GTT order is very confusing and I don’t understand how to place order using it. Can you please explain what should I do in below scenario?
Market price is running at 95 and I want to buy at 100. Which condition should I select?
Market price is running 105 and I want to buy at 60. Which condition should I select?
How can I set Target and SL if I don’t know at which price my order will get executed?
Simply explaining my strategy to enter the trade. When market is running at 100 I want to place StopLossLimit order to buy at 105. How can I implement this via GTT? as your GTT order places limit order after market moves above 105. In this case what happens actually, market will move from 100 to 120 directly then GTT order will place 105 Limit order and when price starts moving down to 105 my order will get executed and then price will drop further till my stoploss of 100. So this condition is useless for me.
Let me know Is there any option to buy at my given price irrespective of current market price wherever it is moving.
Let me explain how they work with some examples, and clarify the differences between conditions and order types.
1. Choosing the Correct Condition:
Scenario A: If the market is at Rs.95 and you want to buy at Rs.100, select “Place order if price is above” with a trigger of Rs.100. This means your order activates once the price reaches or exceeds Rs.100.
Scenario B: If the market is at Rs.105 and you want to buy at Rs.60, choose “Place order if price is below” with a trigger of Rs.60. Your order will only trigger when the price falls to Rs.60.
2. Setting Target and Stop Loss:
GTT orders convert into limit orders once the trigger is met. This means you must predefine a target and stop-loss relative to the trigger price. For example, with a trigger at Rs.100, you might set a target of Rs.105 and a stop-loss of Rs.95.
3. Your Specific Strategy – Buying at Rs.105 with a Stop-Loss:
If you wish to buy at Rs.105 when the market is at Rs.100, setting a trigger at Rs.105 means your order is only activated when the market moves above Rs.105. For instance, if the price jumps from Rs.100 to Rs.120, the GTT order triggers and places a limit order at Rs.105. However, it will only execute if the market returns to Rs.105 or better, which may cause you to miss the trade if prices continue rising. We don’t allow market orders with GTT due to compliance rules and to protect you from higher impact costs.
One workaround is to use stop-loss orders—either limit or market—to enter your trade, then use a GTT order to protect your position once the order is executed. Please note, stop-loss orders are only valid for the day.
We appreciate your feedback and are actively working on a solution to give users more control over the execution price to further improve the GTT feature.
Other brokers have given GTT order with 2 prices like trigger price and limit price so we have controll of order. we can set trigger price to 105 and limit as 105.5 so our order gets executed as soon as it reaches 105.5.
Can you explain what is the usage of Immediate condition? I think I can use it with my strategy as it will immediately buy / sell at given trigger price as market reaches there as per my understanding. Correct me if i am wrong.
@Jagdish_j_ptl
Regarding your first point, we are indeed working on a solution to offer more control over the execution price. We understand that having both a trigger and a limit price can enhance order control.
For your second question about the Immediate condition: yes, with the Immediate condition, a limit order is sent to the exchange at the set trigger price. This means your order will be executed when the price arrives, aligning with your strategy of immediate execution.
Thanks for your explanation. Last question when will limit order sent to exchange for immediate condition? when I place order at that time or when market reaches to trigger price?