I want to understand all the options available for placing or having a stop-loss order in place the moment I take a trade on Zerodha, without having to go to the dashboard again to manually place the SL order. In short, I want to place both the Buy/Sell order and the corresponding Stop-Loss order simultaneously in Zerodha.
For example, if I want to buy the 26000 CE for the current week (Nifty, intraday/positional — both cases including converting from intraday to positional), the exact problem I’m facing is this: even though I have my predefined stop-loss and exit levels, there have been cases where, by the time I buy → go to the Positions tab → click Exit → and place the SL order, the market reverses sharply against my position due to unexpected news or sudden movement. In such situations, even though I know my SL levels, the loss becomes large because it takes at least a few seconds to place the stop-loss order manually.
I’ve read about the discontinuation of SL-M orders since 2021 for the options market, so I want to know all the available options — if there is any way to place both the Buy/Sell order and its respective Stop-Loss order at the same time in Zerodha (except GTT), as I primarily trade options both intraday and positional.
I tried the GTT today for testing purposes. Please find the attached screenshot for the details/error.
Summary of my trade: I bought the 26000 CE 16th Dec Nifty option at market price (it was around 113) and set a stop-loss at 107 and a target at 120. However, I was getting an error. Could you please check and let me know why this happened and how to mitigate it?
Additionally, I would like to understand if GTT (Good Till Triggered) is the most suitable solution and the recommended approach for placing both Buy/Sell orders, along with their respective stop-loss orders, simultaneously in Zerodha, for both intraday and positional options trading(mostly index option buying both intraday and positional buying)
Here is my understanding for my main query i.e. “place both Buy/Sell and SL(of respective Buy/Sell) orders at once in Zerodha.”
Using GTT with NRML for Near-Simultaneous Entry and Stop-Loss on Zerodha
->Zerodha allows the use of GTT (Good Till Triggered) in conjunction with NRML orders to approximate simultaneous entry and stop-loss placement for options. This enables traders to initiate a position and have predefined exit conditions (stop-loss and target) activated immediately upon execution.
->Process Overview
—>Open the order window for the desired option contract.
—>Select NRML as the product type.
—>Specify the order quantity and price (market or limit).
—>Enable the GTT option.
—>Input both the stop-loss trigger and the target trigger prices.
—>Submit the order.
→ Result:
—>The entry order executes first (market/limit).
—>The GTT (SL + target) becomes active immediately after the position is created, without you going to Positions and adding SL manually.
—>There is no extra margin required for the GTT SL/target on that existing position.
Please double confirm my understanding, as a resolution to the ““place both Buy/Sell and SL(of respective Buy/Sell) orders at once in Zerodha.”” for avoiding any unforeseen reversals in the market against the position.
I have query related to intraday (MIS) order . If I want to buy stock (Intraday) above current market price (Breakout Trade) with Stoploss ,how can I execute it because my order will execute in current market price instead of executing in given limit price which is above current price (GTT /OCO will not work as its intraday order). Please guide.
