Possible types of orders

The types of orders that you can place using your Upstox Pro web trading platform can be divided into two broad categories: Simple orders and Complex orders.

Examples of Simple Orders include:

Limit order:

A limit order is when you wish to purchase or sell a scrip at a certain price. When you place a limit order it will be executed only when the scrip reaches that price. IF you have selected a Limit Price at Buy Order entry then you have to give below the market price. And if you have selected a Limit Price at Sell Order entry then you have to give above the market price.

Market Order:

A market order is when you wish to purchase or sell a scrip at the prevailing market rate. A market order will be executed at whatever market rate is prevalent at the time the order is placed.

Stop-Loss Order:

An order placed to sell a scrip when it reaches a certain price is called a stop-loss order. The stop loss order is primarily meant to limit your loss on a scrip that you have already purchased. The price you mention in the stop-loss order is the highest risk that you are ready to take as loss on that scrip.

A stop-loss order can be a limit order or a market order.

Stop-Loss Limit Order

As mentioned above, a stop-loss limit order will be executed at the price that you want the order to be executed at. The stop-loss is a mere trigger to validate the order. In this kind of stop loss order both the trigger and the limit price are to be given by the trader. In case of a buy stop loss limit order the Trigger Price < Limit Price and in case of a sell stop loss limit order the Trigger Price > Limit Price.

Stop-Loss Market Order

The stop-loss market order is when once your stop-loss is triggered and the order will be placed at whatever price is prevalent in the market. In this kind of stop loss order, only the trigger price is to be mentioned. Once the trigger price is hit, the order becomes a market order and is sent to the exchange.

Examples of Complex Orders include:

Mentioned above were simple orders with just one leg. However there are also two complex orders, which combine two legs.

Cover Order

This is a special order type which has a market order and a stop loss market order attached to it. In this type of special order, the first leg is always a market order; once executed, the second leg (the stop loss market order) is placed. The stop loss order cannot be canceled. Both orders are interconnected. The order can be modified up to the Last Traded Price (LTP) in the case of a favorable market movement.

This is a special order type that has two different legs: 1st Leg: Limit Order / Market Order 2nd Leg: Stop loss Market Order.

1st Leg Explanation

Limit order

A limit order is when you wish to purchase or sell a scrip at a certain price. When you place a limit  order it will be executed only when the scrip reaches that price. IF you have selected a Limit Price at Buy CO entry then you have to give below the market price. And if you have selected a Limit price at Sell CO entry then you have to give above the market price.

Market Order

A market order is when you wish to purchase or sell a scrip at the prevailing market rate. A market order will be executed at whatever market rate is prevalent at the time the order is placed.

2nd Leg Explanation

Stop-Loss Market Order

The stop-loss market order is when once your stop-loss is triggered the order will be placed at whatever price is prevalent in the market. In this kind of Stop loss order, only the trigger price is to be mentioned. Once the trigger price is hit, the order becomes a market order and is sent to the exchange.

OCO – One Cancels Other (Bracket Orders) A bracket order can be used to limit your loss and lock in a profit by “bracketing” an order with two opposite-side orders.

Absolute If you select absolute and enter a value of 5, it stands for Rs. 5. A value of 5 in “Absolute” mode for Square Off orders means that the Square Off order will be placed at Rs. 5 of the traded price. If your order got traded at the market at Rs. 101, your square off order will be placed at Rs. 106.

Ticks Ticks are just a different way of measuring rupee value. One tick is equal to 5 paise (1 tick = .05 rupee). If you select tick and enter a value of 40 ticks, it stands for Rs. 2 (40 ticks * 0.05 rupee per tick).

This is a special order type that has three different legs: 1st Leg : Limit Order / Stop loss Limit Order 2nd Leg: Stop loss Market Order. 3rd Leg: Limit Order

1st Leg: Limit Order Explanation A limit order is when you wish you purchase or sell a scrip at a certain price. When you place a limit stop-loss order it will be executed only when the scrip reaches that price.IF you have select Limit Price at Buy OCO entry then you have to give below the Market price.And if you have a select Limit price at Sell OCO entry you have to give above the Market price.

1st Leg: Stop Loss Limit Order A stop-loss limit order will be executed at the price that you want the order to be executed at. The stop-loss is a mere trigger to validate the order.In this kind of stop loss order, both the trigger and the limit price are to be given. In the case of a buy stop loss limit order the Trigger Price < Limit Price and in the case of a sell stop loss limit order the Trigger Price > Limit Price.

2nd Leg: Stop loss Market Order. In OCO 2nd leg order here you have to give the absolute value. The stop-loss market order is when once your stop-loss is triggered the order will be placed at whatever price is prevalent in the market.In this kind of Stop loss order, only the trigger price is to be mentioned. Once the trigger price is hit, the order becomes a market order and is sent to the exchange.

3rd Leg: Limit Order (Target ) In OCO 3rd leg order here you have to give the absolute value. A limit order(target) is when you wish you purchase or sell a scrip at a certain price. When you place a limit stop-loss order it will be executed only when the scrip reaches that price.IF you have select Limit Price at Buy OCO entry then you have to give below the Market price.And if you have a select Limit price at Sell OCO entry you have to give above the Market price.

Trailing Stop Loss ticks: Trailing stop loss is to trail your stop loss for which you will face less loss for your trade.A trailing stop order sets the stop price at a fixed amount below the market price with an attached “trailing” amount. As the market price rises, the stop price rises by the trail amount, but if the stock price falls, the stop loss price doesn’t change, and a market order is submitted when the stop price is hit.

Example : If I choose Trailing Stoploss of 200 ticks (10 points) and select Trailing ticks as 40 (2 points). What this would mean is that when Nifty moves from 6807 to 6805 (2 points movement in your direction), automatically the stop will go from 6817 to 6815, similarly if Nifty goes from 6807 to 6804, the stop loss would stay at 6815 because the movement is only 3 points. If the movement was 4 points, it would move to 6813. So if I had used a trailing SL, when markets went to 6790 my SL would now have been 6800 which would get executed on the way up and be conserving my profits.

Modifying a Bracket Order You can modify the limit price of the first leg of an OCO order if it is not fully traded. In case the first order is fully traded, you will be able to modify the limit price and trigger price of the profit-booking and stop loss order respectively

Exit Bracket Order OCO Orders cannot be canceled. Instead, they can be “excited.” Click on the “Exit” button from the Order Book to exit an OCO Order. If you exit from an OCO Order and your initial order was never traded, it will cancel the initial order. If the initial order was traded, then the system will modify the Square Off order from Limit to Market and cancel the Stop Loss order. This will execute the Square Off an order in the market to close your position and close any open orders.

After Market Order (AMO)

AMO or After Market Order is for those people who are busy during market hours but wish to participate. You can plan your orders at leisure after researching about the markets before the market opens and place an order after the market closes.The AMO (After Market Order) timing for Cash, F&O, Currency segment is 6.30 pm to 12.00 am and 4.00 am to 9.00 am and for MCX segment is 4.00 am to 9.45 am.