Stock options-squre off order

General
1

Sir,

How to place the stock option order in the following example:

Tata Motors 510 call buy 8.50 - executed

How to place an cover order for square off the above order with target price of 11.50 with stop loss of 6.50.

At present Bracket Orders are not operated for Stock Options for retail trade in Zerodha. This facility may be extended for Stock Options also, if necessary with some restrictions on Margin.

Thanks

2

Edit:

You cannot use Cover Order or Bracket Order in this case.

For stock options cover order and bracket order cannot be used as of now. It is currently enabled for only Nifty and Bank Nifty.

In this case, you need to place the orders as NRML or MIS.

For buying stock options, currently there is no leverage offered in zerodha. You can use NRML or MIS as you like. Leverage is offered only for selling options under MIS product code.
Hence you need to place the orders in nomal way
First place a NRML Buy order with Limit Price 8.5. After completion of that order you need to place two separate orders one for Target Sell at Limit price 11.5 and another Stop Loss Sell at Limit Price 6.5 with trigger 6.55.

If one order gets executed, you need to cancel the other order, it will not get automatically canceled. There is no other way. Hope zerodha will include stock options in BO and CO soon.

3

Sorry I could not follow the answer. Whether it means - Square off order to be placed at limit price of 11.50 with a stop loss as 6.5 (is it a single order). Once limit price executed, the stop loss order automatically cancelled. Is it correct. Pl clarify.

4

Automatic cancel is not possible, since Stock options CO and BO are not yet introduced. Only Nifty and BankNifty as of now.
I have edited the above post for clear explanation.

5

Thank you sir.Now it is clarified.