Introducing: Now execute your Basket Orders via webhooks on TradingView

Hello Everyone,

Just to remind you again, we did our public launch on Muhurat Trading day on Nov 4, 2021 - so yes, we are still young and have a lot to build for you. Everything we build at Dhan, we ship incrementally. It’s always the first version on day 1, and then it keeps getting better and better.

Few weeks ago, we released one of the most requested features for Traders - Basket Orders. Since its release, users are loving the basket order experience and are sharing with us great feedback to improve and make it even better. Empowering users with strong features, and enabling power in their hands has been at the core of our product building efforts.

Similarly, to enable users to not miss any timely order placement, we introduced Webhook Alerts from where users can place orders directly on TradingView console without any manual intervention. Webhook alerts since its inception have been received very well by the users, and have helped TradingView users to place orders seamlessly, and in a timely manner.

Now, we bring the powerful capabilities of two most powerful features on Dhan, as an enhanced and integrated experience : Basket Orders via webhook on TradingView.

As a trader, to find an opportunity in markets you always had to track your charts on TradingView for price movement and then set alerts to execute your pre-decided strategy and then place a trade. Well for Dhan users it’s a boring past.

Let me give a simpler example. Say you have a strategy in mind on how NIFTY50 moves in a particular direction, so you create a basket on Dhan. Now you simply go to your (and our) favourite charting software - TradingView (www.tradingview.com) and set up an alert to trigger this basket.

Bingo! You got this, and guess what - this is all for free.

Excited to know more? Let us take a look at it.

As a trader, you can create your own strategies based on price movement, technical indicators, chart patterns, or others. You can create a basket of stocks and options and place a basket order once your strategy is met with market conditions your order will be executed.

Assume Mr. X is an investor who invests only when the Nifty 50 falls more than 5% or his favourite stock when they touch 200-EMA. So as it would be difficult to track them daily, Mr. X would create a basket order via webhook and can invest without lifting a finger.

How to set order via webhook?

Refer this video for better understanding:

This feature is specially designed for traders who love taking trades based on chart movements, and yes - this completely automates everything.

We love when you love our features. As always, there is more to come on Dhan.

-Naman
Product

3 Likes

Absolute amazing feature !!

:cupid:

1 Like

Is it possible to fire orders from TV via Chrome Extension? :slightly_smiling_face:

Something is in works :smiley: Stay tuned.

Required margin should be close to final margin for basket orders for hedged options. Required margin on Dhan is 4x of final margin. Whereas other brokers are like 1.5x.

Hi @vivekbagade

Welcome to the Dhan community! Looking forward to your contribution. :smiley:

Ideally, the required margin shouldn’t show this amount, we are getting it checked.

Try Bull Put spread hedge. Buy first and sell next. Zerodha required margin is 47k whereas yours is 1.69 lacs. That is too much.

Hi @vivekbagade ,

We would like to get on a zoom/google meet call with you to resolve your concern. Please let me know what time would suits you and i will send you the invite.

Hi @Naman, Currently only 20 baskets can be created on DHAN. Since I trade options from index spot chart. i use pine script to dynamically select option strike. can you increase number of baskets to 200. @PravinJ , i highlighted this issue on Twitter. Did not get response from you. Currently i am using Trading Webhook to API Bridge to broker terminal(currently using other broker). the role of API bridge is to just post process a symbol on webhook message and push to broker. Since you guys are coming up with webhook, i am really keen to explore solution from Dhan. One solution currently i can think of is to create basket orders for buy and sell each for a strike(CE and PE different). For that 20 baskets are not sufficient. Is it possible to increase baskets to max may be 200 per user or some number to map enough option strikes?

May be the webhook message processing should identify ATM keyword as a token.

i.e. ATM, ATM+1, ATM-1, ATM+n, ATM-n (n max = 10)

This can simplify the strike selection task from the trader perspective.

Broker needs to get into shoes of the trader to understand how a trader thinks.

PS: ATM = At The Money strike of the underlying

Exactly. Even in JSON format, if they can take inputs like buy or sell, symbol, expiry date, strike, quantity and just post process the data before putting the order, then also purpose would be solved. All API bridges are doing this thing. They just maintain a local copy of user defined symbols which are linked to option symbol in their software. Just for taking order from tradingview webhook and placing order on broker terminal, these API bridges are charging more than Rs 1500 per month.

Hi @Rajendra, I am guessing @Naman had a chat with you about this. In case not, will sync up and get back how we can solve for this. For Dhan we want to optimise for speed at all times. I know yours is a legit use-case… we will have to think over this how we can solve for it.

Completely agree that traders think differently and there are many existing solutions that don’t cater to it. Baskets is not meant for the above use-case you mentioned. We have many users who have 1-leg basket orders… something interesting is in works, we will announce it in a few days… if we can extend that to your use-case, we will happily do it.

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Hi @PravinJ , Thanks for your reply. I have not got into any discussion with @Naman regarding this. Anyways, I am really happy that you are coming up with different ideas to make it work. Though I haven’t tried coding for API orders, but i believe some solution can be found there. I believe in API order placement for option orders, json format is sent to API with token, quantity as fields in addition to other fields(this is format in Kotak Securities). May be similar way on dhan trading view webhook page, if you can implement search bar for symbol search (like what is present in watchlist) and generate API based order json format for the searched symbol. This json should be message in Webhook. One problem is tradingview communication is one way. So there should not be any return type unlike in python/any other language coding. May be you can have a look in to feasibility of this idea.

Thanks,
Rajendra

@PravinJ Looking forward to your solution for ability to send option trades through webhooks with strike selection facility. I hope that comes soon. All the best.

@mtwn105 Noted this, and we will evaluate. I don’t want to promise this for now, have to look at seamless execution.

For now options traders on Dhan., either place Option Trades on tv.dhan.co (here you get options prices in real-time which is not available on TradingView) or they add options to basket and trigger the transaction using webhook for underlying spot price or index.

1 Like

should we create 2 separate baskets for buy and sell orders for webhooks execution or
we can add both buy and sell orders of same scrips in the same basket.
please advice.

Hi @killedar.amit ,

If your strategy involves buy and sell orders of the same scrips (assuming it’s of different prices), you can add the scrips in the same basket and execute it through webhooks.

dear sir/madam

i have created a 2 basket orders! each for buy and sell.

does the basket order trigger only when all the 5 scrips in each basket meets the condition set in tradingview webhook or

has to trigger one of the scrip who condition has met and other scrips will trigger as and when conditions are meeting.

please confirm since scrip meeting the condition is not triggering.

thanks

amit killedar

Your whole basket would get executed when the condition you set in tradingview triggers and generates the alert which has the JSON config for the basket.

Hi @killedar.amit,

The alert/trigger is for the basket, not a specific stock. Once the alert for basket order is received, the entire basket goes for execution. You may write to us at help@dhan.co for more details.

Regards,
Jay K.