Placing large orders through Kite

Hello,

I trade options spreads in Nifty. The revised quantity freeze limits is only 36 Lots in Nifty options. How can I place order for say 100 lots in one go ? Creating 6 orders (3 short strikes and 3 hedged strikes) of 36 lots each in baskets is cumbersome.

Will iceberg orders help here ? I trade ‘market orders’ in options and trade MIS. I am ok with slippages if any.

Is Zerodha the best broker for orders like yours, for big trading like yours? If so, is it because of the features that suit your trading or because of the charges?

Your trading looks like big amount to me, so asking.

Icerbergs are perfect for your use case! for market orders or can use sticky window. Limit orders in icebergs are little risky as it places order one by one so it might the case that orders are not filled.

use algo. you can easily copy paste a market order template with the lot size and execute all at once.

execution will be faster than iceberg, and slippages min if you check the ask/bid 5 deep.

I am a full time commodities and forex trader, adding options now. Zerodha seems clutter free and easy to use.

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How does one do that ?

@nithin Any way out here for big orders ? Basket orders dont allow iceberg orders, do u plan to do this ? Closing one hedged position and opening another, I will have to enter 4 iceberg orders in 4 different tabs. You aren’t allowing nest too. Whats an easier way out ?

Iceberg orders is the best option. On basket as I mentioned earlier, there is a risk of having large number of icebergs placed together.

Btw, NEST also doesn’t have any options for this. The only thing you can do on NEST is to place basket order, which you can do even on Kite (multiple orders breaking down the larger quantity).

But with hedged positions, when I have to enter a reversal, I have to open iceberg orders for 4 different strikes in four tabs. ctrl+tab is the option even in 2023 ? Baskets I have to keep cloning it with 36 lots in each strike. Its cumbersome beyond trading even 100 lots. @nithin

One basket can have multiple orders of the same type, right? So it isn’t really cloning baskets, but within a basket, cloning the order? You have a clone order feature within a basket.

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I think that’s what @samsingh means. It gets quiet cumbersome to do this, especially on expiries :sweat_smile:

Is zerodha planning on introducing iceberg for baskets?

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Yes sir, that is there. But that itself is cumbersome. After getting a trade, I have to type and select the option, enter quantity, clone it…in case of hedged, select different strike and re-arrange…n in case of reversals, do this for 4 strikes…

Correct

@nithin There could be 2 solutions for this -

  1. Iceberg orders in basket but I think you have explained this before. But its still a request as this might be useful for large traders which I feel are many. 36 lots in one go is really not much.

  2. Some kind of drag option from option chain which selects contracts faster, or if I could open 4 different order windows (4 iceberg orders) of different strikes, in one single click and enter those positions from one screen, instead of ctrl+tab and having 4 screens to enter iceberg orders.

Let me speak to our team. @MohammedFaisal

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Also @nithin , is it possible to make this happen:

When you go to the positions tab, you can select all and exit only if the positions are below freeze quantity. Would be very helpful if positions could be existed no matter the quantity size (automatic iceberg maybe).

This would be a big boon.

Hmmm… can’t be automatic as iceberg behavior is slightly different, but maybe a nudge asking you to use iceberg if open position quantity > freeze quantity?

@MohammedFaisal + +

Just realized, we already do this

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Nudge is there to inform the user of alternate action.

However, we like to exit multiple large open positions at market price in single click. Especially on expiries, when market movement is sometimes fast.

Instead of nudge, there can be some setting at user level (something similar to sticky window setting), where the user can decide to always use iceberg for large quantities. If this setting is enabled, when user decides to exit multiple open positions, automatically place iceberg orders at market price for all selected contracts.
This is very helpful when a user wants to exit 100 lots or more in 4 or more different strikes.

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@MohammedFaisal a global setting to automatically turn an exit order to Iceberg when exiting from positions, I guess could be possible. Can we check this out.

Noted, will update here.