Example:-
Suppose take a stock named BANKINDIA @ Rs.150(Current Price)
I would like to buy @ Rs. 149.50 (It will be a limit order)
with stop Loss of Rs.1(which will be Rs.148.50)
and I will set target of my choice for this example I set it for Rs.155.
So, as the price of stock grows (Only if grows) from Rs.149.50 to 150 (difference is .50 paise ) my new stop loss get updated automatically to Rs.148.50 to rs.149.80 ( for every .50 paise rise in current price my stop loss get updated with .30paise or whatever ratio I set while buying it move likewise and later on if I can change this ratio then that will be more awesome) and so on until it hits my target and if there is any kind of downfall after taking some high before reaching to my target , it will surely hit my stop loss , then at the moment it should book my profit and exit. Hope I can make you understand , although I am discussing it below.
For better under standing I am explaining below:-
These can be filled while making purchase and can edit before its execution.
Stock price Bought @ STOP Loss Target
Rs.150(Current) Rs.149.50(using limit) Rs.148.50 Rs.155
After my purchase execution and if the price of stock moves upward then only my new stop loss get updated and if it move downward after my purchase it remain same (which is Rs.148.50) until it not cross my upward point which will be .50 paise (Rs.150)
Likewise for Buy Call:
Stock price change from Rs149.50 New STOP Loss updated Target remain same
Rs.150 Rs.149.80 Rs.155
Rs.150.50 Rs.150.10 Rs.155
Rs.151 Rs.150.40 Rs.155
Rs.151.50 Rs.150.70 Rs.155
and so on until it hit the target of Rs.155 or if there is any downfall it hit the stop loss and it take out us from the market.
I think Zerodha should work on it to make it available for all this kind of feature , I am sure it will work as USP for Zerodha.
Thanks