in intraday trading,if i have to buy jpassociates only if it touches 25 then which order i have to use for trading as if i use buy bracket order of greater price than market price then it is executed quickly at market price and i dont want that, can this is possible if i use call n trade facility
Hi…Kishor…
U have to use either SL or SL-M Order
If U want to place a BUY order at Price higher than Current Market Price…Then U have to Use Stoploss Order…
For Example…
Current market price or LTP of JP Associate is 23…
And U want to Buy only When JP Price touches 25…
For that U have to place a Stoploss Buy Order with following
Press F1 to Get Buy Order Dialog in Pi/Nest Trader…
Order Type: SL
Trigger Price: 25 (The Price at Which U want to Buy JP)
Price:25.5 (This Price Must be Higher than the Trigger Price)
Submit the Order…
Now What Happen…When JP Price touches 25 …Ur Buy Stoploss order will be Executed…
When Price touches 25…Ur SL order become a Normal Limit Buy Order with Price 25.5…(See Buy Order Entry Above)…
Since The Market Price is 25 and Ur Buy Order Limit Price is 25.5 Higher than the Current Market Price…
Ur Order will Get executed at 25…
Same way…If U want to Sell Below Market Price…Use SL Sell Order…
3 Likes
Hi Kishore,
You got to use Stop Loss order's.. I have attached a link you could know more in detail about it.
What is a Stop Loss order?
When you are holding a particular stock/F&O/commodity, you fear the losses that can happen when the price starts moving against you. If you place an order to limit such a loss it is called as a Stop Loss order. So for example, if you have bought a stock at Rs 100 and you want to limit the loss at 95, you can place an order in the system to sell the stock as soon as the stock comes to 95. Such an order is called as a Stop Loss, as you are placing it to stop a loss which could be more than what you are ready to risk.
http://zerodha.com/z-connect/tradezerodha/zerodha-trader-software-version/stop-loss-orders-limit-market
Well you will have to put stop loss buy order. Yes u have the facility of call and trade but there is a cost to it
Dear ChokS,
Can you pls explain the same for a short sell.
Say JP assco current LTP is 25 and i want to Sell (Short) it when it reaches 23.
Then F2 sell order window.
Select Order type -SL
Trigger price 23
Price 23.50
And then to square off, when it reaches 21 or lower.
A simple buy limit order for Rs. 21 limit price.
So it will Sell (Short) it when JP reaches 23 and will buy it when jp reaches 21 or lower
Am I correct?
Or any other method can be applied other then limit order to make it more liquid, so that it has more chances to get filled?
Can we do the same in BO?
Hi RK,
You are Right…But One Small Correction…
For Stoploss Sell Order…price should be lesser than or Equal to Trigger Price…(Lesser is Recommended).
For 100% sure Order Execution…U can us SL Market Order Instead of SL Limit Order…
In Sl Mkt Order,when price reaches Trigger Price…Ur Order become Mkt Order…So Sure Execution.
Dear Choks,
Thankyou for the reply.
So you mean my limit price should have been 22.50 in the above example. Also want to know that my actual sell order will be filled for price 23 or on the trigger price 22.50 ?
Regarding using SL-M,
Say at 11:30 AM DLF is trading at 160 and I want to buy it for 165 predicting an upward trend.
and then want to sell it for 170 in between upward trend for a sure profit booking.
My questions here on SL-M are:
Long: Will my buy order get filled at 165 or any higher price available at that point of time?
Short:
Say current trend reached its peak and DLF is trading 170 at 12;10 PM and started to coming down, and I want to Sell (short) when it reaches 165 and then buy at 160 to book rs. 5 profit.
So if i use SL-M here will it sell it at 165 or any price Higher/Lower?
Pls guide.
Thanks and Regards
RK
Hi RK,
In above SL Sell Limit order Example…
Ur sell price may be anywhere from 23 to 22.5…But if the Mkt price Jumps down to 22.25 directly…
Ur SL Sell Limit order will not be executed…Here comes the use of SLSell Market Order…
In SL Mkt order, ur order Execute when price goes below 23 and sell price will be best bid price at that time of trigger…if Volatility is more, ur sell price may be much lower than the trigger price i.e. 23.Same for SL Buy Market order.
Dear Choks, Thanks again for the prompt reply.
Still have some confusion, hence want an example to understand it better.
Say at 11:00am RCOM is trading @ Rs.60, at this point of time, I decided to execute the following orders.
Long:
Buy when it reaches Rs.63
Sell it when it reaches Rs.67
Assume at 11:15am it reaches Rs.70 level, now expecting a downtrend I want to short it.
Short:
Sell, when it reaches Rs.66
Buy, when it reaches Rs. 62
Suggest the best order type to execute these orders. And will these orders get filled with the same/higher or lower prices (as the case may be).
Regards
RK
Hi Rk…
U can Use Stop Loss Limit Order for ur case.
The main thing is how much diff between the Trigger price and Price u put.
Using Stoploss Limit Order
At 1100am ----Mkt Price is 60
Place a SL Limit Buy Order with Trigger Price 63 and Price 63.2 (I Personaly Use 0.3% Difference Between Trigger Price and Price)
and Placed a Sell Limit Order with Limit Price 67
Case1:-
Mkt Price Just Touches 63 and Immediately comes to 62.75
Ur Stoploss Buy Order will be Triggered & converted into Buy Limit Order with limit Price 63.2 (Ref Above Buy Order)
Since the Market Price is Lesser than Ur Buy Limit Price,Ur Order will be Executed at 62.75
Case2:-
MKt Price touches 63 and moves to 63.05.
Ur Stoploss Buy Order will be Triggered & converted into Buy Limit Order with limit Price 63.2 (Ref Above Buy Order)
Since the Market Price is Lesser than Ur Buy Limit Price,Ur Order will be Executed at 63.05
Case3:-
MKt Price touches 63 and jumps to 63.25.
Ur Stoploss Buy Order will be Triggered & converted into Buy Limit Order with limit Price 63.2 (Ref Above Buy Order)
Since the Market Price is higher than Ur Buy Limit Price,Ur Order will not be Executed at this time.
But If price moves down to 63.2…Ur Order may get filled if suffient ask qty at that price is available
If the price further moves down to 63.15…Ur Order will be executed at 63.15 Since the Market Price is lower than Ur Buy Limit Price
Now Mkt price Moves up
Ur Sell Limit Order will be executed when the price moves above or touches 67.
At 1115am----- Mkt Price is 70
Place a SL Limit Sell Order with Trigger Price 66 and Price 65.8 (I Personaly Use 0.3% Difference Between Trigger Price and Price)
and Place a buy Limit Order with Limit Price 62
Case1:-
Mkt Price Just Touches 66 and Immediately comes to 66.25
Ur Stoploss sell Order will be Triggered & converted into sell Limit Order with limit Price 65.8 (Ref Above sell Order)
Since the Market Price is higher than Ur Sell Limit Price,Ur Order will be Executed at 66.25
Case2:-
MKt Price touches 66 and moves to 65.9
Ur Stoploss Sell Order will be Triggered & converted into Sell Limit Order with limit Price 65.8 (Ref Above Sell Order)
Since the Market Price is higher than Ur Sell Limit Price,Ur Order will be Executed at 65.9
Case3:-
MKt Price touches 66 and jumps to 65.75.
Ur Stoploss Sell Order will be Triggered & converted into Sell Limit Order with limit Price 65.8 (Ref Above Sell Order)
Since the Market Price is lower than Ur Sell Limit Price,Ur Order will not be Executed at this time.
But If price moves up to 65.8…Ur Order may get filled if suffient bid qty at that price is available
If the price further moves up to 65.85…Ur Order will be executed at 65.85 Since the Market Price is higher than Ur Sell Limit Price
Now Mkt price Moves down
Ur Buy Limit Order will be executed when the price moves below or touches 62.
In all the above cases, If u put short diff between Trigger price and Price and the volatility is high,
then Chances are there, Ur SL Orders may not be Executed and Limited order is executed.
Using SL Market Order, It’s 100% sure U all Order will be Executed.
But the Drawback is u Donot control over the Execution price means after trigger, it may be executed at any price below or above or same price
But in SL Limit order ur Execution price will be between Trigger Price and Limit Price.
1 Like
Dear Choks,
Thanks for the amazing explained stepped reply.
So SL-L is actually a workaround for trading with the market trend style day trading.
So the question arises how does someone uses an actual stoploss case for order like above.
Where we have used the stop loss capacity of SL-L to initiate a new position.
How to place an actul stop loss say 1% in above case example.
So while in long i do not lose more then 1%
And in Short i do not lose more then 2%
Dear Choks,
Eagerly waiting for your amazing clear reply with an example on this .
Thanks and Regards
RK
Hi RK,
Just Saw Ur Comment,
If I am correct,then Ur Question is
How to place a stoploss sell order for
a Long Position which initiated by a StLoss Buy Order.
U Can use St Loss buy Order in a trending market to initiate a long position.
For Long
U Can Place the following orders at same time
a St Loss Buy Order(To initiate Long position at certain Price higher than the current market price)
a Sell Limit Order (Target Sell Order)
Once Ur Buy order is executed then only
U have to place a St loss sell order(Loss Sell Order)
Long Example:-
At 1100am ----Mkt Price is 60
U want to Buy when the price touches 63 and sell it at 67
Place a SL Limit Buy Order with Trigger Price 63 and Price 63.2
and Place a Sell Limit Order with Limit Price 67
At 1110am
The Price touches 63 and Ur Buy Order is Executed
Now Place Ur st Loss sell order(Loss)
Say Ur Stloss is 1%
Ur maximum possible Buy Price is 63.2(This is the Limit)
So Ur stloss will be 62.35
Place a st loss sell order with Trigger price 62.35 and price 62.15.
Chance 1;
After Buy, the price moved steadily up and touched 67
Ur Target sell order is executed.
So cancel Ur Loss Sell Order(ST Loss Sell Order)
Chance2;
After Buy, the price moved steadily down and touche 62.35
Ur Loss sell order is executed.
So cancel Ur Target Sell Order(Limit Order)
1 Like
Again a great explaination by you Choks,
Thats exactly the explantion I was looking for.
My confusion was regarding the need to place a seperate stop loss order, and then canceling one of them manually, either Sell limit order or Sell SL-L order (As the case may arise).
Just wondering why there isn’t a three leg order like this has been made available to traders. As it seems like a more preferable trading style among many.
Many thanks for your great explanations.
Regards
RK
BUY HINDUNILVR FUT@ 1187 SL 1179.5 TARGET 1199 INTRADAY CALL
here arte 3 prices
Buying at 1187
SL: 1179.5
Target or trigger price 1199
really not understand this.
if i buy 100 then my stop loss trigger price woulbe 95 .
what is 1st sentence mean