Trigger price error

Ram
i placed a SELL stop loss limit order for CASTROLIND with trigger price at 147.85 and LIMIT Price 147.9; the last traded price is 148.65. The order is rejected with the message Trigger price for stoploss SELL orders should be lower than the last traded price.

Is this a change in behaviour? I place these orders at the start of the market on a daily basis and they pass through with the status shown as OPEN but today they got rejected.
  • themohammedfaisal
    For Sell Stoploss orders the limit price should be lower than the trigger price. On Kite Web, these orders get restricted in the UI itself.
    No, there hasn't been a change in behavior.
  • Ram
    Ram edited May 9
    @themohammedfaisal
    Yeps Sorry! I got the initial post wrong. Its trigger at 147.9 and LIMIT at 147.85.

    My query is in regard to the last traded price. To quote an example, CIPLA is currently trading at 555.45. But I want to place a LIMIT order only when the price hits 559.3. So I place a SL order with trigger at 559.35 and LIMIT price at 559.3 (since trigger price should be greater than limit price). This has worked so far well for me. and it would show trigger pending status. But today it displayed the above error Trigger price for stoploss SELL orders should be lower than the last traded price.

    I cannot place a SELL LIMIT order since for doing it I need to check the LTP each time and change my order type accordingly which is not currently possibly with KIte Publisher. Also, since I place orders at the start of the day, my price is quite sensitive to LTP. Kindly suggest an alternative since it used to work till yesterday.
  • Ram
    Any update on this?
  • themohammedfaisal
    I see that you are placing a Sell order above market price, you can simply place a limit sell order at 559.3.
    1. Buy orders- If you are buying greater than LTP, use SL; lower than LTP, use Limit
    2. Sell orders- If you are selling greater than LTP, use Limit; lower than LTP, use SL

    Previously, your SL sell order when placed above LTP used to convert into a limit order but that behavior diminishes the risk managing feature of an SL order where an active trigger is in place for open positions/holdings.
  • Ram
    Ram edited May 10
    Yes; previously I am placing orders which are automatically converted into LIMIT orders but not anymore. Is this stopped now? Is is stopped by the exchange or zerodha UI?

    This is my use case. Say I want to SHORT a stock at a specified LIMIT price. I want to SELL this stock only when the price is exactly equal to my LIMIT price without reference to LTP; placing a LIMIT order would get it at a higher price at a fewer times, which is not preferable to me since I want to SHORT the order only when the price is below or equal to my LIMIT price.

    Say, I want to SELL a stock at 100 whether the current price is above or below 100. A SL order made this possible. Since I place orders at the start of the day this is critical as price volatility is high and cannot decide on an order by order basis whether it should be SL or LIMIT. Could you suggest a workaround or provide an extension to this facility?
  • themohammedfaisal
    It is stopped by Zerodha UI. While I understand your use case, as I explained previously, this does not help orders placed for positions/holdings and we had to make this change.
    You need to add an LTP validation and modify the order type accordingly. Unfortunately, there is no other way around it.
  • vinodkumar9576
    Ram

    You can use GTT feature of zerodha for your requirement.
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