TSC Options Forum: Stopping Options

Another type of contingency order (which can be layered on top of the "if/then") is a "one triggers other," or OTO. This means the execution of one order will activate the execution of another. For example, getting back to our reader who owns both puts and calls, even if it's not designated as a strangle, one could set a stop loss on the call option at a specific price (based on either the underlying or the option itself) and once it is filled, an OTO order would cause the put options to be covered at the then market price.

Oy ... so much. Better to just try to be right -- it'll save you a lot of aggravation, to say nothing of money.