Exit BO order

Is it okay if we cancel all BO orders and create fresh BUY or SELL order (MIS) to exit BO position before auto square off happens at 3:20?
Please advice how to clear BO position via API.

  • sujith
    You can do this.
  • infotrade
    so, if we cancel all open BO orders, does it auto square off the current position for BO?
  • HowUTrade
    Hope the below will clear;

    Normally closing a position means, you have to place opposite order with same quantity. Example: if you bought 10 quantity of AXISBANK, to close that position, you have to place a SELL order in AXISBANK with 10 quantity. This is how normally it works (Regular Order)

    In-case of BO/CO, the opposite orders (stoploss) are placed and managed by OMS on behalf of you as per the loss/target points you set while placing the entry order. So if you place a BUY BO order, then OMS will place SELL orders (SL) with same quantity.

    When you send cancel request for any childorders(target/stoploss) of a BO leg, OMS will assume this as a intention to close that leg (position), accordingly does the below;
    *It will cancel the entry order (if it is partially filled)
    *It will cancel all target orders (LIMIT)
    *Modifies all stoploss orders (SL) to MARKET, thus closing that BO leg

    So to put it simple, just send a cancel request for any childorders of a BO leg to close that leg (position).
  • infotrade
    Thank you. It makes sense now.
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