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Exit Position ... Stop Loss Order ... Target Order

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  • T

    Hello, Please help me regarding the queries below ..

    1. How do you exit an open position ? The only APi I can find is to "place an order".

    2. Suppose I place a "NORMAL" "BUY" order for an option for "X" quantity at "MARKET PRICE" (assuming market price is Rs.100). The order gets successfully executed and I have entered the position at market price (Rs. 100). Now if I place another order which will be a "SELL" order for the same option for the same quantity "X" at "LIMIT PRICE" set to Rs. 105. Does this mean that I will automatically exit the position which I had entered when the price goes above Rs. 105 (TARGET) ? If not is there any way to achieve this type of target order ?

    3. Suppose I "BUY" an option with order variety as "STOP LOSS" and order type as "STOP LOSS MARKET". Assuming the current market price of the option is Rs. 100. I have given the "TRIGGER PRICE" in the order as 2. Does this mean that I will enter the position at current market price( Rs. 100) and I will
      exit the position automatically once the price goes below Rs. 98 (Stop loss = 2) ? If not then how do I place an order if I want to enter the position at current market price(Rs. 100) and exit the position at any price below Rs. 98 (Stop Loss)

    4. In the "Place Order" API, there is a parameter "quantity". What will be it's value if I want to buy 1 lot of Nifty Option (assuming lot size = 75) ?

    Thanks, Any help would be greatly appreciated.

    0 A 1 Reply
  • A

    HI @harshalrathore said in Exit Position ... Stop Loss Order ... Target Order:

    Exit from the same position so that system should not ask more money.
    This is already doable at present.

    0
  • H

    @admin sir i bought an option of example which is having premium Rs.1 and i paid 75 rupees for that option as the nifty lot size is 75, now i want exit when it comes to 0.90 paisa.
    Solution would be-

    1. Exit from the same position so that system should not ask more money.
    2. Or SELL the same option to exit from the open position. It will ask more than Rs.1 lakh margin.
      I request you to please provide the API for for option 1
      as the second option would ask a lot of money.
    0 A 1 Reply
  • A

    Hi @theVishal let us know if you face any issue using SmartAPI..!!

    0 H 1 Reply
  • T

    @admin Thanks alot. :)

    0 A 1 Reply
  • A

    @theVishal

    @theVishal said in Exit Position ... Stop Loss Order ... Target Order:

    How do you exit an open position ? The only APi I can find is to "place an order".

    You need to place sell order using our place order function if you have any buy position vice versa.

    @theVishal said in Exit Position ... Stop Loss Order ... Target Order:

    Suppose I place a "NORMAL" "BUY" order for an option for "X" quantity at "MARKET PRICE" (assuming market price is Rs.100). The order gets successfully executed and I have entered the position at market price (Rs. 100). Now if I place another order which will be a "SELL" order for the same option for the same quantity "X" at "LIMIT PRICE" set to Rs. 105. Does this mean that I will automatically exit the position which I had entered when the price goes above Rs. 105 (TARGET) ? If not is there any way to achieve this type of target order ?

    yes Your position will get squared off once your option price will reach 105.

    @theVishal said in Exit Position ... Stop Loss Order ... Target Order:

    uppose I "BUY" an option with order variety as "STOP LOSS" and order type as "STOP LOSS MARKET". Assuming the current market price of the option is Rs. 100. I have given the "TRIGGER PRICE" in the order as 2. Does this mean that I will enter the position at current market price( Rs. 100) and I will
    exit the position automatically once the price goes below Rs. 98 (Stop loss = 2) ? If not then how do I place an order if I want to enter the position at current market price(Rs. 100) and exit the position at any price below Rs. 98 (Stop Loss)

    This works exactly same as it works in discretionary trading

    @theVishal said in Exit Position ... Stop Loss Order ... Target Order:

    In the "Place Order" API, there is a parameter "quantity". What will be it's value if I want to buy 1 lot of Nifty Option (assuming lot size = 75) ?

    You will pass qty as lot size.

    0 T 1 Reply