Hi I have a simple query, I want to place my order when it hits a pre-defined level at market rate, and put the S/L and target which hits at specified rates, and I think the snapshot is how I do it, and i want you guys to confirm if i am doing this correct
1, In the above, I have created a position to sell 900 Qty of Nifty 19500Pe when the price reaches 47. In the above as soon as the price touches 47, would 900 Qty be sold as a market order?
I have put the SL as 5.05% i.e 49.4 while placing above order. In the above as soon as the price touches 49.4, would 900 Qty be bought as cover at at prevailing market rate, as a market order
I have put the target as -25% i.e 35.25. In the above as soon as the price touches 35.25, would 900 Qty be bought as cover at prevailing market rate, as a market order
In short my query is whether at the prices specified (entry point, SL , profit) , as soon as the price is hit, would trades immediately get executed as market orders ?
You are using a regular limit selling order to sell. So a limit order to sell at 47 gets placed whenever you place this order. This order will get filled when the price reaches 47. All orders placed at a price is given priority based on time. So First in First out, which means when price reaches 47, the orders placed first will get executed first.
The SL and Targets are placed using our special order type called GTT or Good till triggered. In this order type, an order is placed only when the trigger is met. And yes, when a trigger is met a market order gets placed. So yes, to both.
Entry orders are limit or market based on what you select.
GTT orders for SL and target are market orders if trigger is hit.
HI @nithin thanks for your reply. I actually want to create an ordee of option selling in which when my entry value (trigger price) is reached, it automatically sells specified options at whatever is market value, and also when my S/L or target is reached it should automatically cover the sold position at whatever is the market rate,
If i sell the option at SL-M using specified trigger price with S/L and Target defined as a percentage as attached in the pic, would this create all three legs as market orders once the trigger price, s/l price or target price is reached?
Thanks in advance
But one thing to remember with GTT is that if either SL or target gets executed, you must manually cancel the pending one. It doesn’t automatically cancel as of now.
Thanks for the headsup ,
Maybe Zerodha should think of making this an OCO instead of 2 standalone GTTs since the idea behind placing a S/L and profit both while placing the order is that whatever gets hit first should cancel the other?
