Basket order feature on Kite web - Testing & Feedback

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 20 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.

45 Likes

This works for MIS Equity stocks as well? Upto 20 Stocks Right?

@nithin

It’s good, however i have a question here, you usually block so many strikes and we get the usual OI restrictions error, so when executing basket order, if we place the BUY order first and then sell for Less capital requirement to execute orders, will it allow to enter the long/buy LEG first and then sell?

As per my understanding you currently allow to enter buy leg just to hedge so it needs open short positions, so how would it work in this case in regards to OI limit?

4 Likes

While we appreciate this endeavour from your end, we would be happy to know whether this buying first (as suggested) sequence will be applicable for beyond the range of allowed strikes as well. If this works, then only it will be perfect for implementing hedging strategy (as your allowed strikes for buy is very small in range). And we will consider it like a game changer for the market of post withdrawal of leverage.
Awaiting your kind clarification.
Thanks again.

1 Like

Yes.

Hello Nithin,

Thank you very much for this development! Could you please confirm whether the basket order will execute the OTM buy leg regardless of the restrictions? Since we will be adding the buy side before the sell side for margin benefit! Will there be any rejections on the OTM option buy side through basket order?

1 Like

Any product type/any segment.

To enter hedge one need to enter buy leg first to get margin benefit. OI limit is different thing, both can’t be solved at once.

so the problem remains as it is. we still have to sell first and then we’re allowed to buy due to OI restrictions.

In this case, this is almost no use for strategy deployers unless they have more capital to enter the sell leg first. so it’s same as placing individual orders, no use of basket if capital is less than the actual margin required.

Anyways, thanks for clarification.

2 Likes

Finaly. Ty zerodha. Now I need to wait for mobile version.

No, it won’t, buy first is to get margin benefit, to get around OI, sell position should be there, nothing can be done for now to solve both at once. We are trying hard to find a solution for this OI restriction, moving clients to orbis, for those who don’t want any strike restriction, doing so will increase our OI limit, I believe it may take a month or two to see some positive results.

1 Like

Finally, this introduction of basket order seems to be a celebration of winning a war to the bereaved souls who have lost their near and dear ones in the war…

Anyway, it may not be the same story to some others… Let’s join them in the celebration and give a red carpet reception to the much propagated basket order. :sparkler::tada::confetti_ball::trophy:

1 Like

What would be the brokerage charges/structure for Basket orders!!

No additional charges, just whatever the charge for the individual orders part of the basket.

2 Likes

Well Thank you , Now the only issue is , buy order first to get margin benefit , which is a tricky one in this basket order , due to Oi restriction , chances of buy first will have more rejections.

Thanks Nithin, I have two questions:

  1. If i place a sell order outside the option trading range, i believe that’s allowed. However, would a hedge buy also allowed post sell order completion. Example for 16 delta condor.
  2. Do you have a limit price for the entire basket order and not each leg? Example - a limit order for a credit spread rather than limit orders on each leg (Smart routing). Would help in getting the right fills.

Thanks.

What do you refer here trading range means?

Not possible unless request for quote concept is introduced in India.

1 Like

Thanks Siva, got it on the second point. Guess its high time to introduce that. For the first point, i was referring to the restriction on the platform for buying an option due to OI limit. example: if i sell, nifty 11000pe sep, would i be able to buy 10500 pe sep to hedge?

Yeah, but to buy outside range sell position should be there.

Got it, thanks.