Currently, we can only place 100k quantity per order in Zerodha.
Idea is trading at 11 INR. So, I can only place a maximum order of value 11 lakh INR.
MRF is trading at 108k, maximum order value can be 1100 crore.
Huge difference, a single limit for all stocks makes less sense. Please increase the limit according to previous day close price. Personally, I want the maximum order value to be around 2 crore. You can decide it yourself.
Example:
If previous day close is below 10 INR - Maximum quantity is 2 million
If previous day close is below 20 INR - Maximum quantity is 1 million
If previous day close is below 40 INR - Maximum quantity is 500k
If previous day close is above 100k INR - Maximum quantity is 200?
No. Its is not about brokerage or being easy for me. I place orders via API, so it does not matter for me anyway.
The problem is, high frequency traders.
For example:
If I plan to sell 1 million quantity of a mid cap stock at 13.35 INR (example price). And before placing order, the market depth shows 330k buyers at 13.35 INR. So, when I place 10 orders of 100k quantity via API. Many times, only the 1st order gets executed with 100k quantity, and all rest 9 orders don’t get executed. Because high frequency traders realize, someone wants to sell more, and they short before my 2nd order reaches the exchange. The difference is in miliseconds, but it matters in my case.
So, I want to place more quantiy in 1 single order. It is okay for me, If Zerodha chargers more brokerage, its not about 20rs brokerage for me.
The maximum value per order is ₹2 crore for equity segment as per Zerodha’s risk management policy. Orders that exceed these limits are rejected. The error is displayed when a buy or sell order of value more than ₹ 2 Cr is being placed.
@nithin Can you please consider changing limit for low price stocks? A limit of 11 lakh per order seems over protective unnecessory. HFTs are taking advantage.
Hi @KD61, if you are placing an order with a quantity greater than 100,000 then you can use Iceberg order to slice it into multiple orders. Iceberg order allows you to place 10 legs, so you can place an order for 1,000,000 quantities.
Hello sir, like I mentioned in my previous replies. I place order via API. So Iceberg order or API order, same thing. i can place 10 orders instantly. No problem in that.
The problem is, I want to place 1M quantity in 1 order. Not because, I will save brokerage, but because HFTs won’t take advantage of the situtation.
Right now, after my 1st order of 100k quantity, HFT trades short/buy according to my order, and my 2nd order don’t get filled many times.
You can charge higher brokerage for higher quantity, no problem. But just allow it. Iceberg is useless for me.
@nithin Can you please increase max quantity limit from 100k? It’s too less. You already have a limit of 2 crore per order, keep that.
100K Qty limit, I hit with only 15 lakh INR when buying a share like IDEA.
It’s not about brokerage, iceberg order etc. I am happy to pay 2x brokerage for 200k quantity. It’s about slippage. My second order of 100k usually execute at a worse price than first 100k order, due to HFTs and stop losses. I hope you understood how HFT traders take advantage of this limit placed by zerodha in earning money.
Here is a simple dummy example of one scenario that keeps on happening
1.) I place a buy order of 100k quantity at 16.05 INR. It gets executed 100%
2.) Some HFT trader notice increase in volume in one direction, and takes a bet. Price increases to 16.1 INR
3.) My second order of 100k quantity at 16.05 INR, it goes unfilled, not even a single quantity.
Does disclosed quantity help you here? you can place multiple orders with disclosed quantity with min 10% of the full order size, this way it wouldn’t show in the market depth
But yeah, this won’t prevent from the HFTs to take positions from seeing the volume spurt
At least you guys can allow more quantity in CNC sell order?
There is no risk to Zerodha or me or anyone, since the stock is already in my demat account.
Sometimes I have like 18 lakh quantity of IDEA. So I need to place 18 sell orders in CNC at once. Please feel free to charge 18*20 = 360rs as brokerage for this order. Just allow more quantity please!
@nithin I place orders via API, which is better way than Iceberg feature.
And Iceberg feature only sends order to the exchange after the previous order is filled, which is bad for me. Like I mentioned before, HFT traders & other traders place their own orders between my order, and I get worse price. It happens even when placing order via API, where gap between multiple orders is less than 100ms. In Iceberg order, the gap between orders will probably be way more, since it will wait for previous order to execute.
If Iceberg order allows to send all orders at once, instead of waiting for previous order to get filled, that would be better for me, since it will reduce the latency of multiple orders. Still best option would be to sell all 1800k quantity in one order.
Zerodha is supposed to be for professional traders. But 100k quantity is really less for professionals with big capital, specially when the limit hits at around 15 lakh INR in stocks like IDEA.
Can you increase the limit for limited accounts on request? I am trading with a capital of 14 Cr.
Thanks, done. Also, just to explain the exact problem, here are some screenshots from today.
I placed 6 orders via API at the same time (15:21:01), but only one order got executed, that also 100%. What are the odds of this happening If HFT traders do not interfere my trade?
If Zerodha had allowed more than 100k quantity, I could have purchased more shares at Rs. 23 or Rs 23.05 instead of Rs 23.1 @nithin
It happens almost everyday to me. I am having considerable loss due to this, I think. It can only be solved by increasing quantity limit, not iceberg or anything like that.
@Arockiya_Raja Thanks, also it would be great If you can provide the per script quantity limit data via Kite API or excel sheet (like you do for MIS stocks), once you implement it.
Currently 2 crore limit is calculated based on last trading price.
Example:
Reliance is trading at 2850. Zerodha allows me to place 20000000/2850 = 7017 quantity order.
Zerodha also allows me to place stop loss order of 7017 quantity at 2900 INR. If this order executes, total value will be more than 2 crore. Is that ok with Zerodha? I never tested it in real market. If I do this, will my order execute or RMS will stop it?
Currently, I am not taking risk of my SL not executing. So I calculate maximum quantity on the stop loss price (20000000/2900 = 6896 qty) with some margin for slippage
If you can confirm, I can consider placing stop loss quantity orders according to LTP price.
