I had a ‘B’ position(Long) on the futures contract BANKNIFTY OCT FUT, it was showing both on TV charts and orders section. Now despite adding the SL it was still showing it as a Naked position. At the time I assumed it could be a UI glitch.
Now the SL order has been cancelled at the end of the day. Note this is a ‘Normal’ position and not a intraday position.
Why has the SL been cancelled? And what is the point of SL in that case. Tomorrow if the market moves in the opposite direction when it opens I won’t have the time to create a new one.
If you wish place a target or SL for more than a day, you need to use Forever Order Type.
I placed the forever order.
When I click on the info button on the open position, it still shows as a “Naked position”. Not sure why it should say that now that a SL is created?
Secondly, how do we know this is not ‘squaring off’/‘exiting’ the buy position, and not starting a new Short position?
Forever order doesn’t show on charts till it is triggered.
Forever order type is Normal/Carry-forward. So if it the order type matches with your open position, it will accordingly square-off. On the other hand, if you have intra-day buy and place a forever order for sell, it will create a new order because order type is different.