automate this...???