At present, the Order Book simply shows the orders posted by the client without any clear demarcation. When a trader glances the OrderBook, there is no way to know if a particular order is a square-off of an already held position, or is it for taking a completely new position, or if it is a mix (partial square-off for x quantity, and remaining leading to new position).
This creates a problem for the trader to know which order will lead to what, and also makes it difficult to guess the impact on margins.
It may be advisable to add one additional indicator on the orderbook (say at the indicated position in the attached screenshot), which may be “SQ” for square-off of an existing position which a trader holds, “N” for those which will lead to NEW positions not present in trader’s current positions, and “SN” indicating partial square-off and partial new position orders.
For instance, if I have a SHORT position on HINDALCO-DEC-FUT for 1 contract and then I place a single BUY order of 3 contracts, it should show “SN” indicating 1 contract will be squared off and remaining 2 will add to a new position. If I place only a single BUY order of 1 contract, it should show “SQ” as that will square off the existing position. If I am not holding any Hindalco contracts and place a completely new order, it should be “N”
This is very complicated and also if one has a position and placed one as target and other as stoploss and are pending what should the tag be? easy way would be to see trade book, sort with time and symbol and doing so should solve the purpose. Check below.
The above suggestion does not serve the purpose - it still fails to address the problem as a trader will still have to keep a clear eye on what orders are placed.
To answer your question abt " if one has a position and placed one as target and other as stoploss ", then the first placed order will be marked as “SQ”, and second one will be marked as “N”. It is because whether it is a stoploss or target (or vice-versa), the order first executed will lead to Square off, while the second one (whether stoploss or target) will lead to a new position.
Anyways, not sure abt the technical complications in implementing it…so will be Zerodha’s Product management call if this thought reaches them.
In this case order has to remember and change dynamically which is not easy task, anyhow I believe this is not a feature which can add much value and you are first one to raise this said that one can check in console also later. Tagging the order is more relevant one, on what basis(technical/strategy name/fundamenta/macro/gut feeling etc) one entered the position etc which we are working on.