Hi Team,
What will happen to my SL-M order for a CNC strategy which I accepted after entering into trade, as the same was canceled by my broker at day end? Will it be carried forward?
Hello @ana_d
Kindly note that the SL-M notification is sent immediately (as a risk management measure) when the Entry order gets executed at the exchange and the strategy moves to the ‘Entered’ section. If you accept this notification, an SL-M order will be placed and it will be waiting in the broker/exchange order book to be triggered until your stop loss level is met. Once the stop loss level is met, the SL-M will get executed, and the active position will be exited and the strategy will be stopped.
However, if the SL level is not met then the Order will remain Open and the Broker will by default close the Open SL orders at the day’s end and this order can not be carried forward currently.
Do note that even if your SL-M order is canceled or closed by the broker, Streak will still send you another actionable notification when your SL is met on the chart. Once you act on the notification, an order will be sent to the exchange to be executed. Hence, you will still get the SL alert, whenever the SL conditions are met on the chart, even after the SL-M order from the broker’s order book is not carried forward.
You can refer to this link to learn more about the order flow of a live strategy in Streak: Order flow of a strategy deployed using Streak - Streak Tech
If you have any more queries you can ask here and I’ll be happy to help. Alternatively, you can also reach out to us at [email protected]
Have a follow up question (this is around how SL would work on Gap Down market), please help understand:
Say I entered a long position at price of an instrument of Rs. 200 and I set up a Rs. 80 SL. Meaning if the price drops below Rs. 120 my SL would get triggered.
Now after I place my order on a day and the price of the instrument closed at Rs. 130. My SL was not triggered. But on the next day the market opens GAP DOWN at (say) Rs. 60. It jumped my SL level of Rs. 120. Meaning the price never touched my SL level of Rs. 120, it jumped directly from Rs. 130 (previous day close) to Rs. 60 (open price). Will my SL still be triggered in this situation ?