Brokers without OI restrictions

This is discussed in the forum and the Fyers support team have made the statement of no 50% cash required for overnight position. Right now I am trading with just 1 lot in Fyers to evaluate their platform. I am also following up with Zerodha to fix the OI restrictions in some way.

There are certain features missing on Fyers like:

  1. Nudge
  2. GTT
  3. Basket Order
  4. Sentinel Alerts are much better
  5. Back office reports in Zerodha are much better
  6. No tagging feature
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This is so helpful @teenscm

Have you placed the trade without cash collateral? And hopefully, there is no debit balance on account of that. Please post here once you are done with the trade.

Non requirement of cash collateral can itself add significant alpha to the pf. Even debt fund lovers can choose floating funds and short term/medium term funds and use that as collateral, instead of having to be straddled with liquid funds.

Right now I am just using cash. No pledged securities. But the statement was made by Fyers support in the forum. You can check the fyers community.

I am tilted towards Fyers for 3 reasons in the order of preference:

  1. No OI restriction - It all started with this requirement.
  2. Pre-defined watchlist - you don’t need to switch to different sites to get quotes of indices and their constituents
  3. No cash component for overnight FNO

I am tilted towards Zerodha for below reasons in the order of preference:

  1. I have been using it for long time and seen the improvements over the past few years. Have been used to the system.
  2. Have a good ecosystem - Console, Coin, Varsity, etc.
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Another good feature is about the charts:
image

  1. the small red down arrow symbol shows that you sold your position on that candle.
  2. the green color text in the box shows the current P/L
  3. the red color text in the box shows the qty.
  4. The double arrow in the box, clicking will reversing your position, if you are short, cover it and additionally buy eq qty.
  5. the “x” symbol in the box, clicking will close your position at Mkt price.
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These features given on charts by Fyers are great. Does any other discount broker provide these features on charts in your knowledge ?

@AlgoEye @teenscm @Prateek_Malpani
Can you please explain how does API helps you in your trading. Can we become more profitable using APIs and all.
(I don’t know much about APIs).

API access just helps you to built custom features/ models/ scanners /indicators .Its like building your own Sensibul or Kite etc , your handcrafted features which aren’t available else where .For non techie people there are so many tools (many are even free) available in the market today .You may find people who may built custom tools.In the end it will just automate stuff , ultimately profitability depends upon the brain who is building sometime using API. There are lots of resource available on Algo/Quant trading you may read (its backend is API calls). Its not a holy grail but will give you lot of flexibility.

These are only rumors. One can verify information about prop trades done by brokers via Member Disclosures page on NSE Website. That page contains monthly segment-wise reports about Trading Member’s percentage utilization of their total open positions & margin on their total position for the purpose of proprietary trades.

Thats why You are happy. You will be terrified when You do Fyers with multiple lots. I had a detailed headache analysis just few days back: Crucial Problems in Brokers Regarding Put Spread and Call Spread

Alice Blue does not allow beyond a certain %. Sometimes it is 3%, Sometimes it is 5%. Sometimes they keep this restriction only in MIS.

Upstox will not let you buy options on MIS. Apart from that, all strike price is open.

Angel Broker does not care about customers. I am their AP and yet openly saying it. They want clients to buy non-direct Mutual Funds and pressure APs to cross-sell other products.

If You’re a serious trader, I will suggest using IIFL because they will tune you to your needs. It will accept all collateral!

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Profitability is not actual point. It is a tool. You can create your own platform tuned to your need like Zerodha’s Kite itself.

Also You can create scanners. Like I loved MyFno’s Heatmap but I was too broke to pay for it. (Not broke but I am mean guy!) So I made → https://unofficed.com/heatmap/

Also You can design risk management tools. Like close every positions when your loss is more than -5K. Lets say.

Can I also do this:
If I have a Bull Put Spread and want to square it off automatically, only when the price difference b/w them becomes less than Rs.2. (Not the LTP but the difference b/w actual bid and ask price in case the order is placed at mkt price for less liquid options) ?

Yes.

Here is an example of Illiquid Options Bid Ask fetching done in NSE with their API.

https://aeron7.github.io/nsepython/documentation/custom.html#illiquid-options-bid-ask

What’s your take on 5 paisa ?

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That is subsidiary of IIFL. Why not IIFL itself? IIFL, 5paisa both does not block anything. 5paisa sometimes mess up with exposure margin.

Their API is same like IIFL. The usual UI is very very bad.
IIFL app looks bad but works like butter if you use it.

Disclaimer: I have AP licenses in both and I am giving you unbiased view.

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@unofficed
IIFL does not require cash collateral? Can you pledge Mutual Funds with them? Do they have a platform like Coin?

API would help you automate your trading. I think it has 2 major benefits

  1. Allows you trade systems without human intervention. This also helps reduce emotions and overtrading.
  2. Allows you to trade without being present our even passively. This also allows you manage multiple systems and positions which you can’t do manually.

If you know coding them there are many options to trade using API, zerodha has a forum dedicated to it.

If you are non technical liked me you can use either off these platform that I use.

  1. tradetron: this is similar to streak but has but can do much more things here. The possiblity are kind of endless. You can check their YouTube page for example of what can be done. Currently has a latency of 3 to 4 seconds.
  2. Quaniply: this can be used to automate stock mock type strategies. This is super fast almost zero latency.
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You can easily choose this in tradetron. Have a look at it

Zerodha provides on chartIQ - Kite charts update - Trading from chart & more – Z-Connect by Zerodha Z-Connect by Zerodha. But, the info on controls are limited as compared to Fyers.

Fyers do not enable by default hedge benefit. You need to raise a ticket and get that enabled. Once enabled, the hedge margin benefit is applied.

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Whatever I have written is “with hedge benefit”. If You read it, Its laid out in quite detail. They are diaster.