Hi Guys, Gurus and Everyone in between...
Please pardon the flippance!
I have opened an account to get into the real water and have received the ODIN terminal for executing strokes.. I mean orders!
It surely is very fast and good looking, but at the same time is extremely complicated too. In terms of features and facilities it can beat the (you know what) out of most of the TTs and PIBs out there. However, the developers did not really bother to explain its features and complicacies well to a new user. Hence is the inception of this thread.
This thread can be closed once and for good if some senior member can point me to a decent help file (in any format) for ODIN which explains features well. If no such thing exists (which I am afraid of), we can make this a thread to compile various gyan about the usage intricacies of this wonderful platform.
To begin with, I am posting something I have found today.
**
It seems that there is no particular way in which one can put a trailing stop loss to an order. The static stop loss in the order can't be modified either. So, if one wishes to change his stop loss trigger once the position moves in the money, following can be done.
Let us assume we have purchased some stock ABC @ Rs. 1000/- with a stop loss trigger at Rs. 990/-. Now with the Ganapati Bappa on our side, our stock moves to Rs. 1050/-.
Let us assume that we wish to protect this profit while do not wish to let go the opportunity of further upside movement. This can be done if we could modify our initial stop loss at (say) Rs. 1040/-. This cannot be done through ODIN in a straight forward manner. However, there is one way.
To do this, one has to punch in a sell order with the following manner.
Order Type - SL; Sell Price - Rs. 1040/-; Trigger Price - Rs. 1040.10; Validity - ESTODY.
However, this order if not executed (means if price indeed moves up and do not test our stop loss at Rs. 1040/-); it will stand cancelled at the end of the day and one has to repeat this procedure the next day again.
In case the price moves up significantly, this unexecuted sell order can be modified with a new set of values, e.g. Price - Rs. 1075/- and Trigger -Rs. 1075.10/-. Doing this and leaving other parameters unchanged will just readjust the Stop Loss at Rs. 1075/- from Rs. 1040/-.
I hope this helps someone! Feels good!
However, this method although works, leaves much to be desired. I am posting them below and would really appreciate if someone among senior users throw light!
1. Any method to extend the validity of the order from "one day" to "infinitely, i.e. till the trigger is hit or position closed manually" ?
2. Any method to modify the original stop loss of Rs. 990/- itself without putting in a fresh order?
3. What is a god damn logic behind this?!!!
4. What will happen if the Validity option is chosen as "ESSTML" instead of "ESTODY"?
Sincere Regards!
Please pardon the flippance!
I have opened an account to get into the real water and have received the ODIN terminal for executing strokes.. I mean orders!
It surely is very fast and good looking, but at the same time is extremely complicated too. In terms of features and facilities it can beat the (you know what) out of most of the TTs and PIBs out there. However, the developers did not really bother to explain its features and complicacies well to a new user. Hence is the inception of this thread.
This thread can be closed once and for good if some senior member can point me to a decent help file (in any format) for ODIN which explains features well. If no such thing exists (which I am afraid of), we can make this a thread to compile various gyan about the usage intricacies of this wonderful platform.
To begin with, I am posting something I have found today.
**
It seems that there is no particular way in which one can put a trailing stop loss to an order. The static stop loss in the order can't be modified either. So, if one wishes to change his stop loss trigger once the position moves in the money, following can be done.
Let us assume we have purchased some stock ABC @ Rs. 1000/- with a stop loss trigger at Rs. 990/-. Now with the Ganapati Bappa on our side, our stock moves to Rs. 1050/-.
Let us assume that we wish to protect this profit while do not wish to let go the opportunity of further upside movement. This can be done if we could modify our initial stop loss at (say) Rs. 1040/-. This cannot be done through ODIN in a straight forward manner. However, there is one way.
To do this, one has to punch in a sell order with the following manner.
Order Type - SL; Sell Price - Rs. 1040/-; Trigger Price - Rs. 1040.10; Validity - ESTODY.
However, this order if not executed (means if price indeed moves up and do not test our stop loss at Rs. 1040/-); it will stand cancelled at the end of the day and one has to repeat this procedure the next day again.
In case the price moves up significantly, this unexecuted sell order can be modified with a new set of values, e.g. Price - Rs. 1075/- and Trigger -Rs. 1075.10/-. Doing this and leaving other parameters unchanged will just readjust the Stop Loss at Rs. 1075/- from Rs. 1040/-.
I hope this helps someone!
Feels good! However, this method although works, leaves much to be desired. I am posting them below and would really appreciate if someone among senior users throw light!
1. Any method to extend the validity of the order from "one day" to "infinitely, i.e. till the trigger is hit or position closed manually" ?
2. Any method to modify the original stop loss of Rs. 990/- itself without putting in a fresh order?
3. What is a god damn logic behind this?!!!
4. What will happen if the Validity option is chosen as "ESSTML" instead of "ESTODY"?
Sincere Regards!
