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.
the buying can happen as explained, but bracket order has to be two legs of the avg price, this is something implementation issue at Dhan and not market limitation. In intraday BO at other platforms, if there are two sell legs they why would Dhan use 8 /16 orders. Common sense is not common and hence your technical team messed it up probably. Again this is personal view and not to defame here, but provide a constructive feedback to check how other platforms are able to implement in a smooth fashion. But good you explained the mechanism.
This is 1 of the common problem which I came across with many fellow traders & which made me develop some software or plugins or chrome extensions to solve this kind of issue & many others which we traders face every day.
Recently we published the first phase of our extension & which has the ability to solve your issue. Please have a look below for more details.
Can you pls explain brokerage for iceberg, will it be on entire quantity or on individual iceberg quantity,
If i have 125 either i can buy all 125 at a time or i can spilt in 5 iceberg (suppose 125bnf quantity means 5 lot so will i have to pay 20 for 125 quantity or i have to pay 20*5 =100 brokerage for buying and while selling also 100 or 20 brokerage?)
Now from the trading view the orders will be sliced if you reached the qty freeze limit automatically whether they be BO/SL/Mkt/Lmt orders. Other features of the extension are listed here