I have some doubts regarding GTT order for option buying.
(1) Can GTT order be used for option buying in the Opening range breakout strategy ?
For example, let’s say Nifty is trading at 9900 and I’d like to put the buy order at the high of first 15 min candle for both call and put of the same strike price ( or any other as I would like to)
Any one of these order gets triggered, I will cancel the other GTT order .
In this, can I also place a stop loss order
Also, how funds will be blocked for the same.
On using GTT in stocks, margin requirement was checked at the execution time.
You can but not possible according to Nifty’s 15 minute candle high or low. You will have to do it according to Options 15 minute candle High or Low price.
You can place Stop-Loss order once your trade is executed.
Funds won’t be blocked in advanced, they will be blocked only when your Buy order is executed. For Buying options you will need funds according to Option Premium*Lot Size.
PS: GTT orders are currently only available for Index Options.
Yes I meant the candle of the calls and puts options.
So, I can put gtt buy order at the high of the first 15 min candle ( for both call and put), and once the order gets executed, I will cancel the other GTT order.
Once the gtt order gets executed ( either call or put), Can I also place the normal sl-m order for the stop loss ? like we do usually ?
and use another GTT order for the target placement ?
I mean targets at limit order and stop loss at sl-m ?
Yes you can.
You can do this too. With GTT you can also place Sell OCO order with Stop-Loss and Target.
Read this to know how GTT works https://zerodha.com/z-connect/tradezerodha/kite/introducing-gtt-good-till-triggered-orders