headstrong007

----- Full-Time ----- Day-Trader
I am personally of the opinion that the above is difficult to remember. It is just too many rules. As a trader, I would want to go with simple heuristics and not keep a tab on too many rules by the broker :)
No, No, not too many to implement...:p
I only pointed out all probable options... so fyers can take any one of them as per temporary basis (most suitable for them) until they find 'do-able but tricky systematic implementation'. Something is better than nothing...
 

Tejas Khoday

Co-Founder & CEO, FYERS
Yes, premium deterioration on expiry day can happen very fast, specially last hours. That's why also many traders trade with next week option options on Thurs day. I do that too. Even from Weds day, next week options start gaining trading volumes/liquidity. On Thurs day liquidity is no problem on next week options.

1. You can also think of shifting the leverage to next week option on Thurs day(exp day) and no leverage on the current week contract.
2. You can also think, cut off leverage timing 2pm/2:30pm on Thurs day on current week options which are about to expired.
3. Another easiest way to start with.. stop giving leverage on exp day, still 4 days left per week.

Something is always better than nothing. Just like traders Risk Measurement is a must for brokers and innovative ideas always help....:)

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For options traders, leverage on writing (selling first) makes more sense. As premium is very low for buying not many traders need leverage for buying options(rather they want place stop loss and target inside the system as quickly as possible using the BO-CO, not the leverage). Also giving leverage on the sell side(intraday) is less risky as still margin blocked per lot is much more compared to capital used using prem buying. As generally margin blocked for OPTIONS SELLING FIRST is huge, presently many brokers considering good intraday leverage there.
For example, selling Rs 150 priced weekly option with 100 pt stop loss and another 200 pt if, u take for slippage in worst case on most liquid contract. Still, 300 pt on 40 units per lot is max Rs 12000. Whereas selling an option first even on intraday requires about 25,000-30000 margin which seems illogical.
Some brokers already allowed Rs 12000-15000 to sell bank nifty options intraday. Risk management varies from brokers to brokers still it is evident that there are lots of space to reduce intraday option selling margin within the good risk management system.
Thanks for your detailed suggestions @headstrong007!

1. Implementation is tricky.
2. Again, implementation is not easy.
3. Hmmmm..

Could you tell me which brokers give this leverage? You could PM me too. We'll give a thought to your suggestions and will communicate soon.
 

Tejas Khoday

Co-Founder & CEO, FYERS
You got me wrong, theirs no need to change much, am just requesting you to only place these "Fund Transfer" "30 Day Challenge" "Reload Page" buttons at the bottom beside "Dashboard". That will clear the crowd on the Header. Please do this small change, that will help immensely.
Hi @bluewolf, Thanks but we won't be able to do that now. Btw, our teammate tried to call you but there was no response on your phone. This is with regards to the issue you had reported that we could not replicate at our end.
 

Tejas Khoday

Co-Founder & CEO, FYERS
is bank of maharsathra in payment gateway list. i can not use payment gateway. what is the procedure to transfer through imps. sud i upload latest ministatement screen shot to email. any way what is the email after imps payment?
i think no proof required for neft payment
Hi @kaly422000 , Bank of Maharashtra is available on the payment gateway. You can transfer funds instantly via payment gateway. If you don't want to do it through the payment gateway, you can do it via NEFT/RGTS/IMPS. IMPS requires proof of bank statement. You can find more information on our fund transfer page - https://fyers.in/fund-transfer/
 

Tejas Khoday

Co-Founder & CEO, FYERS
@Tejas Khoday - This is in line with my previous note on market orders in options. Previously I was told by the support team that one cannot enter market orders but one can close an existing position (by clicking the X button on the visual order) Now even this option seems to be working only sporadically. I had sent out at least 4-5 instances where it wasnt working in the afternoon and then it started working again later in the day. Today the support team tells me that it does not work at all. I dont see how getting out at Market can affect the risk profile of any client.

The point of trading through charts to to make execution quick and hassle free. This goes out of the window if I cannot even exit with one click.

If you are worried about the illiquid options being bought and sold at unreasonable passive orders, you can disable it for such options. for trading in highly liquid, ATM, slightly OTM and ITM options getting in and out at market is a requirement. People use them in lieu of futures.

Also after the upgrage, I have noticed that orders are not placed exactly where the you click the + button on the right. They appear at different spots which makes matters worse when scalping

I would request you to look into it once again or atleast enable the market order for liquid options
Hello @onequorauser,

1. You can enter market orders by doing the following:
a) BUY - Enter a limit order with a price above the LTP. It will be executed as market buy order.
b) SELL - Enter a limit order with a price below the LTP. It will be executed as a market sell order.

2. You can exit existing positions by clicking on the close (x) button. However, please not that if you already have pending sell orders, the margin will be blocked and if you have shortage in funds, it will reject the square-off market order. Hope this clarifies. Please make sure that you don't have an existing pending order which is blocking your margins. Currently, trading from charts is hassle-free and smooth.

3. Enabling market orders impacts the risk management of the broker, not the client. We'll see if we can disable for certain symbols and strike prices. Will explore this area but it has a layer of development which will take a while.

4. We just checked again at our end and we found that if you place orders via the '+' icon, the order is placed exactly as the price selected unless you manually change it or use market orders. If you place market orders, the executed price will most likely be different because it is based on the best bids/offers. Hope this clarifies.
 

Tejas Khoday

Co-Founder & CEO, FYERS
After days of traveling in the tribal areas, finally I am back to some decent internet :)

Yes! I think that you should restrict leverage in BN option contracts (i.e., not provide COs on BN options because there is significant premium deterioration at times), but enable us to buy OTM contracts. Currently the other Bangalore based discount broker does not do that, much to my annoyance because in many cases, I lost some very good opportunities of making money on those trades. There were many instances I predicted the direction right but because buying OTM options was not allowed, I didn't make money.
It's sad you lost opportunities. Yeah, we will try and enable Cover orders with leverage for Nifty options contracts to begin with. We'll see how it goes.
 

Tejas Khoday

Co-Founder & CEO, FYERS
No, No, not too many to implement...:p
I only pointed out all probable options... so fyers can take any one of them as per temporary basis (most suitable for them) until they find 'do-able but tricky systematic implementation'. Something is better than nothing...
Something is better than nothing as long as we are covered. We'll give it a serious thought soon..
 

headstrong007

----- Full-Time ----- Day-Trader
Could you tell me which brokers give this leverage? You could PM me too. We'll give a thought to your suggestions and will communicate soon.
Check your PM(inbox) for details.
 
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