Mtm stop loss method risk management

We have started trading in Option Strategy. We are creating Butterfly and Iron Condor but we are facing challenges in Booking profit or Loss based on MTM.
Is there any way we can set target / Stop loss for MTM?

Ofcourse it’s possible. The method to do that would depend on the kind of orders your broker allow you to place in the first place. But the target/stop-loss will have to in be regards to the option price. Placing an automatic stop-loss/target based on the underlying price would need API access and a small piece of code.