Dear team
Kindly help in knowing is there anyway to square off from multiple leg option simultaneously.
Or should I have to place manual order for each leg?
What all professional do for same.
There isn’t any way to exit multiple options legs simultaneously, you can manually square-off Sell leg first and then Buy leg to keep margins in check.
Speaking about professionals, some have their own tool built or use trading terminals like Bloomberg etc, which cost a fortune.
On Kite one can go to positions page,select the legs and exit all at once.
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Professionals wouldn’t go to positions page and exit. In fact, professionals never enter a market order. That is the secret.
Deciding based on your PnL in your positions page, you will lose. P&L is calculated based on LTP (Last traded price) not the price that is going to be traded next.
The bid ask spread is very high for any one leg depending on the market direction. Very high in the range of 5 to 10 INR difference. Which means there is no liquidity for one leg most of the time. Observe the Market watch today, you will realize what is happening.
I would place a limit buy order for the leg that I shorted, and then place a limit sell order for the leg I went long. It is nerve racking the first time, and when you do this when market is moving like crazy, it can make you anxious. So plan ahead of market opening, by playing out the scenarios on excel or piece of paper.
Take a deep breath, remember your target reward and risk. Be disciplined, detailed and demanding with the market. Have fun, you can do it.
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Yes, this works. But be careful, there is a bug associated with that… refer my earlier comments on similar threads. you might see exact opposite of the positions what you had before square off.
@siva is the issue that i referred earlier got fixed ?
On june 3, after 2:30pm, all my limit orders were not going through… only the market orders went through fine but at illogical rates. i later realized that the price that i was getting in Pi and the kite were quite different… there was a 2 min delay and i realized that only after the market close. because PI was updating the prices till 3:32pm… did any one notice this issue ?
Can you check once and confirm,please.
Yeah, issue from exchange for banknifty option contracts.
@nithin @siva you guys are updating only today… but this problem was noticed yesterday on bank nifty options. Wondering why no one raised a red flag for this ? Poor retail customers (including myself) close all the positions this morning due to uncertainity…
@siva @nithin are you kidding ? you guys have to throughly test and respond that the problem is fixed , not the customers… lol… you want me to test on a live market and burn my hands for this…
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I am saying that is sorted long while ago, you can test it and check by yourself, just with 1 eq share.
We have reported this to exchange yesterday itself. Also we have 20 depth, you can see that to place orders on banknifty, it has accurate feeds.
@siva @nithin the first notification about this issue came in zerodha kite only around 9.45am ? if this was known yesterday itself, why not advice customers who had bank nifty option positions at 9am or 9.15am or 9.30am ? Atleast customers wouldnt have taken any fresh positions … Please be proactive and save your retail customers.
20 depth helped to square off positons. Thanks. what is the guarantee some other problem wont crop up again especially today being a weekly expiry… has Nse fixed the issue ?
Not yet, they are still working on this.
Seems this started after 9.30, first few mins was fine. Also exchange rejected our claim that yesterday had any issue.
i noticed this issue right at 9.20am itself… bank nifty 21500 PE was showing 505 or so, but the trade got executed at 480… just within the first 6 trades, i stopped all my trades and closed the positions
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not blaming zerodha here… but if the issue was known to you folks, you should caution and update all the customers immediately… not after 30 mnts… markets make a huge u-turn in minutes… please be proactive and safeguard your customers…
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I would suggest Z and NSE do a con call and draw the line for future contingencies.
While I admire Z for its customer service, it’s usually too late and too little.
NSE and SEBI need to firstly acknowledge the problem instead of saying there’s nothing substantial
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