ODIN Order Type

[nitinsy]

Is that not allowed with RKG only? or ODIN in general?

I don't mean the LTP is filled in. I meant it is blank. I can place an order by just entering the trigger price and no limit price.

Don't know about other ODIN setups. Can confirm only for RKG.

What is the limit price set in case u don't enter it? It is an important price point, better to know what is used.

In liquid markets it is not a problem BUT in illiquid markets it can cause serious harm

 

[lazytrader]

There is no limit price. If Trigger is reached the order becomes market order and is immediately executed.

I usually put SL's in hard to reach places. if there is a breakdown lets say like what happened in nifty yesterday I would prefer my order gets executed at any price below SL as soon as possible. I've burnt my fingers try to get best price but in such situations every second i waste trying to revise the order is risky.

I usually trade only nifty futures so I like to have such a feature.

 

[Jaypeee]

Assuming Nifty is above 4600 (say 4615), here is what you would do

Initial Entry: Place Buy RL order for nifty at 4600.

After order is executed (if nifty retraces to 4600 from 4615) set stop loss and take profit as follows:

Stop Loss: Place Sell SL order with trigger price 4575 and price 4565. If any trade occurs at 4575 (or below) your order will get executed for a price between 4575 and 4565. Exchange will try to get you the best price between these two. If there is no one willing to buy between 4575 & 4565 then this order will convert into a sell order at 4565. In liquid markets (such as nifty) this is not a problem but in illiquid markets if there is a fast move then your order may not get executed

Take Profit: Place Sell RL order for nifty at 4650

Don't forget to remove the other order if one of stop loss or take profit order is executed

Hi,

<<Place Sell SL order with trigger price 4575 and price 4565>>

Does it means that I need to press F2 (Sell Order) and select SL ?

Thank you for your time.
JP

 

[lazytrader]

Yes, using sell order will also do for stop loss. What will happen is the sell order is executed when the trigger price is reached. It will square off your long position.

 

[Gottaninge]

Yes, using sell order will also do for stop loss. What will happen is the sell order is executed when the trigger price is reached. It will square off your long position.

then, what about 'Prot%' and 'settlor' how do they help or what exactly do they mean?