I am a range intraday range breakout trader. I place my buy stop and sell stop in ODIN at one go. I am working with a traditional broker (angel). They are least concern for exposure for intraday as far as there is deposit (not the required margin).
Now, I want to switch to zerodha to reduce my cost of brokerage. Please suggest me type of order (MIS SL, CO, BO or any other to use maximum exposure).
Example: If CMP is 99, I place a buy stop above 100 and a sell stop below 98 at one go. Zerodha requires good chunk of margin for this sort of trades. I read about CO (Covered Order) and BO (Bracket Order), but they do not allow stop limit. They are for trading and mkt and then placing a stop loss.
So please suggest me best order type.
I think in your case, you may need to create stop loss MIS order. as you mentioned CO and BO orders do not allow to enter trade using Stop method.
As of now, MIS with stop loss entry is what you have got.
In near future the feature you requested may be introduced. Stop Loss entry with BO/CO. NSE is considering them as automated trades and getting approval for them is cumbersome.
MIS is 9x while BO/CO is 21.7x in EQ. Also MIS has better control over prices since the exit in MIS can be limit order. BO/CO exit is through market order.
So its better you stick with MIS as of now. Cross your fingers and look for the feature update from zerodha. Even I am looking towards getting a Stop Loss entry in BO/CO. Good Luck!
Thank you trade100… till now I found SL MIS best. But CO and BO has much attractive margins. The only thing they lag is entry stop order.