Lets say ltp is 100, i want to buy when it goes to 100.5.
a) And i place a SL limit order with trigger 100.5 and 101. By the time i do it, if its already >=100.5 , what happens?
b) Same if i place SLM at 100.5
Similarly at ltp 100, if i want to buy at 99.5 and i place limit order with trigger price at 99.5 and price() at 99. Is the order right? By that time what happens if its already
a) 99.5
b) =99
c)<99
Ltp is the reference price right?
If i want to get a guaranteed execution at 99, what order should ive placed?
1a) Current price >= 100.5. Your stop loss buy order has trigger 100.5 and quote 101. So the trigger is done already and your order is effectively a limit order now with price 101. It gets executed depending on that limit and what sell quotes available then & after (till you cancel the order).
1b) Same as above, except your order is a market order.
2) You cannot put a trigger price for limit order. Your approach is not correct here. If the LTP is 100 and you want to buy at 99, just use a plain limit order with price 99. The stop loss buy order here is not required because the triggering is already done.
The confusion here, as I understand, is the result of forgetting the "loss" part in stop loss order.
The stop loss buy order has a meaning only when trigger price is greater than LTP. Similarly the stop loss sell order has meaning only when the trigger price is less than LTP.
When the trigger price is less than LTP for stop loss buy, the triggering is already done. The opposite for stop loss sell. In these cases you do not need stop loss order. Plain limit order will behave same and save you some typing effort.
Do not forget the "LOSS" part. The stop "loss" orders are meant to be used to close the position cutting the loss. If you have a short position, you would put a stop loss buy order with trigger price > LTP and an appropriate quoting price depending on the liquidity. If you have a long position, you would put a stop loss buy order with trigger price less than LTP. On both these cases you cannot use plain limit order, because they will become effective right away and that is not your intention.
4) No order can guarantee execution at 99 or any price in any scenario. If the scrip is very very liquid and your quantity is much smaller, then you can hope to get filled at 99.
1. Lets say ltp is 100, i want to buy when it goes to 100.5.
a) And i place a SL limit order with trigger 100.5 and 101. By the time i do it, if its already >=100.5 , what happens? Since the trigger value has already crossed, your order will be sent to the exchange with limit price 101.
Three things can happen now.
If sellers are available in the range of 100.5 to 101, your order will start getting filled from 100.5 to 101 upwards (you will get some average price)
If the next seller is available only above 101, say example 101.1, then your order will wait for someone to reduce their quote to 101 or lesser. You order will be in completely pending status until then.
If the sellers are available in between 100.5 to 101, but the qty what they are offering is less than what you have placed order, all those quantity will be filled and the remaining quanity will be put in pending status until someone lowers their price to 100 or lower. Your order status will be pending but only for partial quantity.
b) Same if i place SLM at 100.5 If you place SL-M and since the trigger value has already reached/crossed, all your quantity will be immediately filled at whatever market price available. This will happen the next instant you submit the order. 2. Similarly at ltp 100, if i want to buy at 99.5 and i place limit order with trigger price at 99.5 and price() at 99. Is the order right? By that time what happens if its already
a) 99.5
b) =99
c)<99
If you want to buy at 99.5, you should not set triggers you should set normal Limit Order with 99.5 as limit price. If it reaches you limit price, it will wait sellers to quote that value or any value lesser than that to fill your order. With this normal limit orders any value lesser than 99.5 (99.5 or 99 or <99) will get filled under your order (the lowest of these 3 will get preference)
3. Ltp is the reference price right? Yes, for trigger to get activated LTP is the reference price, not the Bid or Ask prices. Otherwise you should look at Ask price is you want to buy and look at Bid price if you want to sell.
4. If i want to get a guaranteed execution at 99, what order should ive placed? If you dont want any value above 99 rupees, while you buy, use a LIMIT ORDER at 99 Limit Price.
If you want all quantity to be purchased around 99 and not specific about prices (filling your qty is important to you), then place a market order once the price touches 99 manually.
The loss part is pretty clear. The reason why ive pointed out the above situations is that i place orders at high for buy and at low for sell. But if i am trading 1 min charts its gonna be so quick that when ive placed SLM buy order with trigger being the high, the price mightve already moved there so no point in putting limit order. So what i understand is if the ltp is past my trigger, then if its a SLL the order remains a limit and if it was SLM, it executes as a market order right away as ltp is already past trigger. Am i right?
If any, suggest me how to put orders for my trading style that is guaranteed execution at only high and lows of the signal candles. Do also note that sometimes i trade 1 min charts so its gonna be quick .
Your understanding about how the orders are executed is correct.
As far as the order entry is considered: it should be kept as simple as possible. The very short time frame trades should go with market orders for both entry and exit. As the time frame goes higher, we can use orders which adds conditions; limit orders, SLM, SL etc. Those conditions will help us get a better price using the price fluctuations.
Thanks for taking time boss. Its crystal clear now. For the 4th question no way other than MANUAL market order for guaranteed execution even if it happens around 99? I just want to take out the manual part even if it means execution in and around 99 but should be guaranteed.
Yes manual is the only option, SL orders cannot be used to buy lesser than market price, only limit orders can be used.
I have not studied algoz yet, but I strongly believe something should be there to do this (like Buy expression, but only when CMP is 99)
Another point:
If u want execution at 99 only and dont want slippage, watch keenly the market depth window, best 5 bid and ask price and punch the market order only when u have sufficient Ask quantity close to 99.otherwise dont punch the order and wait for Ask qty to build up.