For example: I want to execute a BO by buying a stock of [email protected] and sell automatically when it touches 160.Is putting SL compulsory in BO? If yes, I want to put a SL of 20, I am really confused with words ticks,absolute !! 
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Hi Boss
Ticks, 1 Tick = 0.05 for Nifty, so 20 ticks means 1 point on Nifty, 200 ticks is 10 points on Nifty
Absolute, If you click on this option, you mention your target based on how many absolute points, 1 point = 20 ticks, so if you mention 10, it will mean 10 points profit on Nifty, and similarly if you mention 20 it will mean 20 points profit.
In Your Case 1 (If u opt for Fixed Stop loss):-
1. Put limit order to buy at Rs.150
2. Put Square off Order (u wanted to place at 160)
For ticks put 200 ticks (equal to 10 points)
For absolute just type 10 (means 150+10).
3. Put stop loss order (Fixed) for using ticks type 400 (U wanted 20 points stop loss)
In Your Case 2 (If u opt for Automatic Trailing Stop loss):-
1. Put limit order to buy at Rs.150
2. Put Square off Order (u wanted to place at 160)
For ticks put 200 ticks (equal to 10 points)
For absolute just type 10 (means 150+10).
3. Put stop loss order Trailing in this u have to give two values. one is what is your stoploss, second is if stock moves in your favour at how many points you want to change stop loss.
Put stop loss order Trailing
For ticks: 400 ticks for your stop loss and 100 ticks (5 points) for trailing ticks
For Absolute:- 20 Absolute for your stoploss and 5 absolute for trailing ticks.
Let me explain:- U bought at 150, square off order at 160, stop loss at 130 and trailing ticks as 5.
Now if it goes up, when it reaches 165, your stoploss becomes 135 and so on.
Read this article, it explains clearly
http://zerodha.com/z-connect/tradezerodha/zerodha-trader-software-version/bracket-orders-trailing-stoploss-sl
https://niftyoptioncallputeasy.wordpress.com
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Let me explain:- U bought at 150, square off order at 160, stop loss at 130 and trailing ticks as 5.
Now if it goes up, when it reaches 165, your stoploss becomes 135 and so on.
Sir, I think it was a mistake…when it reaches 155 stoploss (not 165 because at 160 trade will square off as target reached!) becomes 135.
One more thing…there is no Absolute option in trailing stoploss. Only ticks we need to use…correct me if I am wrong. I traded with Absolute 2 target, Absolute 1 SL and ticks (absolute option not available) 5 trailing SL. But trailing SL didnt worked and my trade went with loss as it squared off at SL though it went up +1 before this.