Bracket order is a type of order in which you can enter into a new position along with a target and a stop loss order together. As soon as the main order is completed system will place the remaining two orders (SL and Target) automatically. Likewise, as soon as one of the pending order from SL and target will be completed, other order will be cancelled automatically.
Placing a Bracket order :
- Buy Order Entry - Shift + F3
- Sell order Entry - Shift + F4
- Bracket order square off - F3 (order book) >> Select pending order >> EXIT.
- Or Right Click on the scrip to choose Bracket order entry.
Flow Process: -
- Place a limit order, to enter a position. Note that only limit order can be placed through Bracket Orders.
2. Place a Target Price / Square Off Price by choosing LTP / ATP as per your reference in the first column and absolute / tick in the second column.
3. Place a Stop Loss Price by choosing LTP / ATP as per your preference in the third column and absolute / tick in the fourth column.
4. Click on Submit.
5. As soon as the order is completed at your given limit price, simultaneous Target and SL order will be placed, which can be seen in Order Book. (F3)
6. To square off Bracket order Position, open order book (F3) >> select any 1 pending order >> click on EXIT.
7. Square off order will be completed at Market rate.
Imp Things To Remember :
- Bracket Orders are for intraday trades only. Positions taken through Bracket order cannot be converted and cannot be carried forward. All positions taken through Bracket Orders might be squared off by RMS Team at 03.20 PM (Equity) and 11:00 PM /11:30 PM (MCX), if not done from client's end.
- ATP - Avg. Traded Price : If you select ATP while placing Target / SL order, then your order will be placed as per average rate of your completed order.
- LTP - Last Traded Price : If you select LTP while placing Target / SL order, then your order will be placed as per last traded price of the scrip when your order is completed.
- Absolute : While placing Target / SL Order, select Absolute and enter Target and SL in points. For eg : if Nifty is bought at 7400 and you wish to place your target @ 7420 and SL @ 7390, then in Square off sell column enter 20 and in Stoploss sell column enter 10.
- Ticks : While placing Target / SL Order, select Ticks and enter Target and SL in ticks. 1 Tick = 0.05 points, so 20 Ticks is 1 point. For e.g. - if Nifty is bought at 7400 and you wish to place your target @ 7420 and SL @ 7390, then in Square off sell column enter 400 and in Stop loss sell column enter 200.
- Bracket orders are available in NSE Futures (5 Times limits), MCX Futures (5 Times Limits) , Options Buying (2 Times limits) and Options Selling (5 Times limits).
- For availing 2 times margin in options buying, you need to enter SL at a price difference of 30% from your trade rate. And for availing 5 times margin in options selling, you need to enter SL within 1% range for Index options and within 2% range for Stock Options. (1% and 2% of the underlying price).
For Margins and SL range in NSE Futures, please refer to Margin Limits and for margins available in option buying and selling refer to Options Margin Limits. For Margins and SL range in MCX Futures, please refer to MCX margin limits.
- Also, if the order entered is completed in multiple trades, then, SL and Target orders will be placed separately for each trade and will be billed per executed order.
- Please note for clients in Rs. 999/- unlimited monthly brokerage plan, Bracket Orders are chargeable at Rs. 9/- per executed order over and above the current brokerage plan.