Why BRACKET order executes in different order and making multiple brokerages. Can’t we do it single shot as cover order
Yes, I am also having this doubt from long. BO is preferred over CO as we can give target and SL.
This Happen Becasue Bracket Order is a Limit order it will only execute at that price which you have mentioned.
So, when the Stock CMP reach at that price it get executed but If your buy/sell quantity is not available there it will buy/sell available quantity.
The remaining Quantity will be in queue waiting. When again CMP will go at that price which is your buy/sell price quantity get executed and this Create a multiple orders in order book (This all happens in fractions of seconds, because CMP not gonna stay at one price when there is volatility. )
What happen in Cover order?
Cover order is a market order in Kite (Limit order in Pi)
When you give a buy/sell for a qantiy it will buy/sell at recnt available price (it average the price)
Like if you buy at 100 it will buy at 100.05, 100, 99.95 and Average the Price.
But this not happen in Bracket order.
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But there should be an option to merge all exit orders manually
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This applies to Cash market only right. For example, when we buy one future lot, they will get executed at the same price. Please confirm
Yes @basha But in futures also if you have more lots then same thing happens.
I hate bracket orders. I use only NRML orders.
If a BO order splits into multiple orders, then each of the split orders will have an Order ID of its own at the exchange. So you will not be able to merge exit orders when each of the exit orders have a different order ID. You could exit the entire position at market price if that is the need else you will have to manage each target order individually.
You could also trade Futures to avoid orders being split into multiple orders. I mean, even if it is split, it will only split by lots. So it is easier to manage a future trade using BO as compared to equity trades.
A BO is a limit order which is used to ensure that your order is executed at the same limit price.
So whether it is cash market or futures, your BO order will ensure that the entire order is executed at your mentioned limit price. The difference is that in equity BO order, a single order can split into several orders and it becomes a tad bit difficult to manage. If you place it in futures, then you will have to manage the orders by lots only so it becomes easier to manage and more efficient as well.
Hi,
How to avoid high brokerage in bracket order as trade splits in multiple order?
Regards
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Sorry to ask again… that means with cover order brokerage is less? with cover order trade is executed only once and it doesnt split?
The design and characteristics of BO order is this way itself.
And this is suitable for Brokers to generate more brokerages…that is why every broker will give high priority to this type of order enhancements.
There are so many pending request with Zerodha team but they have taken this on priority because it is a major revenue generating tool for them … and nothing wrong in that every business will look for profitability first.
Request like
GTC and VTC order type
Back-office CRUX system
Price Alert SMS based/Email based /Sound Alert based /Pop Up based
Categorization of Holding based on user defined goals ( Short term/Long Term/…)
COIN platform SWP/STP feature
All these type request are not going to impact on major revenue as such but it will only be improvement on trading platform and user experience.
So these request are treated on Low Priority and team don’t pay heed to these request . Investors are yelling from more than 2 years for these features… but team is still working on it…
Hmm ,
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But I was told on this forum that multiple brokerages are not charged for bracket order which has executed in multiple orders.
Please confirm form Support team , i might be wrong / or not aware of this
@Spaceship For equity, it does not matter as the brokerage is charged on the transacted value. But I am not aware as to how it works for multiple lots of futures, as if all lots gets filled at one shot it is 20/- brokerage whereas if the fill happens over multiple orders then is 20/- charged individually for every order.
Could someone from ZERODHA confirm this for the benefit of all.
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It becomes quite frustrating when the order gets executed like 1,3,5,5,10,60. Modifying becomes such a headache. We have to modify each one independently.
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Ideally you should stick to your defined % stoploss and do not change it. You can as well use the trailing stoploss to capture the gains and have a bigger Target. All depends on you
I am not from zerrodha, but I can confirm that brokerage is applied to each buy-sell transaction. So best way I estimate my total charges is, charges for one lot multiplied by total lots. This way if you end up having multiple orders, total charges won’t go more than what you estimated
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Hi @nithin
This issue of BO resulting in multiple orders with each order attracting brokerage is really not acceptable. Support team has explained me the technical issues behind it, but surely there should be some work around.
This is like saying your clients have to pay more money for your technical issues. If I am paying 20 rs as brokerage for entering a trade then brokerage for exiting the trade should be 20 only and nothing more than that. So if it is advertised that brokerage per trade will be 20 Rs, then it should be that way without any exceptions.
Please do something to resolve this issue. Thanks
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We charge brokerage on per executed order. That is what we say and we do. Also BO is a complicated algo and every order irrespective of size adds load to the system hence it will be charged.