I have tried using SL Limit order on two of my sell orders and it did not work.
For example, for my WIPRO shares
I have set the Trigger price to be 401 rupees and the price to be 396. I am assuming price to be the stop loss. Then I submitted the order and found the order is changed to Limit instead of SL Limit.
Then again I cancelled the sell order and set Trigger price to 401 rupees and price to 391 assuming it to be stop loss. gain my sell order is changed to Limit and the order is placed immediately as the current price is 393.xx
The same happened with Union Bank shares as well.
Please help me understand how to place a SL Limit order.
Please see attachments for reference.
Thank you for your query. Our tech team has confirmed that the SL limit order is working fine.
To place a stop loss limit order, you will need to select SL LMT in the order type section while placing an order. You will also need to enter the sell price and the trigger price when you are placing this order.
A stop loss market order will be executed as soon as once your stop loss is triggered. The order will be placed at whatever price is prevalent in the market. To place this order you need to select SL MKT in the order type section and enter the stop loss price.
If you still have further questions, feel free to check this.
Please see the screen I shared above. I have selected SL Limit but after submitting order, Order type is showing Limit and trigger price is not acting up.
I have tried in mobile app and website as well.
Also, please see the screen and let me know if I have put any option wrong for Stop loss limit order to work correctly. I am new to trading and trying to use Upstox platform after attending trainings from your director Mr. Milan Bavishi.
In case of sell order, if the trigger price is above LTP, then the order gets auto triggered as it is already breached.
As your set trigger price of 405 is above the LTP 393.70, the order got triggered and was placed as a sell limit order at your set limit price of 391. As your sell price is less than LTP, it got executed and was filled with an average price of 393.55.
Hope this helps with your query!
Thank you for the clarification.
Now, I understand why it happened like that for my sell trades.
I was not aware of this point of LTP on SL Limit order. I will take it into consideration for my next trades.
Is the same condition applicable with buy trades as well?
Yes, the same conditions are applicable. However, the logic of trigger is vice versa in case of buy trades.
Hope that helps.