Hi @Msk92
You are right that the system will slice automatically only when the freeze limit is exceeded. In your case, we checked and found this was not sliced/ processed in an iceberg order.
Let’s say you place an Equity delivery order for 600 quantity of shares at Rs. 100, and the sellers are as below:
200 shares @ Rs. 100
300 shares @ Rs. 99
100 shares @ Rs. 98.5
This will be executed in 3 legs as sellers are available at different prices. Order matching happens from the exchange as per buyer and seller availability. A broker has no role in this. Partially execution of orders depends upon the volume/buy & seller in the scrip.
This is the same for Options trades as well. Now in the case of a Bracket order, each buy leg will have 2 sell legs. And if the initial order is executed in 3 parts, it will have 6 sell legs (1 each for Target and Stop loss for each part).
Finally, if your order is placed as Iceberg, you are charged brokerage for each leg, vs if your order is sliced due to the difference in market depth, you are charged brokerage for 1 order only. You can verify the same in your contract note. Hope this clarifies.