Setting up any complex 4 legs more strategies like Iron Condor is extremely cumbersome in Zerodha as it does not allow me to buy Out of Money Options first.
Is there any solution to this other than moving to Orbis which I do not want to do as pledging of shares is not allowed.
Even converting buy options from Intra → Normal is not ideal as this is only allowed for Options that are already sold against it whcih again leads to margin shortfalls.
There is a solution if you are ready to spend additional 80 rupees - would you like to know?
this is going to be interesting
Currently, One has to short the options first if they intend to buy the OTM option out of the allowed range. You can buy first if the option is within the range. One can check the allowed range here
We are currently working on making pledging available for Orbis. Will keep you posted. 
@Meher_Smaran What happens my currently pledged Mfs for margin and other Mfs and Shares held in demat if I do decide to migrate to orbis?
@Meher_Smaran That is the most obvious solution but then I have to do a couple of lots at a time to again manage my margin.
Say my strategy within my margin limit allows me an Iron Condor with 20 lots.
But because we cant implement the whole strategy in Zerodha I have to buy 5 lots at first and then buy the hedges.
This will lead to increase in brokerage charges.
My suggestion is Zerodha should allow buying deep OTM Options if it is part of a whole strategy.
How much margin is blocked for 20 lots?
I usually setup an Iron Condor for 12 lots and its around 5.5 Lakhs
@Meher_Smaran Bump!
That is the most obvious solution but then I have to do a couple of lots at a time to again manage my margin.
Say my strategy within my margin limit allows me an Iron Condor with 20 lots.
But because we cant implement the whole strategy in Zerodha I have to buy 5 lots at first and then buy the hedges.
This will lead to increase in brokerage charges.
My suggestion is Zerodha should allow buying deep OTM Options if it is part of a whole strategy.
I’ve brought it up before. It seems like they have no other/better way to manage their oi restriction. We’re stuck with this for now.
@Meher_Smaran why dont you enable a ready made basket order to place the iron condor wherein far otm strikes are shorted first, iron condor executed and then the otms squared off
And choose not to charge brokerage for the otm i.e Rs80 per basket
think about it, you can save countless customers migrating to other brokers.
Losing Rs80 shouldn’t be that great a deal wrt losing customers forever.
I agree completely, setting up and adjusting simple Iron Condors leads to high brokerage charges.
@Meher_Smaran I understand this is not just my complaint but a large number of users are requesting a simpler way in which we can deploy these strategies in F&O.
I have been a Zerodha client since the start of my trading journey and I would hate it if I had to switch brokers due to this.
Hi @Rutwij_Thorat @viswaram @Ashwin_kumar1
We’re aware of this and are planning something around this. Will keep you all posted.
Appreciate your honest feedback