I want to know that “trigger price” is mandatory to place SL Order otherwise it will be treated as Market Order. I was putting SL Sell order with limit of price “75”, but order gets executed at “54” after placing order.
This happended with me today, for 16100 PE ,premium at 54 and I place SL order blank and my option got squared off at 54.
SL order snap-
I selected “Limit” while placing order, instead of “SL”. “Limit” and “SL” is confusing while putting “SL”.
Pls tell me what’s the use of “Limit” here if order is getting executed at “Market” Level.
Executed Order Snap-
Thank You !!!
You have placed a Limit order not an SL order. A buy limit order above and sell limit order below the current market price will execute at the best available price in the market. This is because a limit order allows you to buy or sell a stock at the price specified or a better price.
If you want to buy above or sell below the CMP then you need to use SL orders. You can check details on how to place SL orders here: What are stop loss orders and how to use them?
Note: SL-M order are blocked for F&O
You can only use SL-L
To make Limit orders work like Market, in Buy add few points above trigger and in sell few below trigger price.