Release Date - 30th April 2024
Introducing the most awaited features Advance orders type - Bracket Orders for Traders and GTT (Good Till Triggered Order) for Investors on Choice FinX.
Check out the more details in the below sections -
1. What is Bracket Order? How to place Bracket Order?
What is Bracket Order? How to place Bracket Order?
1. Bracket Order is a 3- leg order that includes an initial Buy/Sell Limit Order followed by a Target order and a stop-loss order in a single order.
2. Not all brokers offer Bracket Order.
3. Choice is among the few brokers providing Bracket Order, this is also offered in Derivatives (F&O) segment.
4. Bracket order is available for Equity (NSE, BSE) & Derivatives (NSEFO, BSEFO) and Bracket Order is available for Intraday only.
Below are the screenshots of How to place Bracket Order from Website?
How to place Bracket Order:
1. Select the Intraday tab and select Bracket order.
2. Enter the Price and quantity at which you want to place the bracket order.
3. Enter the Stop Loss price and Target price
4. If required you can enter the Trailing Stop Loss, meaning if the LTP moves by Rs 5 towards target price, then the Stop Loss will change by Rs 5.
5. Post placing the bracket order, only bracket order (Main Leg) will be seen in the pending tab. Once the bracket order (Main Leg) is executed, then only Stop Loss order and Target order will be seen in the pending tab.
Below screenshot of Pending tab with Stop Loss and Target with pending status
Below screenshot of Position tab when bracket order (Main leg) is executed
Benefits of Bracket Order:
Risk Management: Bracket orders help you limit potential losses by setting predefined stop-loss levels. This feature ensures that even if a trade goes against you, your losses are controlled.
Time-Saving: If you can't monitor the market constantly, bracket orders are ideal. They automate the process by setting up the initial order, target order, and stop-loss order, saving you time and effort.
Encourage Discipline: By sticking to preset stop-loss levels and profit targets, bracket orders promote discipline in your trading approach. This prevents impulsive decisions that could result in losses.
Profit Optimization: With bracket orders, trades are automatically executed when your desired profit level is reached. This helps you secure profits and prevents emotional decision-making that could lead to missed opportunities or losses.
1. The Good Till Triggered (GTT) - These orders are executed (triggered) once the market price of the stock reaches your desired price i.e the price you mentioned in the GTT Order.
2. The validity of the GTT order is one year.
3. GTT order is Delivery order and GTT order can be placed for Equity (Cash) and Derivatives (Future & Options) segment.
How to place the GTT Order -
1. Select the scrip for which you want to place the GTT order, and also select the Buy/Sell action.
2. In the Delivery tab, select the GTT option.
3. Enter the price at which you want to place the order and enter the quantity.
4. The validity of the GTT order will be one year, and the date till order will be valid, will be displayed below in note.
5. When the GTT order is placed, it will be visible in the GTT Orderbook with status as Triggered Pending and once the price is triggered, the status will change to Triggered.
Below is the screenshot of the GTT Orderbook -
Benefits of GTT Order -
Investors do not need to track market movements continuously once they place a GTT order.
Investors can easily modify their order before it is triggered.