My market order got cancelled today saying error related to "Price out of range". I have attached the image for the reference. I wouldn't expect market orders to get rejected in options. Am I missing anything, or is it a glitch?
@nisarg001, A market order will try to match with an existing limit order in the system, the best sell order in your case. I'm assuming the strike you were trading was not very liquid(50 step value Nifty contracts usually aren't). Say the LTP was 50, the execution range will 30-70. If your market buy order tries to match with a limit order above 70, your order will get rejected for the above reason.
This usually happens around 9.15 PM when the market opens, its rare to have happened during 2.20 PM.
How can MARKET order have 0 price?
When you select Market order, the limit price is set by default as Zero, this has no bearing on the order. The limit price is only sent in case of Limit and SL orders.
A market order will try to match with an existing limit order in the system, the best sell order in your case. I'm assuming the strike you were trading was not very liquid(50 step value Nifty contracts usually aren't).
Say the LTP was 50, the execution range will 30-70. If your market buy order tries to match with a limit order above 70, your order will get rejected for the above reason.
This usually happens around 9.15 PM when the market opens, its rare to have happened during 2.20 PM. When you select Market order, the limit price is set by default as Zero, this has no bearing on the order. The limit price is only sent in case of Limit and SL orders.