We anticipate receiving the approval by the next week. I will keep you updated with any further updates next week.
Market orders ??
In Bankex, liquidity is usually only available on Mondays, which is the expiry date. Our RMS team is monitoring the liquidity closely. If it meets the criteria, we will allow it. As we mentioned in our previous response, you can always place a limit order as a market order, as mentioned in the article below. We have noticed that we have only received a market order request from you. Why not try placing a limit order as mentioned in the article?
This week, we are reviewing this again. Iâll let you know if any changes.
Do you even trade?
OTMâs have a tight price range of 10.
Why did you introduce sticky windows, basket orders, iceberg orders, etc.? There is always a workaround, right?.
It eases trading.
You say, âWe are reviewing.â May I know what parameters you guys are even reviewing?
What was the total number of BANKEX contracts traded yesterday?
It was around 8 cr.
You have enabled MARKET ORDERS for SENSEX at around 5 Cr contracts; even after that, SENSIBULL is not enabling MARKET ORDERS for SENSEX.
Now, please donât tell me you should contact them.
Did many times.
Try to pass this information on to them.
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This is not true. Lot of people want market orders. And if you think its liquid only on monday then allow it on monday!! Allow the ATM+2 strikes plus any strike that has more than 500 lots. Same criteria as Sensex.
This doesnât work for many people including me.
- I just want to sell ATM Straddle(ATM being the operative word)
- On the expiry day
- Both legs at the same time.
Is this too hard to do for Zerodha? The first two conditions are literally meeting your requirements for liquidity.
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We have been a little conservative in our approach to ensure we donât cause any off-priced trades leading to large losses for any of our clients.
That said, we are in the process of standardising the requirements to allow market orders for all index options, this will cover BANKEX too. Should be done by the end of next week. You wouldnât need to ask to allow market orders for any existing or new index contracts once this is done.
Additionally, BSE has now added MPP (Market price protection) to their orders, this gives us more room to allow more market orders.
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2 things to note, especially for the scenario â exiting the positions
- If I place system sl order, random spike just hits and order gets triggered unwantedly, so I canât use this
- Assume I keep the order window ready with all the details, the price comes to 75 and exit is 80. So I am ready with 82 limit in the order window, I see after hitting 80, I punch limit 82, the order fills partially and the price continues to move ahead causing more losses
Hence this is getting tough for me personally. If possible please enable at the earliest atleast for the atm +/- 400 points strikes alone. They are fairly liquid and Iâm trading every monday
Should I try with some other price say 100? I find it uncomfortable entering such a price difference personally
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Who all got hit today because of this market order not allowed
If i put higher limit its throwing out of range error
Has this been implemented?
It didnât work properly this Monday.(5 feb 2024) I had straddle sell baskets of 51600 and 51700 before market open. While adding ce and pe to those baskets, I never got a warning about only limit orders being allowed so I assumed there wouldnât be an issue. After market opened, Bankex was between 51600-51700 in the first 2 minutes. I executed both 51600 basket and 51700 basket and got ce side error in both. Pe got executed in both while ce was rejected citing requirement of limit order. This had major opportunity cost.
So just please fix this issue at ATM at least. Allow me short atm and atm±1 during market open on expiry day.
And if youâre planning to reject based on OI, at least warn me when Iâm adding those contracts to the basket, like the way I get warned in Sensex.
@MohammedFaisal
From today, we have added an exception for ATM strikes (up to 2 strikes above/below) during the initial 2 minutes after the market open. These will remain exempt from the OI check that is done for allowing market orders.
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Thatâs great to hear.
BTW which indices does this apply to?
These changes are for all indices that have OI check for allowing market orders (aka BANKEX, SENSEX, FINNIFTY and MIDCPNIFTY)