As a trader at the start of the day you look at the analysis and the strategies prepared for the upcoming day’s trade. The day begins and you punch in a number of orders, some are intraday while others are delivery orders. Now you have a number of positions open in the positions tab and you are keeping track of your P&L.
Scenario 1:
It’s almost 3:15 PM and the market is nearing its closing time. As a trader you are analysing all the positions you have closed, and most importantly you make sure you squared off all intraday positions. Due to the number of trades taken during the day, you seem to have missed a couple of intraday positions. Unfortunately these positions are now auto-squared off and you have been charged extra.
Scenario 2:
It’s almost 3:15 PM and the market is nearing its closing time. You are so engrossed with your last minute adjustments that you miss squaring off your intraday positions on time. These positions have been auto-squared off and again have been charged extra.
At Upstox we’ve got you covered! We want our customers to be protected from these unnecessary extra costs, so you can focus on your trades.
Introducing our new feature called ‘The square off timer’. This feature will act as a reminder to square off all the open intraday positions. The alert will be triggered 15 mins before the auto square off time and you will see a timer icon besides each intraday open position.
Why is this important?
Traders take many positions during the market hours, some delivery trades while others intraday trades. It becomes difficult to track all the orders and many times miss squaring off the intraday positions. This alert will help traders distinguish the intraday trades.
Why is it crucial for you as a trader?
The auto square off timer is for traders that heavily focus on intraday trades but it is also useful for anyone that makes intraday trades. It can help traders save additional charges associated with auto-squaring off their positions. This gives a trader that extra layer of protection while concentrating on their ongoing trades!
With the Square Off Timer, you no longer have to worry about missing your intraday exits. This smart reminder helps you stay on top of your trades, avoid unnecessary charges, and focus on your strategy with confidence. Whether you’re a seasoned trader or just starting out, this feature adds an extra layer of protection to your trading experience.
Also, check out our next post, where we walk you through on how to use this feature seamlessly. Let Upstox handle the reminders while you stay in control of your trades!