"Expiry Underway" prevented placing order at ICICIDirect

[subroto]

See bro, some very well known Discount Brokers as of now are having their threads in Traderji & you are at the best place to read about them here.

To name them :

Zerodha , RKSV , Trade Smart Online , Achiievers Online.

You may go through their threads and use their Brokerage calculators at their respective websites to come on conclusions.

I myself trading with Trade Smart Online as of now & I am very satisfied with their service.

One of my friend is trading with RKSV and he is also very satisfied with their service .

So basically its a matter of choice when you finally decide.

Happy Trading.

Thanks again traderite. For the last couple of days I have been reading about those brokers that you mentioned. I would check their websites as all four of them have good feedbacks on this forum.

Since you trade with TSO and have a friend who trades with RKSV, I take it that with either of them, you can place an overnight order for a fresh position or square off an existing position till the last few moments of the market hour, right? There must be time restrictions on intraday trades, even for squaring off, so I am not considering that. I just need to know how these two brokers handle overnight position request (fresh as well as square off) at the very end of market hours.

Does any of them offer any charting software and real time streaming quotes?

 

[traderite]

Thanks again traderite. For the last couple of days I have been reading about those brokers that you mentioned. I would check their websites as all four of them have good feedbacks on this forum.

Since you trade with TSO and have a friend who trades with RKSV, I take it that with either of them, you can place an overnight order for a fresh position or square off an existing position till the last few moments of the market hour, right? There must be time restrictions on intraday trades, even for squaring off, so I am not considering that. I just need to know how these two brokers handle overnight position request (fresh as well as square off) at the very end of market hours.

Does any of them offer any charting software and real time streaming quotes?

Regarding Overnight positions in Futures , there is no such restriction of cut off time for placing an order provided the client has full margin as needed for overnight positions.

Regarding positions in ITM Options there are some restrictions for taking overnight positions near to expiry with TSO as Options can go illiquid and might have some hefty charges on Expiry Day. This is in accordance to their Risk Management System. About other Brokers I don't know in this aspect. You may ask in their respective threads.

Cut off time is a feature specifically meant for Intraday trades and mostly brokers start squaring off positions around 3:10 pm if they have not been squared off by traders themselves. Also new Intraday buy orders cannot be placed after the cut off time starts. This feature is called MIS.

Zerodha & RKSV provide NEST TRADER & TSO provide NOW Terminal. Charting is available through NEST PLUS system integrated into the terminal itself. The charting is kind of okay. But if someone is interested in just basic charting then it will suffice.

Those who use Amibroker Charting Platform , can get a discounted Data from GDFL who have associated with these Brokers for such an arrangement.

 

[subroto]

Thanks traderite. Do you get streaming quotes on NOW or NEST TRADER? Are they really real time quotes? Any lag that you noticed? While following Yahoo India Finance, I have noticed a lag of 3 to 5 minutes (for NIFTY) which makes the streaming quote useless for traders who take position - intraday or overnight - on NIFTY on the basis of the current market price.

Experience of traders using other online brokers would be most welcome.

 

[DataRam]

Thanks traderite. Do you get streaming quotes on NOW or NEST TRADER? Are they really real time quotes? Any lag that you noticed? While following Yahoo India Finance, I have noticed a lag of 3 to 5 minutes (for NIFTY) which makes the streaming quote useless for traders who take position - intraday or overnight - on NIFTY on the basis of the current market price.

Experience of traders using other online brokers would be most welcome.

NEST TRADER & NOW are among the fastest trading terminals & the trader gets the most recent streaming quotes in their watchlist. Brokers have their servers co-located at NSE & through NSE server they get the Real Time quotations which are refreshed almost every milli second.

I am trading with RKSV since almost 2 years as of now and before that I traded with Indiabulls ,Sharekhan & for a very limited time with Geojit also.

What I can say is that RKSV has provided service with really great enthusiasm and done nice job by adding new features every 2-3 months . This is my personal experience which I shared , please do not take it as any recommendation.

My Best Wishes.

 

[Arun56]

nest provides one of the best and easiest charting facility.
Its more accurate and faster than many charting softwares.
Every software have its + and -.
When u have 3 to 4 softwares u will know which one suits you better.
Most of brokers give all facilities to full time traders who are making good volume everyday.
we can take overnight position without paying full margin. for them revenue is important.
Practically its a business and for getting their good opinion you have to satisfy them with a regular turnover.
Some top brokers never care us even we do a big volume.
There are around 1000 broking firms in India.
Instead of searching which one is good and which one is bad we better try to focus in money making routes.
(example) we go for a marriage party. some like sweet and some like different food varieties. you choose things according to your taste and no one is forcing you.
If you dont like simply we ignore eating anything.

 

[pratapvb]

I tried placing an order in NIFTY FUTURE Jan at around 3.28 PM today through ICICIDirect. Though the market was open, my order was not accepted and the message displayed was, "Expiry underway. Please try again later".

Earlier, I had a similar experience with ICICIDirect's FUTUREPLUS. My position was squared off by ICICI at 3.15 PM. I did not know - and could not find on its website FAQ - the time limit for holding intraday trade, which the FUTUREPLUS was.

Can someone tell me the time limit for initiating a new trade/squaring off an existing position during market hours? Was it only at ICICI or all brokers have the same restriction?

Thanks

subroto

I am surprised. Are you sure you clock is correct?

If I have an open position post 3pm and I see a short covering / long unwinding, I sq off 50% at 3.25pm (safety sq off in case I get last minute issues like network failure etc) and rest at 3.29pm......and I have been able to do it consistently on ICICIDirect also.

FYI I have alarm on my mobile for 3.25 and 3.29 and the mobile time is synced to network time to ensure that it is correct

 

[traderite]

Thanks traderite. Do you get streaming quotes on NOW or NEST TRADER? Are they really real time quotes? Any lag that you noticed? While following Yahoo India Finance, I have noticed a lag of 3 to 5 minutes (for NIFTY) which makes the streaming quote useless for traders who take position - intraday or overnight - on NIFTY on the basis of the current market price.

Experience of traders using other online brokers would be most welcome.

Rocky Bhai , Arun Ji & Pratap Ji have already answered your queries quite elaborately.

I just want to ask that why do you use Yahoo India Finance ?

 

[subroto]

I am surprised. Are you sure you clock is correct?

If I have an open position post 3pm and I see a short covering / long unwinding, I sq off 50% at 3.25pm (safety sq off in case I get last minute issues like network failure etc) and rest at 3.29pm......and I have been able to do it consistently on ICICIDirect also.

FYI I have alarm on my mobile for 3.25 and 3.29 and the mobile time is synced to network time to ensure that it is correct

Thanks pratapvb for your post which is really intriguing. What I described in my original post happened with me on 17 January, 2014. I was not trying to sq off, however, and was trying to create a new short position. I am confident that my computer's clock was correct as it was synchronized with internet time server. Moreover, you must have noticed that ICICIDirect's Get Quote screen shows the time of the price displayed. I had that screen open and kept getting refreshed quotes for another minute or so (with the time in hh:mm:ss format ticking away on every refresh), even after my execution order was refused. Once the market hours were over, the clock stopped as well as the price.

But that you have been executing trades during that period, I have no doubt. I have no doubt about my time either. What intrigues me is it defies logical explanation. Why doesn't it work for me when it works for you? By the way, I had more than enough in my account for the margin money. Otherwise I would have got the 'insufficient limit' warning.

Have you tried creating a new position during that period? May be ICICIDirect allows squaring off an existing position but does not allow creating a new position at the wee hours of the market? I can't find any other explanation. Let me know if you find any other.

 

[subroto]

Rocky Bhai , Arun Ji & Pratap Ji have already answered your queries quite elaborately.

I just want to ask that why do you use Yahoo India Finance ?

That's the only site I know which provides free streaming quotes for NIFTY. I think Google provides something like that but its data, I am told, is not reliable, particularly the close prices. My broker ICICIDirect does have a Get Quote screen but one cannot get streaming quotes there, you have to keep on refreshing the screen manually.

I am curious to know whether there are other, more reliable source for live streaming quotes of NSE!

From your question, it seems you do have something in mind!

 

[traderite]

That's the only site I know which provides free streaming quotes for NIFTY. I think Google provides something like that but its data, I am told, is not reliable, particularly the close prices. My broker ICICIDirect does have a Get Quote screen but one cannot get streaming quotes there, you have to keep on refreshing the screen manually.

I am curious to know whether there are other, more reliable source for live streaming quotes of NSE!

From your question, it seems you do have something in mind!

My Goodness , I really feel for you , as you are trading with ICICI Direct and they are not even providing you with Real Time quotes. This is absolutely shocking.

If you are an intraday trader you absolutely need to switch to other good options for getting up to the mark Trading Terminal . I can surely say that NEST Trader or NOW provided by discount brokers will be really an advantage for you in your trading.

As Rocky bhai said that quotes are refreshed every milli second , you will feel the difference . I earlier traded on Trade Tiger by sharekhan but when I switched to NOW , it seemed lightning fast to me in case of refreshing quotes.