Mighty. Mini. Introducing the Scalper Widget on TV Charts!

Upstox x TradingView
1

Hello folks! :waving_hand:

Being an options trader myself, I’ve always been frustrated when I need to enter a trade quickly during a small window of an opportunity.

1. Go to the option chain
2. Choose the strike based on premium values and see how far out or deep they are
3. Then go see the strike chart
4. And after taking the position, get back to the underlying chart.

This friction always went unnoticed during the run to hit the trade opportunity, plus lost time/momentum. I’m sure there are many traders like me who feel this pain.

Tried the multi-chart (3) layout too, where the underlying was on my left half and the strikes on my right. It did help, but I missed big charts (why I love Tradingview charts) and the problem to navigate to different strike prices still existed.
Trade-from-charts is good for managing a position and entering the trade, but first I had to get to the charts!

This is what we’ve tried to solve with our Scalper Widget.
Just the basics right, but a huge win for ease and convenience. :dizzy:


:bullseye: What we’ve tried to solve majorly!

  1. Navigating multiple scrips & strikes
  2. LTPs of the instrument/symbol
  3. Quick order entry & exit
  4. Monitoring the position while on a different/underlying chart

That’s it. There were a dozen of more things that we wanted to add, OI, IV, Delta, etc, etc. but it would only add to clutter instead of butter!
We even removed the depth option too (maybe add it later if a lot of users request it)., as most TV users have the “Shift+D” (shortcut to open DOM) habit for the depth anyway.


Here’s a quick walkthrough of the Widget interface. :rocket:


Functions & capabilities of the Widget - Let’s dive in! :thread:


:one: Scrip & Chart controls :laptop:

  1. The underlying scrip of the widget switches directly to the chart in focus
  2. On switching, the strikes reset to ATM strike
  3. The LTP of the CE/PE strikes is visible in their respective sections
  4. A chart icon opens the needed chart in the focused/selected section of the layout

:two: Segment Modes :control_knobs:

  1. You can switch between Options, Futures and Equity too! We built his not just for scalpers, but for every chartist to conveniently navigate & trade across scrips!
  2. Futures and Equity modes have the “Reverse” position baked in
  3. In the options mode - you have access to switch between 5 closest expiries

:three: The Options strikes navigator :cyclone:

  1. You can individually choose your preferred Call/Put strike from the dropdown
  2. The dropdown displays the Strikes, the premiums & the moneyness (ITM/OTM position)
  3. The strike price dropdown also shows a spot-dot that indicates an open position in the respective strikes.
    Position indicator
    Position indicator296×520 28.7 KB

:four: Strike Label (ATM / ITM / OTM) based Locking :locked:

You can lock the strike price label based on the moneyness of the strike.
For example, if you choose to lock at the ATM, the strike price automatically changes as the underlying moves.
This enables you to keep your preferred strike based on the desired premium pre-loaded. And a swift trade can quickly be taken as you see your opportunity shot!


:five: Orders & positions! :coin:

Orders & Positions
Orders & Positions1236×438 51 KB

Orders

  1. Both the Calls and the Puts sections have dedicated Buy/Sell buttons. This negates a step to select PE or CE before placing a trade.
  2. You can choose between Market or Limit as the Order type
  3. The orders placed from the widget are Intraday - Instant orders
  4. All market orders are protected by default Market Price Protection (MPP)
  5. The Buy/Sell buttons take the quantity from the common Quantity input which is at the center of the Widget
  6. The Square off button exits the full position only for the selected strike.
  7. The square-off button is automatically enabled if there’s an open position in the selected strike.

Positions

  1. The Call and the Put sections show the open position for the selected strike.
  2. You get to view the Open quantity, average price and the unrealized P&L of the open position.

:six: Quick access to settings and Option Chain :joystick:
Access icons

  1. The option chain can quickly be accessed from the widget on clicking the option chain icon.
  2. You can open the Scalper settings directly as and when you need

:seven: Dedicated settings for the widget :hammer_and_wrench:

Scalper Widget Settings
Scalper Widget Settings617×639 19.6 KB

Here, we’ve tried to make the experience personalized to your preferred trading style. You can choose to,

  1. Specify in your default quantity in lots. [We’ll be adding in more flexible options here like Money, % of money, etc. soon]
  2. Having the scalper launched and ready as soon as you log-in
  3. Enabling and disabling for ATM locking & Chart-switching (as explained in Section 1 above)
  4. Enable/disable Option selling - This acts like a safety switch when you’re exiting a Buy position in tranches. An additional extra click will make sure that you don’t short an option by mistake!
  5. Flipping sides of Calls and Puts - By default, the Calls section is on the right and the Puts on the left. If you prefer the other way around, this is the settings option for it. Go with however you feel comfortable!

This is kinda our initial take on a TV scalping widget. As we see more traction on it, we’ll be adding more features and sophisticated capabilities.

Stop-loss, Target, Trails, their pre-sets, Depth based orders, Flip position direction, quick info about OI/Greeks, and a lot more can be added to this. But eventually.
We wanted to have a clean & quick order entry first and then the rest to follow-on.


Hope to hear back on your experiences with this widget, with the added ease and convenience.

Happy Trading! :shooting_star:

Best,
Mohit
Team Upstox


PS: We have something fun coming up in a few weeks. Its for trading, but not for trading! :video_game:

2 Likes
2

Good to have this feature but there are 2 suggestions if you can implement it quickly?

  1. Option to change product to intraday/delivery, so that we don’t need to go to preference to change it. As currently average profit is being shown in same strike even if we have closed earlier one. So if we buy at market price it is hard to know at what price our order got executed.
  2. When we specify limit price, auto place SL-Limit order if we enter higher price than CMP in case of buy order and SL-Limit order if we place lower price in case of sell order. So that it doesn’t get executed on market price.
3

Feature works perfectly. Default Product type option is not honored. The tool only creates Intraday orders. Would be great if it creates Delivery trades as well.

4

Noted @Mohit_48122969 !

5

Hi @Jagdish_j_ptl

Point 2 will be shipped this week.

Working on point 1, will take a lil while before this is fully ready!

1 Like
6

it is a very good widget very helpful one Thank you for introducing it… I have been using different platforms like alogobaba stoxxo 1cliq and stolo for a similar order widget terminal which helps to execute orders quickly with ease i have stopped using them as its already inbulit now in upstox……

1)hopefully in immediate future There will be presest stoploss and target and Tsl with numerical values as well and not just percentage value which is the case in upstox 360 ….

  1. And show the entry price of current order everytime and not average of same strike price order….as one can immediately get to know their entry price rather than hover around to identify entry price…

  2. and speed picks up as well….i feel a little slowness with entry and exit after punching orders …

7

Completely agree with @Pratik_50042510 specially 2nd point is interrupting a lot in daily trading when you don’t know your entry price and see some unrealistic PnL which does not match with your position, you totally get confused when to exit and when to hold. Only scalper can understand this problem.

@MohitGolecha Thanks for adding SL-Limit order option in this widget. I’ve checked it today and I found one issue here. If you can fix it quickly, will be very helpful.

image

In attached image you can see Limit and Stop prices are same. This will cause order missed issue. Please add 1% MPP in limit price or at least add 0.50 gap, so that order did not get missed. Which I have mentioned in PnL showing wrong in chart - #9 by Jagdish_j_ptl post also. Let me explain you what is happening with this minor gap.

Let’s say I have placed SL-Limit order at 140.00(Stop) and 140.05(Limit). Market reaches at 139.5 and then jumps at 140.15, Here our order gets active and waits to hit 140.05 price to execute, but market keeps moving above like 140.25, 145.5, 148.5 and then fall back to 139 at this time our order gets executed and price keeps moving down like 135, 130 and our stop loss gets hit. This issue is rising only because of this 0.05 paisa gap. This issue is disturbing trading very much. Please fix it ASAP.

In AngelOne Limit price is set default to 1% of trigger price. So we do not have to add both price while placing order, we can modify limit price if we want to. Hence this order missing issue is not seen there.

1 Like
8

Noted @Pratik_50042510 @Jagdish_j_ptl

We’re working towards that direction.

We’ll factor in out default MPP here soon!

9

hi @MohitGolecha , thanks for providing this wonderful tool for scalping.. the only major problem im facing is ATM locking not working properly.. the strike was not changing properly.. for example : if the price is 24720 ( < 24725 ) then atm must be 24700 and if the price is 24730 ( > 24725 ) then atm must be 24750, but on widget its changing some times after 24750 crossed.. as i observed the same is happening on option chain also.. plz solve this issue at an earliest as its really very helpful to take trades quickly..