Updated: Iceberg Orders now get even Better Experience on Dhan

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10

Yes, they all are sliced and placed Instantly now.

Iceberg (of exchange format) is used by institutional players, but then they are largely for exceptionally high volume of orders in equity cash segment. In many cases, one that day - their order size will be as high as 10-20% of all activity. This isn’t case for our users - they are retail traders. We spoke to users, and this works with most users (almost 100% of them) always in all scenarios, specially the time priority and automation for freeze quantity to quickly take positions and exit, and purely from trading perspective.

Let me know if you have any further feedback on this, from an implementation perspective like all other features we keep on improving all our products / features continuously, its never launch and forget.

For order slicing, we have some more ideas that are being evaluated by us. Yes, so all feedback helps :slight_smile:

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Thanks @PravinJ. It may be helpful if you can give a setting to sequence the slices and hide so that user has an option to stick with the typical implementation of Iceberg.

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Is this feature available for basket orders? I tried creating a basket containing 55 lots of Nifty options, both buy and sell, but didn’t find this option in the order window. In this case, as it’s above the freeze quantity, will it get automatically sliced?

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My question is the same, is this available for basket orders ? As I trade more than 100 lots in Nifty options in the form of hedged strategies (for reduced margins).

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Hi @PravinJ , when can we expect the iceberg orders to be coming as part of API? Right now, we have to split our orders and place orders separately.

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Hi @stanly_thomas ,

We just introduced Auto-Slice Orders on APIs. Please do go through it as it might be helpful to you.

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Quick question,

“all sliced and placed Instantly now” which means it’s with different order ids right?

Is there a way we modify any 1 sliced order (modify price), which eventually modifies all the remaining sliced order prices (Limit/SL Trigger & Limit)? Or do we have to go to each sliced order individually and do the price modification?

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Yes - all of them are different order ids. When you take a position, you do have option to exit all in single click - so no need to exit legs individually.

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Ok!. For exit, it looks good.

But for setting TSL or updating TGT order, it will be helpful if we have 1 click modify available (Modify a single order, modifies all sliced orders).

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Not sure if I get this, but I will suggest trying manage position experience on Dhan - it build for all such scenarios. You can set target, or stop loss or trailing stop loss to a position.

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Let’s say

BUY Trade entered at Rs 100 - 100 Lot (Exec successfully, & not bothering how many partitions here)

Now Placing SL Sell Order of Rs 80 - 100 Lot ( 10 partitions )

CMP: 180 Rs

Want to Change SL Order to Rs. 150

So here, As it’s of 10 different order’s in the order book, I might need to modify SL Price for 10 partitioned orders individually right?

A quick turnaround thought is, Canceling the pending SL order and Placing new SL order with an updated price will solve here, but I am asking if is there a way to modify 1 partition updates pending partition.

PS: Zerodha has orderTag → so basically from API we are filtering with tag & modifying all prices of similar orders.

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Things once can do with APIs is very different from how things are done on apps & interfaces.

Try Manage Positions on Dhan, it should solve for all of this. We let our traders place the SL on the position itself, so if it is not executed - you can go and edit that one position itself. That said I will try this myself tomorrow and check it.

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Checked now with Crude Options by placing 100 Lots (10 Partition)

Updated 1 pending Order → modifies only that order, not all the sliced orders.

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23

Got it, interesting problem to solve. Will see what we can do here.

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24

Noticed from TV the auto slice is not going through, Any updates on when this will be available on tv?

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On TV, auto-slice isnt enabled. The Order Management API structure for TradingView is very different from our platforms. For Auto-slice, suggest continuing with Dhan / Options Trader platforms.

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Hi @PravinJ & All,

As Iceberg / Auto Slicing is not available on Tradingview & I built this feature in our chrome extension without intacting the existing trading view order window UX. Feel free to use the chrome extension - Find all other listed features here

Let us know your feedback.

Demo:

Extension:

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@PravinJ By sending all sliced orders at oneshot, aren’t we losing main purpose of slicing? you might have solved “Freeze limit” but so big quantity of order (all slices are summed up on exchange for matching purpose on exchange), eventually this pushes the demand up and price goes up, so your own sliced orders push price up in no time! it will be fatal if it is market iceberg order, right?

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I think sending all legs at once is a good idea. Dhan’s current iceberg algo is great. This reduces slippages to a great extent. Keep it same @PravinJ

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Hi @ramb, Users have a choice of Market or Limit orders to decide on price; also have a choice of slicing or not. Demand, supply and execution is at all times is on exchange side.