Been using it the last two days, really useful feature.
One thing which can be improved is the ‘Number of legs’ option. Like here, if I’ve to exit the 5950 quantity of sold Nifty options, I’ve to manually enter 4, but by default, this number is always set to 2. So, if it can pre-select to 4 (or whatever, depending on the quantity), this would save time, espl. useful during volatile times.
Out of the 4 points, the third is the most important for most traders. It would be very helpful to exit all open positions (greater than freeze quantity) in a single click. It is a good defense to protect profits/restrict losses.
I am a trader who do pyramiding based on trend confirmation and ride the trend and don’t execute all lots at once. say for example If I can trade max 20 lots of Nifty option means I would want to execute in 5 legs but by pyramiding, is this possible through iceberg orders.
If ice berg orders only provide the advantage of freeze quantity means I could do the same manually by giving at market order 2 or 3 times.In what way it is useful.
Hey @Abi, apologies for the delayed response. Currently this is not possible. The way Iceberg orders work is, once you place the Iceberg order only the first leg is placed on the exchange at first. Once this leg is executed, then the next leg is placed, and so on, until the quantity specified by you is traded.
so its like If I place an order at say price of 100 means all the orders will get executed at 100, what if the 1st leg gets executed and by the time next leg is placed the price crosses 101 and goes up and never comes back to 100.
rather I could place the same at market price.
say If I have capital to place 100 lots, I can do it in 2 or 3 legs by giving market order. the slippage could be around Rs 2.
I shouldn’t mind the slippage of 2 or 3 when am trading 100+ lots
for Institutions who has lakhs of lots its beneficial i can understand that.
Just wanted to know in what way it is benefit for retail.
The order execution will depend on the type of order you place. If you place a market order then it’ll get executed at best available price in the market. If you place a limit order then it will only execute at the price specified or a better price (taking the above scenario, 100 or lower for a buy order and 100 or greater for a sell order).
Not only for institutions, even for small trader impact costs can be costly relative to your capital. Please check out this article for detailed information on impact costs and Iceberg orders: