i am very confused - whats the right sequence of entering into a multilegged order?
eg. lets say i want to enter - 18900 CE sell and 19000 CE buy
- if i first enter into SELL leg then that means i will need to have all the margin available and i am loosing onto the margin benifit
- if i first enter into BUY leg in order to avail the margin benifit then i get error in Zerodha saying the OI limit exceeded.
this behaviour is there even in the Basket Order => my BUY leg got rejected due to OI limit. but when all my SELL got executed then i could enter BUY side as well.
Due to member-level OI limits, if you’re trying to buy options outside the allowed range first, you won’t be able to.
We allow buying options of any strike price for hedging purposes if you already hold a short position. So, you will have to first execute the short leg and then the long. You can learn more on this here: Why am I not able to place Bank Nifty, Nifty option orders for certain strike prices?).
Btw, if you want to trade without any restrictions, you can migrate your account to Orbis custodial account. You can check more information in this here: How do I open an Orbis custodial account to trade restricted Nifty and Bank Nifty strikes?
but as i have already mentioned in my original question - if i have to execute short leg first then i wont get the margin benefit. how would i get the margin benefit in this scenario?
To execute the short leg first you’ll need full SPAN + Exposure margin, once you execute the long leg, you will get the margin benefit and any additional margin will be released in your account.