How can i place bracket order in advance to take advantage of range breakout, coz placing buy order above current price executes it at current level only and vice versa

I would like to trade rectangle pattern break-out…

for example: NIFTY is trading in range of 15pts from 7650 to 7635

in this case i would like to place 2 order

A bracket buy order @ 7652 with SL @7633 and tgt @ 7675 and

A bracket sell order @ 7633 with SL @ 7652 and tgt @ 7615…

please help me how to do this i am new to market and your help

Currently bracket orders do not support stop entries so you will have to do it manually.

Place a stop buy and a stop sell order at the desired price. When one of them gets executed, other will act as a stop order for the executed order. Incase you want to reverse the position on stop, then you can modify the original unexecuted stop order to twice the position. Place a target order for the executed order. When either the stop or target order gets executed, cancel the other unexecuted order.

e.g.

  1. Place stop buy order for 7652 and stop sell order for 7633. Assuming both are for 1 contract.

  2. Suppose the buy order gets executed, then stop sell at 7633 will act as stop order for the executed buy order.

  3. In case you want to reverse the position when the stop for buy order is hit, then modify the original stop sell order at 7633 to 2 contracts.

  4. Enter target order for executed buy order - place a sell order at 7675.

  5. If the target is hit, then cancel the stop sell order. Or if the stop sell order is executed then cancel the target sell order.

4 Likes

Pls get me manual for bracket order n advise how to modify order

Sir thanks for helping… Now a question arises in my mind is that " i will have to trade with heavy margins and i cant use the margin benefits of bracket orders??"

Yes that’s true. Margin requirement will be higher compared to bracket orders.

Cant be settled somewhere…
:frowning:

We are also looking for BOs with capability of entry through SL orders.