Market order - Is there any protection?

Zerodha Zerodha platforms
1

The market order fills our order at any rate, at the market.

So I can put in an order to buy 1500 shares of NIFTY 17,500 calls and it will be bought around the last trader price of 103. Obviously if there are not enough shares at that number, the fills will be made higher at 104 and beyond.

What I would like to know is that is there an in built mechanism in Zerodha kite to protect us from errant fills. Is there a chance I could get a fill at 195 due to a sudden illiquid environment?
Or is there a % limit mechanism that will stop these unexpected errant fills. Like at 5% or 15%?

The basic question being. Is there a chance I could buy at market and end up with a fill at 225 due to some unforeseen liquidity issue?

2

You can put a higher limit price, such as 120 and it will take the best prices until 120.

3

Yes. I use the limit option.
But I usually enter when the market is moving fast. So I might not get fills if I don’t choose the limit price accordingly.
All this takes time.

I just want to know if there is any mechanism that prevents erratic fills. Maybe like a 10% limit or somehting of that kind. For market orders.

4

If the price is 100 and you want a 10% execution limit, then just put the limit price as 110.

It will take the best prices under 110. You may get a fill closer to 100 but never beyond 110.

This is like market order until 110, which is what you’re looking for.