Sensex execution range

I’m getting quite irritated by sensex execution range errors. Last Friday, I had my buy hedges in a basket order at limit price 13. That got rejected because they were trading at 1-2 rs and maximum limit order can be 12 rs. I was like just buy me those hedges at market price. But no I wasted 1 minute converting it to market order and executing it and then taking my actual position.

Now today I had set my hedges buy limit order at 6. One side got executed and another side gave the error that limit order can’t be more than 4 for that strike. face-palm
So again removed the executed leg, converted the other leg to market and executed it and then took my main position.

I just don’t want to execute market orders in 1500 point otm sensex options. But these bse guys keep throwing me random errors. If I’m executing limit buy at 6 and price is 0.9, just buy me those options at 0.9.

I just want to buy my sensex hedges within 15 seconds of market open. What should I do?
@ShubhS9

The execution range is determined by the BSE exchange and the broker doesn’t have any control over it. You can see the price range for options here in the [BSE circular.] (Notice Number)
No one can breach the range set by the exchange. Once the exchange revise the range the order will be accepted.

1 Like

This means that if an option is at 0.9 and I place limit buy at 6, it should get executed, right? I got an error saying that it won’t execute beyond 4.
It was a basket and I reset the basket to execute again. So i can’t take screenshot of that error. If I had executed the order individually, I would have been able to post the order rejected screenshot here.
Can you clarify. @Ragavendran_M

Kindly note during market opening time execution range will be based on the Blackscholes theoretical price. So only based on the theoretical price range your order might be rejected.

What is meant by market opening time? First few second or first minute?
I want to buy 1500 point away option in Sensex right at open on expiry day. I do it using pre prepared baskets. One side is priced at 8 and another at 3. I don’t want to risk firing market orders. They haven’t caused any issue till date but what if it gets bought at 50 and goes to 3 next second.
But I’m also worried about limit orders. If I place limit sell at 6 and it opens at 1, sometimes it executes and sometimes it throws error which takes extra time to fix and I miss option selling opportunity at the start.

So just wanted to know if I have limit 6 in my basket and it opens at 0.9 will it get executed or throw an error. Will the error not happen if I executed after 9:15:30.

What is meant by market opening time? First few second or first minute?
I want to buy 1500 point away option in Sensex right at open on expiry day. I do it using pre prepared baskets. One side is priced at 8 and another at 3 at previous day close. They’ll both open below 5, and one of them at 1 probably. I don’t want to risk firing market orders. They haven’t caused any issue till date but what if it gets bought at 50 and goes to 3 next second.
But I’m also worried about limit orders. If I place limit buy at 6 and it opens at 1, sometimes it executes and sometimes it throws error which takes extra time to fix and I miss option selling opportunity at the start.

So just wanted to know if I have limit 6 in my basket and it opens at 1, will it execute or not. What if I wait first 10-20 seconds and then execute.

It will be for the first few seconds to one minute. If you place a limit sell order at 6 and the market opens at 1, your sell order won’t execute as your price is higher than cmp.

I typed wrong. I didn’t mean that I wanted to limit sell at 6 when far otm opened at 1. I want to place limit buy at 6. Basically I want to buy it at market rate but since it’s Sensex, I don’t want it getting bought at