We have just released the basket order feature on the Kite web. Before we officially announce, it will be nice to hear what the community here on Tradingqna thinks of it. Do check out and let us know in the comments.
The ability to place multiple orders at the same time or the basket order feature has been one of our top feature requests. The beta version is now live on Kite web and we will have it soon on the mobile as well. These baskets can be created and then saved on Kite to be used anytime in the future. Since we envisage usage of basket orders for F&O strategies, we have also incorporated margin required to place the entire basket within the order window itself.
Click on the orders window on Kite web
Name the basket
Search and add the scrips to the basket
A maximum of 20 orders can be added to the basket and a maximum of 50 baskets can be created on one Client ID.
Check the margins on the order window
You can hover on individual orders to Delete, Duplicate, Edit, or to drag and drop to change the sequence of the order.
Note: If you are using it for F&O strategies, make sure to place the buy option orders first before placing the future or short/writing option orders. This way you can execute the F&O strategy with the least margin requirement. The sequence of orders wouldn’t matter if you are using this to place an equity basket order or you have sufficient margins to place individual orders.
Margins
Required margin is what will be required to place all the orders in the basket.
Final margin is the eventual margin that will be blocked in the trading account after the order execution.
The required margin will be different based on the sequence of the individual orders, while the final margin will be the same. For the same Nifty bull call spread example above, check how the required margin changes by rearranging the orders. Hence, it is better to always place the buy option orders first so that required margin is lesser when entering a F&O strategy. This sequence of orders will make no difference when trading stocks. Also, when you short options, the premium received gets credited to your account, so the final margin for naked short option orders will be lesser than required by the premium that will be received post placing the order.
If you want to check the margin requirements by including all your open positions which are not part of the basket, you can do so by selecting include existing positions. But if you select this, in some cases the required margin might show 0 whereas you might still require margin to place the order. The reason for this is because an order in the basket could potentially be reducing the overall margin, but it might require a margin to place the order. Keep this option disabled if you find it confusing.
Execution
Once you click the execute option on Basket, orders are placed in the same sequence as in the basket. Do make sure to confirm the status of all the individual orders within the basket or on the Kite orderbook if placed/executed/rejected after you execute the basket order.
Duplicate option to get over the order freeze or quantity limit
There are per order maximum limits set when trading stocks and F&O. For Stocks it is 1lk shares and for F&O typically 100 lots. So it is 7500 for Nifty and 2500 for Banknifty. If you are executing orders larger than this, you have to place orders multiple times. With baskets this can be done easily, especially using the duplicate order function.
Replacing a rejected order
Assume a few of orders which are part of your basket gets rejected for some reason. You can edit the order and execute them manually from the basket order window itself.
Minimize and easy access
While placing a basket order if you had to go back to the main screen, you can minimize or just click outside the basket order and still access it back easily.
There are no additional charges for basket orders.
Do post your feedback and suggestions below.
