I used the bracket order for banknifty from last few days. One interesting thing I observed is the SL calculation.
I placed the bo sell order with target as 50 points, SL as 50 points and trailing SL of 10. Order was executed on 27560, so my target was 27560-50=27510,. SL now must be 27560+50=27610. But I saw very hudge SL being calculated and it was 30377. This is absolutely wrong. Attaching the screenshot. Pls someone can help understand it.
Was there a spike at that time? was it for a particular day?
If there was a spike, slm can execute at the market rate which may be much higher than your calculated SL.
No there was no spike. It’s happened for my last three trades. actually I also started using bo from last four trades only.
In the above scenario, you are selling at 27560 using BO with target entered as 50 and SL trigger entered as 50, there will be one Limit sell order at 27510 and one Stop loss order with the trigger at 27610 and the limit price at 30377.
So if the price falls to 27610 then the SL will be triggered and the sell order will get executed between at the next best bid available and the range of execution will be limited to 30377.
If you modify your SL trigger, with every modification the SL price will change based on the LTP.
Note: Presently the market protection percentage has been set at 20% of LTP. Also if 20% (in the above scenario i,e 33132 ) is beyond circuit limits then the stop-loss limit order will sit at the circuit limit price (in the above scenario 30377).
Thanks Prashi, as per ur explaination, in above example, I should see one sl order with trigger price at 25610. But I can’t see this order.
Please refer below my today’s trade screenshot. Same thing I noticed today as well. Again today I kept 50 target, 50 SL and 10 trailing SL. My order was sell at 27404. I exited early though. So confused. Pls help.
Bracket order for BankNifty was blocked earlier, People are talking about using it in Bank nifty from last few days. Is this kite only feature or One can use it in Pi also?
There was no formal annoucement of BO order in BankNifty from Zerodha.
BO is always available on banknifty future, not available on banknifty options. Same from any application.
Did you get why sl was placed at 20 points rather than your 50?
I also got same issue today.