The best thing to do is to take all the short trades in zerodha account and take the long trades in some other account.
Since both are your accounts - end of day you wont have a hedging problem.
I started with this work around, now that i have completely moved out of zerodha. My family members still use zerodha for trading due to its wonderful UI & experience.
- Zerodha will allow debit spreads at any strike prices - so no concern here.
- For credit spreads and margin benefit, you can depend on another broker (get into long first and then do the short trade)
- For naked short selling, zerodha has added benefits - their margin calculation is dynamic ie if you get into a CE short position, automatically the PE short position will be having margin benefit
For other broker which i am using, for executing the 2nd leg you need to have the original margin. And once the position is taken your margin benefit will apply
eg: if you have 40L you can easily short 1000 qty CE first and then 1000 qty PE in bank nifty in zerodha.
Other broker will allow the first trade of 1000 qty CE, but to get into the 1000 qty PE you need to have 40L again. Somehow if you are into the trade then the final margin falls to 37L for 1000 qty PE & CE short strangle.