From past few months I have been using streak with trade rocket plugin and it works fine if trade goes on your direction. I have witnessed many times that SL doesn’t trigger, I have to manually cancel the trade. I understand that it is due to limit stoploss. I am option trader I need to execute trade on limit order and SL need to be put on Market price (SL-M) to avoid big loss. Please help.
Please refer to the following link
I understand how limit order, market order, SL order and SL-M order works on kite plateform. My question is when trading an option, and say your order have been executed (no matter it’s a limit or market order) how can I put a stoploss that trigger at specific price or below.
This has already been explained in the link shared in the previous response.
Use Stoploss limit order as Stoploss market orders.
A Stoploss order is a type of order where you specify a trigger price at which either a limit order or market order is placed. These triggers are placed on the exchange and not within the broker systems.
Similar to how a limit order can be used as a market order, you can also use the SL - L (stop loss limit) order as an SL-M (stop loss market) order. To do this, you need to ensure you place a limit price, higher or lower than the trigger price depending on whether you intend to buy or sell.
Here is an example -
Stock = ITC
Position = Short
Short price = 245
CMP = 241
SL trigger = 248
SL limit = 258
Here, the SL limit buy price at 258 will get placed as soon as the market price equals the SL trigger price of 248. But since 258 is much higher than the current market price of 248, the limit price essentially works as a market order and gets filled between 248 and 258.
In the event, another large market order coincides with your order, the limit price at 258 will act as a protection against a freak trade.
The disadvantage of this order is that if the market rallies steeply, then after 248 is triggered and before the Buy Limit order of 258 is sent to the exchange if the price is already above 258, then your Stop-Loss order will still be open and your losses could be much higher.