Market order got cancelled: The price is out of the current execution range

ramesh33

Today my market sell order for Nifty Monthly Call Option got cancelled with below error.

17070: The price is out of the current execution range.

Not sure what it meant because I have placed a market order. I have raised a support ticket with Zerodha for the same.

But I would like to know what is a better way to handle this? I have placed a multi-legged order. One order (PE) got executed and other (CE) got cancelled which could get disastrous. Should I be placing another order immediately on cancel?

sujith

You can check out this support article.

ramesh33

Yes Sujit, I read that. But what is the best way to get my order filled without doing those complex calculations?

themohammedfaisal

@ramesh33, this usually happens during market open when there is a gap up/down move and the exchange updates the execution range based on VWAP of the trades. There is no certain solution for this, however, you can do this:
1. Resend the cancelled order after a minute(exchanges refreshes the range every minute).
2. Try trading in a liquid strike if the range isn't updated soon enough(Ones with more OI/Volume). The range is updated based on the VWAP, illiquid strikes won't have any trades, hence, the execution range will remain the same.

ramesh33

@themohammedfaisal Thanks Faisal for your inputs.

1. Yes resending the cancel order seems to be the solution.
2. This is ATM Strike. Should be more liquid than anything else.

themohammedfaisal

2. This is ATM Strike. Should be more liquid than anything else.

Yep, ATM(or CTM) strikes are likely to have execution range updated quickly because they trade more during market open.

ramesh33

@themohammedfaisal Ok.