Please introduce Cover Order and Bracket Order for FnO trades.
Welcome to the Dhan community!
We already have cover order and bracket order for FnO intraday trading.
Where?!! Can’t see in iOS app. Kindly guide with screenshots or a short clip if possible.
Kindly explain please
Currently we have cover & bracket order for Futures only.
Please refer the attached screenshot
Options will be available soon.
Thank you. Make it available for options soon.
I am glad to hear that there is a plan for CO/BO for options as well. I would say that this is the most useful feature, especially with TSL for me as an options buyer who makes immense losses (and many others I am sure).
May I voice a concern here please? There were a couple of brokers who offered CO/BO for options earlier on, but they have all cancelled it either without reason or giving some reason that appears to be really lame! Even when they had it, it was switched off during high volatility, which is really where it is the most useful for options buyers! With such advanced programming possible, it seems an invalid reason that “one broker” gave that BO becomes unreliable and risky and that both target and SL can get hit along with the buy!! To me, it almost smells of a conspiracy of biggies (and unfortunately, prop-trading brokers) against the retailers!
I will eagerly await this feature to resume my bulk trading and shift to Dhan. Thanks for the hear.
Hi @Dr_KP & moksha,
For Bracket order, the stop loss order is a market order. For options, exchanges have discontinued SLM for options, hence BO is not available on Dhan.
The exchanges have discontinued SLM due to the recent “freak trades”. However, BO can be with the SL as limit order also! As long as the broker is able to send the limit order to the exchange when the SL hits, the broker’s job is done. Featurewise, programmatically, there seems to be no real issue here.
If Dhan provides me access to APIs, I am sure I can create my own CO/BO for options in time!
Hi @moksha ,
We are happy to announce that we have launched DhanHQ: Superfast Trading & Investing API. We are sure that you will be loving our Superfast API experience. And for Dhan’s users it’s totally FREE!
Learn more about DhanHQ Superfast Trading & Investing API here .
Hi @yagneshwara ,
Can you please highlight the exact issue you are facing here, we will come up with resolution faster.
After order excute we can apply target and stoploss at a time if possible
That is indeed good news. Let me look up your API documentation to set it up and see if I can convert my trades to algo.
I got to look up the Dhan API thread linked by you this weekend. However, it looks like I am not eligible for access to it as it says there should be minimum 25 orders in the last 30 days!! It is also confusing as historical data seems to be available but a very “different kind” of access request is needed for realtime data!
As I stated earlier in this thread as well, the reason I haven’t been trading with Dhan is for want of CO/BO for index options. (The reason to sign up for it in the first place, among other things!) And if I would like to try and code my own CO-BO via API, the access is denied unless I trade enough with Dhan. I am in a catch-22 fix now!
I’ll return IF and when I have 25 orders with Dhan. Anyway, wish you all the best.
@moksha Do you know how to set up the API so we can use it in Trading view alerts?..
Sorry for a late reply; I have lost all interest in Dhan due to reasons best not repeated! As mentioned in the post, I do not have access to Dhan API to try and code a bracket order for (index) options. I might try coding it with another broker. It won’t be perfect but it will be better than having nothing! A simple idea is to put a squareoff limit order with trigger on SL and update it with every trail points move in your direction. If the tgt is hit, cancel the SL order first and put a squareoff order on tgt, preferably mkt. If SL is hit, nothing needs to be done.
Edit: As for TradingView alerts, you need to code webhook alerts with a TradingView pro, use ngrok for IP tunneling, capture those with Flask into Python or whatever you code in. For details, scout around Youtube, you can find some.
Hello @moksha, I am those one of among who uses BO a lot. and i am indeed a scalper. there is only one broker at present who offer BO for options.
however you need consider below points before getting use to BO for options.
- many traders tries to place BO for a quick bite of trades. meaning they keep the SL and TGT very tight. or sometimes place them wide but on illiquid stock. at worst case of the day where at particular moment where bulk (algo or institutional) orders get placed to hit the near by SL’s … in all these cases execution of BO from the technical standpoint becomes very difficult. i have gone though the execution modes in person from upstox, zerodha and fyers.
let me explain… I placed a BO buy for a target of 6 rs (10006) with SL of 4 (996) rs in RELIANCE which is at 1000 rs with a TSL of 1 rs.
assume price goes up from 1000 to 1003 and now the SL is 999. during this time of price move. if at your worst luck there are no Sellers (apart from your BO) order which has target (LIMIT) and SL (Market) so both orders get executed and you are traped with broker waiting to clear that in RMS and due to waiting time for them to resolve internally you end up in loss.
this has happened to me from all the brokers who has provided BO. i am pretty sure every trader who uses BO has faced this issue.
- Generally BO (Market) order is the main source of brokerage for any firms due to the consolidation issue (split seconds matters there) technically it get the order into multiple trades. hence we spend a lot on commission.
I have found the alternative solution to this. once i enter the trade. i keep my algo tracking the price moves and whenever price hits the trailed SL i fire a SL order. or if price reaches the target i fire a target order…
you may try referring the TradeWiseWithEase’s trendline Scalping indicator where he uses this method to place order accordingly using the webhook. not the API…
Thanks for sharing your views. I agree that brokers have this issue that you explain, or atleast they mention so for taking away BO. I have used Upstox BOs when they allowed them without any such issue on index options which are very liquid, atleast ATM and near OTMs. However, as a programmer, I don’t see why they have this issue. I find it ridiculous that both SL and tgt orders get executed even in a spike! A broker that has real time tick by tick updates should be able to process OCO orders on the tick itself! I can’t believe that order-processing servers are so slow that they can’t handle this! Be it your solution or mine (my solution is slightly different than yours as already given in my earlier post: I have an SL placed in the exchange instead of having it in the algo), there is no reason for a broker to not implement this in the BO itself!
Finally, multiple brokers have given yet another ridiculous reason that SL order in BO/CO is a mkt order and exchanges have blocked it to avoid freak trades. In my view, an SL order is what a broker wants it to be, in that it CAN be a limit order just like you or I would code it. Everything else smells of a conspiracy.
I tried to find the indicator you mention but it seems that there is no code shared by the author. I have kind of written my own webhook triggered code for the same but I would have liked TV to give options charts on NSE. Meanwhile, I have got used to no SL, manual trades… at least till I find a broker/API and charting system which all goes well together.
Glad to inform, we are now live with Bracket Order for options
Read more here: Brackets Orders for Options Trading on Dhan