Tejas Khoday

Co-Founder & CEO, FYERS
@ TEJAS KHODAY sir,

thanks to FYERS support , able to place bracket orders in nifty monthly options. But faced below issues in FLYERS mobile app :

1. tried to place an bracket order with buying price at 105 and stoploss at 75(i.e. willing to take loss of 75 rs or in other words till premium reaches 30) . System didnt accepted the order stating that "Stop loss cannot be greater than 50%" .Checked with support team and they confirmed the restriction.

2. Tried to place another buy LIMIT bracket order at price 80 (market price was around 140 at that time ) . System rejected the order stating that "GAP price is more than the specified range" . Confirmed again with support team on the restriction.

Because of these restrictions, i am unable to implement my strategy . Went back to zerodha and both the orders went through fine without any issues. Is there any possibility to lift these restrictions for OPTIONS? It is more relevant to equity but may not be applicable to OPTIONS due to higher volatility IMO. I had 41k in my account but unable to buy one lot itself. Opened FYERS account with a thought of closing ZERODHA account but seems now cant do the same as I didnt expected these restrictions .

3. When can we expect enabling bracket orders for weekly nifty options and bank nifty weekly options.
Hi @raj98,

1. Many traders are not aware of how to enter a bracket order. I'll give you an example. Assume that the LTP of the scrip is at 100. Most unaware clients will place orders in the following manner expecting that it will be placed in absolute values as per the entry:

- Target at 105 (Actual Target Order will be 100 + 105 = 205).
- SL at 98 (Actual SL order will be 100- 98 = 2).

So in reality, if we let the orders go through, the target will be at 205 (105% above the LTP) and Stop loss will be at 2 (98% lower than the LTP). There are a lot of clients who complained because of this. Although we have a pop-up notification and 2 blogs which explain the order placement for BO, it hasn't changed everyone's behavior. I guess it's because it's second nature to place orders with absolute values (Just like a cover order). We introduced a 50% limit as a check to help avoid such errors.

2. Everyday, the exchange has a specified range in which orders can be placed. If the orders are placed beyond that range, it will not go through. The brokers have not control over this. These levels are modified in case the price fluctuates beyond the range. Did the exact same order go through Zerodha? If yes, give us the order numbers and we shall look into it.

3. You seem to be an experienced trader. Do write to me in a personal message. We'll do the needful with regards to BO/CO in the weekly contracts. We're studying the impact on our risk management.
 
Hi @raj98,

1. Many traders are not aware of how to enter a bracket order. I'll give you an example. Assume that the LTP of the scrip is at 100. Most unaware clients will place orders in the following manner expecting that it will be placed in absolute values as per the entry:

- Target at 105 (Actual Target Order will be 100 + 105 = 205).
- SL at 98 (Actual SL order will be 100- 98 = 2).
So, in the above example, the target should be entered as 5 and SL as 2 ? That's how it will place the target order at 105 and SL at 98 ??
 

Tejas Khoday

Co-Founder & CEO, FYERS
Any limit on this (target and SL) - minimum and maximum ?? I guess the minimum would be 1 tick (0.05), and the maximum ? (in case of big ticket scrips like BNF)
Hello @timepass,

This is applicable only for BO.

The difference should be between LTP and Target/Stop Loss. The minimum difference required is as follows
:

- Equity - 0.05%
- FUTIDX - 0.01%
- FUTSTK - 0.05%
- FUTCUR - 0.01%
- FUTCOM - 0.01%

Hope this clarifies.