can limit order be modified or cancelled or if we want to put new order for the same script?
Once a Limit order is placed, it will reflect as an Open order in the Orderbook.
Any Open order in the order book is eligible for modification or cancellation.
Lets take an example for a Limit order modification -
The LTP of a Stock A is 100.
You want to buy this stock when it comes to 98 and for this, you place a Buy Limit order at 98.
Now, you can modify this limit order to any price below the Current Market Price(CMP) and the modified order will remain Open in the Orderbook until that Limit price is reached.
If you modify your Buy Limit order to a price above CMP, it will turn into a Market order and it will get executed at the CMP. This is because a Limit order is your Best Price order. If you place a Buy Limit order above CMP, then your CMP will become your Best Price.
When it comes to cancellation, once an order is cancelled, it cannot be used again. It can only be replaced by a New Limit order.
In Kite, your Open order will look like this -
When you hover your cursor over the order, you will get an option to either Edit or Cancel. You can use the Edit option for Order Modification and you can use the Cancel option for Order Cancellation.
We have a video for you on Order Placements on Kite. You can also access all the other Kite Tutorial videos from the Kite by Zerodha playlist on Youtube.
Yes, you can modify or cancel a limit order. You can do it from the orderbook. Refer the Kite Manual and the Zerodha Youtube channel for more.
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