Explain Order Entry in ODIN Diet.

#1
Dear members,

Can anyone explain the order entry in ODIN Diet Client program? And How do I place an order with stop loss in ODIN in a single order entry?

Is it possible ?

For example, If you look in the image I have attached the screen shot of the Order Entry form.

Can Anyone help me with following:

  • Order Type - RL , SL , CA
  • Prot%, Settlor?
  • Dis. Qty,
  • Trigger Price

Please explain with an example
i.e.

Xyz shares current market price is rs. 100. And Market trend is UP.

Now I want to put my buy order at 98.50 and in that order I want to set stop loss of 95.00. (without placing another order odin.) Is it possible? if yes how? and explain with the same example and when will the stop loss will trigger and will it square up my executed buy order or something else will happen?

Any help is much appreciated.

Regards,

Ravi Lodhiya
 

Attachments

spiritunit

Well-Known Member
#2
Reg. to above attachment, you can use the SL as the trigger price, so when it reaches 98.50 order will be executed! Once it executes, you have to place another Sell order and select the same SL and put as 95 for the stop loss!
 
#3
@SpiritUnit

"Reg. to above attachment, you can use the SL as the trigger price, so when it reaches 98.50 order will be executed! Once it executes, you have to place another Sell order and select the same SL and put as 95 for the stop loss! "​


Dear SpiritUnit,

Thank you for your reply. I am agreed to the part about putting another sell order to set a stop loss on a buy order, but I am not sure about using SL and the trigger price works same.

For example,
In a regular lot (RL), when we placed an order (for instance here) @ 98.50 (When current market price - CMP is 100), if CMP hits 98.50 then order will be execute anyway. So What's the point of SL !!!!?

I think the confusion is in the wrong short code 'SL' used as Stop Loss, actually it should be Special Lot. I still need more clarification about the order type SL and how to use it correctly in the ODIN Diet. I am still searching for an answer and explanations.

I would like to share my knowledge of the Special Lot as below.

Scenario 1

When a day trader wants to take a long position in bullish market.

He might use some strategy for it. Let us say for example.

Strategy 1:

He want to buy 1000 shares of abc company (CMP - 100 and (Previous Closing Price PCP - 97.50)) and current trend is Up. To set his position he might place orders of 10,20,30,40,50,...x shares with SL with his desired (calculated) trigger price and with minimum disclosed quantity. Thus he might able to build his position for long (which is bullish) and average of his total orders will allow him to resist against rally (FYI - I don't know anything about rally yet and how it works!!!!! :confused:). At the end of the day he might use his exit strategy (reverse of this or something else) for settling his leverage.

I am not yet sure about above. but if someone practically give an example it will be really helpful.

Anyway, again thanks for everything.

Please share your knowledge. Your comments, opinions are valuable to me.

Warm Regards,

Ravi Lodhiya
 
Last edited:
#4
Please explain how to put stoploss in mini nifty.
Suppose if i sell mininifty at 5345 i need to put a stop loss at 5350. Can u pls help me in this regard and how about the trigger
 

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