Just wondering if Zerodha has recently changed the default order type to MIS from NRML for option trades? Have been trading for more than a year and always take NRML positions, but over the last two weeks, don’t know how my orders are getting triggered as MIS.
Has zerodha changed the default order type to MIS from NRML? Makes business sense as they earn auto square-off charges from traders who miss changing the order type. But at the expense of unsuspecting retail traders. Very unlike zerodha I must add.
Anyone else facing this?
@siva-reddy @nithin
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This might be done for the ease of trading for options traders as clients are unable to trade in all the strikes of nifty and bank nifty options on Zerodha because of the Open interest limitation when they’re placing a NRML(Overnight) order.
Using MIS (INTRADAY), you can trade across a larger range of strikes. (it doesn’t really add up to the Open interest as it gets squared off the same day)
Auto Square-off is usually discouraged. Also remember, that when you’re trading options using MIS. You won’t be able to convert your index option buy position from MIS to CNC.
Should not this ( the MIS position you’re entering instead of NRML) be preceded by those over-rated nudges? I might be taking a new position to cover my existing NRML position. And end up with a naked option at the end of the day…
There are some traders who prefer default option as MIS over NRML and vice versa. Giving nudges about the product type that the client is entering into while placing an order seems inefficient and unnecessary.
A trader might want to place an MIS order at a certain price and he’s getting a nudge saying that he’s placing a “MIS order instead of NRML order” doesn’t really make sense. The order window clearly shows the order type and if someone wants to trade in NRML then changing the order type just takes one click.
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Oh, so that’s inefficiency. But changing the way a platform used to behave overnight, covertly- is fine!
Is this someone from team zerodha with a public profile? 
RIP PMs
Also once changed from mis to nrml, the same will be remembered till next login on app.
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Can’t even buy 100 points away from ATM nifty overnight options smh. Time to find a new broker for option trading I guess.