Hey Zerodha! Can you add this new type of order?

Many traders dont have much capital and can put one exit order at time due to margin constraints. For traders who have fixed target and stoploss it makes sense for us to put up a sl and target order at once. This allows us to not be glued to the screen and work on other things at the same time. But there’s a problem when it comes to capital intensive products like futures. many retail traders don’t have enough margin to put up two separate exit orders for their traders. Because of that you have to constantly edit your SL order into target order and target order into SL order as the price moves. That is a tad bit inconvenient.

So my question is if you can create a new type of order where you put in both the target and SL at once and when either of them gets triggered the other one gets cancelled?

3 Likes

@nithin I think this might be something that you will be interested in.

It’s already there. Check GTT orders where you can place both SL and Target, one gets cancelled when other is triggered

1 Like

is it feasible to use for intraday trading?

1 Like

It’s not a new thing, and it’s call bracket order. Zerodha used to have, till it removed the feature.

Gtt is not feasible for intraday.

You have to look into other brokers if you want bracket order, like Fyers, aliceblue, sasonline. Fyers BO is good. I am talking specific in view of intraday orders.

1 Like

I have account in fyers. Will try out the bracket orders there. I am not convinced with the feasibility of gtt order for intraday trades that last just 30-40 minutes

You can use GTT OCO order to place Stoploss and Target at once and when either SL or target is triggered the other is deactivated. You can check out more details here: How can I place a buy GTT OCO?

GTT uses NRML product type. You can buy and sell F&O same day using NRML just like MIS. Also the margin requirements for NRML and MIS are same now.

1 Like

In zerodha the margin for MIS/NRML is same for FNO. So take a position in NRML and then use GTT with Target and SL, if they are triggered within a day-or a month, the GTT is still valid.

1 Like

okay will try it out

is there any difference in taxation for nrml and mis positions?

The charges are same for trading in MIS and NRML.

1 Like

You can use #betterKite (read here : link

If you select ‘auto create SL order’ it will create a SL order immediately after placing the order.
sl_create_sl_order

and then in pending order screen you can press ‘trail’ button to move the price up.

read about it more on the readme file in github.

He is asking something about bracket order so that once target or SL hit the other order gets cancelled. What you are suggesting is something else.

I understand. He wants both SL and target orders but he also mentioned his current process which is manually creating SL and then manually changing price of SL, what I suggested was automation of that.

  1. SL is created automatically (notice create SL order check box below buy button)
  2. Very easy to move the price with single click. (notice Trail and Save Profit buttons)

Please ignore if not relevant

Earlier IT was under BO where you can put SL & TGT
After introduction of GTT it was removed why I do not know

Though we can place option trade in GTT order with some limitations( target price is limited to 99%)