Zerodha....

[trade_prodigy]

Can you please explain how can it be done with a single sell order ?

If I put a sell SL-L or SL-M order then the order will trigger only when it hits the Stop-Loss.

But in this case I want to limit my loss if it goes below 40 or exit with my profit if it goes above 70, whichever comes first and the other one gets cancelled automatically, all with a single sell order.

Please explain, I am just a newbie.

Your description of what you want to do with your Buy position cannot be described as 'Bracketed Orders'

It is a normal Sell Order with a S/L, which is available on most platforms

SG

 

[SavantGarde]

Wish I could have outlined the steps...since I am not familiar with NOW Terminal offered by Zerodha.... suppose one of their representatives can jump in & explain how to go about it...

SG

Can you please explain how can it be done with a single sell order ?

If I put a sell SL-L or SL-M order then the order will trigger only when it hits the Stop-Loss.

But in this case I want to limit my loss if it goes below 40 or exit with my profit if it goes above 70, whichever comes first and the other one gets cancelled automatically, all with a single sell order.

Please explain, I am just a newbie.

 

[jain.er]

As per my knowledge not possible in NSE NOW

Also if you want this facility open your account with interactive brokers

 

[peep25]

Re: Please explain....

@PEEP and SHEKAR


If you want to square off positions at a limit price, you have to take an opposite trade of the position you are holding using the buy or sell order window...

Square off's on dealer terminal are typically always done at markets, this feature is usually given so that exits can be done fast...

That said, we are always trying of ways to fix these issues that you may have... Some new developments are happening at our end, that might make you guys happy...


As far as the issue of you were holding a position and you squared off and position was bought back again... This won't happen in case of futures and options... In equity if you had bought under CNC and next day if you sell this as MIS, all MIS are intraday positions... So if you have bought CNC make sure you sell using the product code CNC and if Bought as MIS then sell as MIS...

In case of f&O, there is only one product code which is NRML... when you buy under NRML, as long as margins are available, nothing gets squared off... Everytime you buy or sell, make sure you either look at order book, trade book or admin positions f11 to confirm that trades have been executed... Trades can get rejected for various reasons.... If you need a demo on this, send us an email to [email protected], we will be happy to help you out...

Hi zerodha,
you mentioned " In case of f&O, there is only one product code which is NRML... when you buy under NRML, as long as margins are available, nothing gets squared off.". If there is only NRML code in F&O how does the system know whether you are taking intraday position or squareoff position?.I believe it is happening like this.

Day 1: Buy NF through Buy order screen.The system checks whether you got Margin to initiate a position (intraday), If yes BUY NF is initiated. At EOD (around 3;20) system is checking whether you got overnight margin to carry over to the next day.If No, your position is closed. If yes, your position is carried to next day.

At this stage I thought i am having a open position in NF

Day 2: Sell NF through Sell order screen (by taking an opposite position). The system checks whether you got margin to initiate a position (intraday).If NO, Square off is initiated. If YES, SELL NF intraday is initiated. At EOD (around 3;20) system checks for overnight margin to carry over the trade to next day.If NO, your intraday position is closed.

At this stage I thought i closed the position in the morning, but the system thought i opened an intraday position (as i opened thru Sell order screen) and squared off at EOD as i dont have enough margin to carry overnight.

Day 3: I am still holding the Buy NF which initiated on Day1.

At this stage i decided to use the Square off option from Admin screen to square off at market price.

I think the fundamental problem is with NOT HAVING an MIS option for F&O as well.The Square off option should open the Buy/Sell order screen so that limit/stop loss/market orders can be placed.currently Square off orders are closing positions at market prices.
Under the current scenario one SHOULD NOT use BUY/SELL order screens to take up OPPOSITE POSITION in both Futures and options if they GOT MORE MONEY in their account than required for positions.They Must use SQUARE OFF option only.
Taking OPPOSITE POSITION through Buy/Sell order screen works only, if you DON'T have enough money to initiate an intraday position.

This is a very serious problem while squaring off positions, and it is strange that no one (Except Shekar) raised this issue.I request Zerodha, to take this issue to NSE to popup Buy/Sell order screen while squaring off positions, or set up MIS option for F&O as well.I had only F&O account with Zerodha.

 

[Zerodha]

Re: Please explain....

Hi zerodha,
you mentioned " In case of f&O, there is only one product code which is NRML... when you buy under NRML, as long as margins are available, nothing gets squared off.". If there is only NRML code in F&O how does the system know whether you are taking intraday position or squareoff position?.I believe it is happening like this.

Day 1: Buy NF through Buy order screen.The system checks whether you got Margin to initiate a position (intraday), If yes BUY NF is initiated. At EOD (around 3;20) system is checking whether you got overnight margin to carry over to the next day.If No, your position is closed. If yes, your position is carried to next day.

At this stage I thought i am having a open position in NF

Day 2: Sell NF through Sell order screen (by taking an opposite position). The system checks whether you got margin to initiate a position (intraday).If NO, Square off is initiated. If YES, SELL NF intraday is initiated. At EOD (around 3;20) system checks for overnight margin to carry over the trade to next day.If NO, your intraday position is closed.

At this stage I thought i closed the position in the morning, but the system thought i opened an intraday position (as i opened thru Sell order screen) and squared off at EOD as i dont have enough margin to carry overnight.

Day 3: I am still holding the Buy NF which initiated on Day1.

At this stage i decided to use the Square off option from Admin screen to square off at market price.

I think the fundamental problem is with NOT HAVING an MIS option for F&O as well.The Square off option should open the Buy/Sell order screen so that limit/stop loss/market orders can be placed.currently Square off orders are closing positions at market prices.
Under the current scenario one SHOULD NOT use BUY/SELL order screens to take up OPPOSITE POSITION in both Futures and options if they GOT MORE MONEY in their account than required for positions.They Must use SQUARE OFF option only.
Taking OPPOSITE POSITION through Buy/Sell order screen works only, if you DON'T have enough money to initiate an intraday position.

This is a very serious problem while squaring off positions, and it is strange that no one (Except Shekar) raised this issue.I request Zerodha, to take this issue to NSE to popup Buy/Sell order screen while squaring off positions, or set up MIS option for F&O as well.I had only F&O account with Zerodha.

Peep, you are mistaken,

Nothing like what you have mentioned happens... There is a confusion... Give me your contact on [email protected], will explain you how it works...

As an ex:

Say you have 50k in your account and you buy 5lots of nifty on day 1... at 3pm, the system lets you keep 2 lots of nifty and squares off the remaining 3.... because to buy 2 lots and keep overnight you would need 50k ...

Day 2 if you sell the 2 lots in any of the ways, either through sell order entry or squaring off through admin positions, no one will come back at 3pm and see if you have margins or not and square off the positions....

Doesn't work that way...

 

[sayantan2u9]

Hi Zerodha,

Can I put Bracketed Orders ?

i.e. Suppose I buy an option at 50 and now I want to sell it if it goes below 40 (Stop-loss) or above 70 whichever comes first.

ZERODHA, please answer this question

 

[Zerodha]

ZERODHA, please answer this question

@sayantan, bracket orders for retail investors is not allowed on NSE.... It is allowed on BSE if the platform has the facility...

On NSE bracket orders can be placed through only the broker static IP's if the platform supports automated trading....

NOW doesn't have bracket order facility...

 

[SavantGarde]

There you are guys... one more thing why the retail is Graped on a daily basis by the 'Money Bags'..... These and many more things they have to resort to maintain their profitability...not to forget mother of them all Circular Trading between MFs (DIIs) & FIIs....

Otherwise why should such horrible statistics of 95% Loosers floating in the public domain.... when all a 'Number' can do is go Up or Down probability of 50%

SG

@sayantan, bracket orders for retail investors is not allowed on NSE.... It is allowed on BSE if the platform has the facility...

On NSE bracket orders can be placed through only the broker static IP's if the platform supports automated trading....

NOW doesn't have bracket order facility...

 

[Zerodha]

Guys!!! Looks like it won't be ODIN after all!!! We found certain issues while testing and have tied up with Omnesys technologies for NEST..

The good bit:

1. All exchanges on one platform and ability to use funds in any segment you wish...

2. Collocated servers on fast feed, so speed and reliability as much as NOW.

3. Access to various tools from option writing margin requirements to sms gateway for sending messages if postions have short margins and etc....

4. CHARTING with advanced features...

5. algorithmic trading for those who wish to use( at a cost ...

6. FREE !!!!!!!!! and as usual no commitments required!!!!

Those who wish to continue on NOW can and those who wish to switch will have an opportunity to do so... Clients who want to trade equity and commodity will have to switch to NEST...

The Bad Bit:

1. TIME!!!!! Testing on ODIN has already eaten up sometime and we didn't want to launch trading on a platform which we are not convinced about.... So, looks like commodity might take a couple of weeks more to go live!!!! As they say better late than sorry!!! ...

Good weekend to all you guys!!!

 

[SavantGarde]

Zerodha,

Are you guys looking into the possibility of MetaTrader & Orion... since there has been some relaxation on the part of SEBI for other platforms...Don't know if it has been implemented yet or still at discussion stage....

SG