Let’s say I have purchased a stock for Rs. 100. I want a stop loss to be triggered if it hits Rs.90.
I went through this
The only way for me to do this is to use a GTT OCO (One Cancels other order) - so I have to put both a stop loss & a trigger price. The stock will get sold if either or those are hit?
Is there a way for me to have just a GTC stop loss if I don’t want to sell if it goes higher?
Yes.
You can try GTT SIngle Sell order instead.
Assuming you are long and Infy = 785.7 and you want to keep Stop-Loss at 5% then you need to enter Trigger Price = 746.4 and Limit Price = 746.4
For Sell SL orders, Trigger Price > Price
For Buy SL orders, Trigger Price < Price
So what you say won’t work.
See the screenshots, I was able to place Single GTT Sell order
What you are talking here is about CNC/MIS Order Types not GTT. You can read more on that in detail here.
OK. Thank you.
Replying to an old comment. What happens if there is a gap? I mean let’s say the price moves directly from 750 to 740 will the above sell be triggered? Won’t the limit price avoid it from being triggered?
In case of gap, Your trigger will be triggered and Limit Sell order will be placed at your price.
But then the order won’t go through because the price is already below my limit price? Is there any way to place a stop loss market order based on a trigger price?
Then you can give more difference between trigger and limit so it acts as market.
Would that really work?
Say I set trigger as 100 & limit as 50. Then the moment the price goes below 100, Zerodha would execute a limit order at 50. So it will get sold at 50.
