How to placed SL and Target order in Zerodha (without using CO/BO if possible)
The practice which I am using is I placed a buy order using MIS Limit. And then another new sell order using Limit option. This sell order is not executing at Limit price but instead it is executing at Market price.
@pawan_tongale
Try this way, I am using Reliance and assuming that you not doing Intraday.
LTP is 2108, and you want to go long.
Use cover order with market buy order of 2108 with SL of 2078 in the same order
Then seperately enter a Sell Order, which will be “Target Sell at 2150”. This Target sell order has to be GTT/GTC. Since these orders stay even after the day is closed.
One challenge in using this method in Intraday is the separate “Sell” target order will register as “Short” order in the positions. This I learnt, after breaking my head and my wallet a bit
Automating the orders with BO is a challenge, since the volatility is pretty high. We are at 24% while the usual is average 10%.
Don’t think it will work without requiring additional margin, unless your Buy order has already been filled. Not sure though. Maybe someone else could chime in.
Edit: I’m talking about Mis. If you are asking about GTT, I’m not too familiar with it.
I have a similar question., Appreciate if someone could support.
Say Stock A is currently 100.
I wanted to buy at 101. So placed a Limit buy order at 101.
Once it is executed, placed another stop loss sell order at 98 to exit my position.
Question is
"Can both the condition be specified in single order scrip?
A single order where I specify to buy at 101 and sell if it drops below 98 ? "
I need to know this since premium for Nifty options swings very fast and I’m finding it risky to quickly place two orders separately to cover my position.
There was indeed a thread requesting the BO mechanism be brought back, albeit with reduced/nil leverage, for such situations.
Sadly, that never picked up momentum & the feature request was largely ignored.
@ShubhS9 Lets say nifty is trading at 10800, if I place an slm-buy order at 10825, and after it is executed, I place an sl-m sell order at 10810 (as a fresh order, and not by entering sl for the buy order), will it square off my buy order or a new short position is created ? This short order whether it squares off or not, will require additional margins I guess.