Stop loss market order

General
1

hi friends,

i am new to zerodha and am not fully aware of the order placement in zerodha pi . i basically trade based on ORB system by taking the high and low of the first 15 minute candle . right now i am doing paper trade and i am bit confused about the order placement .

suppose mcx crude opening 15 min high is 2650 and low is 2640 . i want to buy at 2655 and there is an option in PI to buy and sell at a particular price by right clicking on the chart . Suppose i buy using SL-M @ 2655 . if once my buy trade is triggered and price goes in my favour like it goes to 2700 ,

  1. does the original trigger price that is 2655 act as a stop loss for me now ?

2 . is it possible to modify it from 2655 to 2680 ?

  1. if possible will the sell market order will be activated once price falls back to 2680 ?

  2. what will be my profit in this case.?

Thank u…

2

hElLO tRaDeR,

  1. You initial STOP LOSS - MARKET order trigger at 2655 used for Trade ENTRY will not automatically act as a second stop loss order to sell of the position if the price drops below 2655.

You will have to manually place a second STOP LOSS LIMIT order to act as an EXIT order.

  1. Orders place on the exchange during the trading day and waiting to be executed can be modified or canceled while it is still pending execution.

  2. You will have to place a separate sell order to close your open position.

a) This can be a SELL LIMIT order or

b) Another STOP LOSS SELL LIMIT order.

Note: The right click order placement option on you chart seems convenient to enter a trade, but remember it is a STOP LOSS MARKET order, it has certain risks attached, The ideal option in your strategy is a manual STOP LOSS BUY LIMIT order.