Since the start of 2023, our product managers have been hard at work to deliver stellar tools and technology to help you up your trading game. Amongst our most exciting features such as in-depth OI Analysis, dedicated Future and Option smartlists, Option Chain with Greeks, advanced TradingView charting tools, FINNIFTY Data Analysis (read all about them hereš Product Updates - Upstox Community), we canāt wait to share all about Order Slicing, the latest addition to our Product Updates.
So, what is Order Slicing?
As a trader, managing large positions can be challenging, especially when it
comes to placing and exiting them. Traders have to place multiple orders manually. But with Upstoxās Order Slicing feature, your large orders will automatically get sliced into smaller ones.
How does it work?
Log-in on the Upstox Pro trading platform
Navigate to the order placement screen
Enter a quantity above these Freeze Limits -
NIFTY - 1800, FINNIFTY - 1800, BANK NIFTY - 900
Any quantity entered above these will enable auto slicing
To exit a large position, from the āPositionsā tab, simply tap on exit and your large quantity position will be auto sliced!
Example: The current freeze quantity for NIFTY is 1800, now if you want to enter a position for a quantity of 5000, enter 5000 in the quantity field and your order will be auto sliced into 3 orders of 1800, 1800 and 1400 quantities each.
Can I modify or cancel sliced regular orders independently?
Yes, with Upstoxās auto Order Slicing feature you can modify or cancel sliced regular orders independently, providing you greater control and flexibility over your trades.
P.S. Keeping tradersā best interest in mind, Upstox has disabled Market orders for slicing. This means that when the slicing feature is enabled, you will not be able to place Market or SL Market orders. You can only use Limit orders. As a work around, set a limit price higher than the current market price, and for a sell order, set a limit price lower than the current market price.
So what do you think of our latest feature? Let us know in the comments.
I love the fact that it auto slices right in the order window! No more headache now! Definitely a game changer for large quantity traders! Will save a lot of time!
Hi @Girish.Patnam -
Welcome to the community. This feature is now live on the latest version of the Android app. We are currently working on the iOS and Pro Web versions.
You are using Samsung M30s. It looks like the update has not been pushed for this device maybe because of old os version or incompatibility. I canāt comment on that as I am not aware what can be the issue.
Meanwhile, can you try using a play store alternative?
@Girish.Patnam Thanks for the additional information on app version. Iāve messaged the team about it to see if they are aware of a specific issue associated with this.
In regards to Sensex options, that is something we are still considering. Since many of our traders donāt buy-and-hold-to-expiry, having adequate liquidity is critical to managing positions and being profitable. However, I recognize that there is a āchicken and eggā logic with this where if few brokers offer, then the liquidity wonāt materialize.
Also if we could add sell limit just adjusent to the quick buy and sell button on price chart, Simillar to the tab available for increase/decrease quantity, Then this also would be the great feature for option trader.
Also adding replay facility on charts and available OI analysis and feature to analyse previous expiry option price charts will also be helpful.
For option traders itās sometime hard to manage psychology in running market. So most of the brokers like Zerodha have brought an option to block order placement for certain time.
So this feature is also a great option for option trader to control on own psychology and be in profits. This feature will protect traders capital and they will be in long run with market as well as with Upstox.
It would be great if we have a feature where we can lock our account for a day of we reach at certain loss or profit for a day.
It should happen automatically by closing all current open position.
This will be a auto control on trader psychology
We are excited to share that we are working on a feature that will allow users to:
Instantly and temporarily disable specific trading segments if they wish to take a break from trading.
Reactivate the disabled segments instantly once users are ready to trade again.
We are planning to go live with this in the first week of October! We will definitely keep you posted once it rolls out. Thanks once again for being a valued customer
If you are bringing feature to disable a segment manually then itās not more than we have kill switch feature in Zerodha. Pressing a kill switch in running market is difficult as psychology will play a role here.
Addition to this, Before day market start itself we shall be able to decide that at perticular profit or loss whichever comes first, all the decided option segments shall be disabled automatically for a day.
This will not allow trader to go beyond the decided strategy at any cost and complete psychology will be in controlled. This will be more helpful.
Hi @Ashishupstox -
Just to follow-up on Ushnotaās note, what she mentioned is the initial feature that will be launched in the next ~3 weeks; that doesnāt necessarily describe the end state. There are a number of coordinating features we are considering but it is still too early in the development process to discuss. In my opinion, what we are launching should not be the end state.
One thing to note is that daily P&L based account-level logic works during times of low volatility / trending but not necessarily during other epochs. To paraphrase the book āReminiscences of a Stock Operatorā, you canāt consider the market as a regular wage. There will be many days where there are limited opportunities and doing the right thing involves not trading. There could also be a few spectacular days. Often, those great days are when the market has the greatest volatility and you canāt predict when these will occur. As someone who has traded (both retail and institutional) during the Tech Crash, Financial Crisis, and Covid Crisis, Iāve definitely found this to be true. By predetermining a specific daily account P&L to systematically ālock your accountā, you may be inadvertently giving up on the best upside you will ever see.
With that said, I like the chart replay for pricing/OI and the sell limit adjustment ideasā¦I think these are things we should definitely consider.
