Introducing Forever Orders (with OCO) on Sell Side

Traders need a lot of capabilities in trading platforms to ensure they minimize their risks and also at the same time focus on being profitable. Some of these are especially important in the volatile markets that we are witnessing these days, or even otherwise.

Over the period of last few months, we have kept making Dhan better with trading focussed features like - Integration with TradingView (tv.dhan.co), Basket Orders with Margin Benefit, Managing Open Positions as Group based on underlying, Reverse Order, and many such. But yes - there was one that many users have asked us to introduce over this time, Forever Orders on Sell-Side.

Today, we are announcing this - an updated version of Forever Orders on Dhan, and we are super excited about this.

With Forever Orders on Dhan, now you can

  • Place a Sell-Side Order as Forever in the Options & Futures segment
  • Forever Order can exit at your defined Trigger Price at a Limit, or also as a Market Order (Yes!)
  • Introducing OCO along with Forever, so you can set your Target & Stop Loss at the same time
  • Unlimited Forever Orders, yes - you can place as many as you want.

This feature is now available on the Dhan app and will be extended to Web (web.dhan.co) in the next week. We will also introduce this on the Options Trading app in the next release.

Most traders would already know of this, however, we will re-emphasize here that Forever Orders are maintained in our systems for 1 Year, and very importantly - execution of Forever Orders is not guaranteed as it depends on multiple factors including liquidity at the time these orders are triggered to exchange and also margin available in your Dhan trading account at the time of execution. Which is the reason for us to introduce Market Price on Forever Orders for the sell-side.

At present we have enabled Forever Orders in the F&O (Futures & Options) segment for Equity & Indices on NSE.

What is the OCO order?
An OCO (one-cancels-other) order is a pair of conditional orders stipulating that if one order executes, then the other order is automatically cancelled.

An OCO order often combines a Stop-Loss order and a limit order (Target) with a trigger price. When either the Stop Loss or Target Price is reached, the order is sent for execution to exchanges at the set Trigger Price. The other order is automatically cancelled in this case.

SuperTraders use OCO orders to mitigate risk.

How to create a Forever Order on Dhan?
It is simple and seamless as always on Dhan. For every scrip (Option or Futures) on which there is the possibility of creating a Forever Order available - you will see the same, as highlighted in the screenshot below.

In addition to this, you can create a new Forever Order under the Forever tab of the Order section in the App or on the Web. Depending on the scrip you select, you will be able to see appropriate options to do a Forever Order. It’s all built seamlessly just like a Super Trader will want to experience it.

How to create a Forever Order with OCO?
When you select any of the Futures or Options in the equity segment and tap on Forever Order, you will see two options for you - a Single order or an OCO order.

Margins Required for Forever Orders
You don’t need any cash or margins in your account to create a Forever order. The system only checks for margins when the Forever is triggered and an order needs to be placed on the exchange. You will need to have margin available only then.

Super Traders on Dhan will already know that we show you the Margin Required for your Forever Orders all the time in the same section, and in addition, you also have the Funds Shortage feature to keep you updated on the margin & funds required.

Validity of the Forever Orders
Forever Orders are valid for one year. If it isn’t triggered within one year, the forever order will be cancelled.

Forever trigger is valid only once. So, if an order gets executed and gets rejected from the exchange side due to any reason, you will need to replace the Forever Order again.

Note: Sell-side Forever Order (Single or with OCO) is only for Derivatives contracts, as equity selling needs EDIS authentication.

Dhan is super focused on building the best investor & trader experience for you. Hope these product & feature improvements help you stay on top of the markets and make informed decisions. All these features will be available on the Dhan App, Web (web.dhan.co) and the Options Trader app.

Do let us know your feedback. We listen to you :slight_smile:

Product Team
Kiran

6 Likes

I am looking for OCO for group positions, basically for my short strangle or short straddle positions. How do I do it at Dhan ? Kindly demonstrate with a Video.

Hi @nity,
Great Idea! thanks for taking the time to send this one in.

We have updated the Forever Order experience at this moment to enable to sell-side for F&O trades. We will be evaluating this and building more in this form here. I understand you had also suggested this to @PravinJ earlier, but it’s definitely an idea we can come back to when we are adding features to the latest version.

Yes, I have raised this request in October 2021. Hope, Dhan comes with this feature before October 2022.

1 Like

Thanks for the update. Dhan is doing best in the industry. good experience in option trading …
is this FOREVER order SELL side active for equity?

Hi @jinsasajas,

Thanks for your kind words! We are in the process of adding Forever equity orders on the sell-side as well.

Enable sell side forever order for equity as well. Since it act as long term SL for my equity trades

@Kiran , @PravinJ , @Naman,

  1. I reported this problem Forever order unble to set above trigger price is it resolved?
  2. @Satyam sell side forever order is not possible because of e-DIS, You have authenticate before sell.

Another feature request on forever order, if implemented then it will be industry first.

Currently when I create forever order it will be effective immediately and enabled for next 1 year.

Instead of that what I want one can have a choice here like I can able to create forever order today with start and end dates(off course end date is less than 1 year). It should not trigger before start date and after end date. Also get deleted after end date.

Why this is needed?
Few trading strategies are based on time based stoploss/ entry not necessarily price based

Hi @dhantrade

Now you can place trigger price above or lower that the market price. Here is one I just created.

You are correct on EDIS for equity side Forever Orders. cc: @Satyam

Now this feature request, first time someone has asked us this. We usually wait for a while until we see more users asking for this. Currently we are closing our priority list for July that we had announced, will shortly announce feature & products we are picking up for August.

1 Like

How can we use OCO for option buy? Can anyone share video related to OCO

Hi @Pazzy

Welcome to Dhan community. Yes, we have started making videos about Dhan, and are posting them on our YouTube channels: https://www.youtube.com/c/DhanHQ

Will include for Forever Orders too.

Ok can we use OCO order for option buy?

Yes, Option Buy / Sell both.

Hi, How to use OCO for option buying and can i use OCO order for existing option position ?

Ok please upload video as soon as possible because at OCO we see only target and stop loss option but there is no option for buy

Well with Zerodha, i can put Sell Side forever order on Equity…

It may be an old account when there was a power of attorney. Now EDIS is a standard flow to sell, and feel regulators / depository will enforce EDIS for all.

1 Like

Still we are waiting for OCO video

Hi @Lalit, @Pazzy,

  • For creating a new position through the Forever feature, you may use the ‘Single Order’ tab.
  • For putting both Stop Loss & Target on an exiting position, you may use the ‘OCO’ tab.
  • You may also use the ‘Single Order’ tab if you wish to just put a Stop Loss or Target on an existing position.
  • This feature cannot be used to create both a fresh entry position (Buy/Sell) along with an exit position (Stop Loss/Target) via a single order. It can be done through 2 separate orders. This is the industry standard.

Hope this clarifies.

Regards,
Jay K.
Head - Customer Support

You mean in dhan , we can not use both target and stop loss in option buy