Each trade placed must have a product code and an order type. Here, we will go through the different product codes and order types.
Upstox provides a wide array of product codes and order types. We will cover them all in a brief article. For more elaborate explanations, we will give you the link to the appropriate articles.
The basic three product codes are the following:
This applies to trading Equities (cash) or F&O intraday, meaning you square off the position the same trading day. It stands for Margin Intraday Square-off.
This applies for holding delivery equity (cash) positions overnight for delivery. It stands for Cash and Carry.
This stands for Normal Product, whereby no leverage is applied.
These are the basic product codes.
For intraday trades, a user can take advantage of leverage provided by Upstox. Therefore, if he places his trade with the “MIS” product code, he can take advantage of the extra exposure/leverage. However, all positions under “MIS” automatically get squared off at 3:15 daily. MIS applies for Equity (Cash) and Futures products.
Trades placed under the NRML product code do not take advantage of any extra margin/leverage; instead, they require full margin. NRML only applies for Futures and Options (for Equities, the equivalent is CNC). These positions will not get squared off automatically by Upstox.
Upstox provides many order types, some more elaborate than others. They are: