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MARKET order with BO not supported?

ramatius
ramatius in API clients
Hi, I am trying to place a CM MARKET order with BO, but getting this error "Invalid `order_type` for that order variety.".
Also, it is insisting that the 'price' field must be given.

So should I understand this as only LIMIT orders are supported with BO? The documentation says it can be LIMIT or MARKET and price is needed only for LIMIT.

Pls clarify. I am using the PHP client.

Regards,
Ramakrishnan S
  • rakeshr
    rakeshr
    @ramatius
    Bracket Order supports LIMIT and SL order, so you need to enter price for either.Have look to required BO param in the documentation.
  • ramatius
    ramatius
    @rakeshr The following call is throwing an error,

    $order_id = $kite->placeOrder( "bo", [
    "price" = "245.3",
    "validity" = "DAY",
    "tradingsymbol" = "TATAMOTORS-EQ",
    "exchange" = "NSE",
    "quantity" = "10",
    "transaction_type" = "BUY",
    "order_type" = "MARKET",
    "stoploss" = "1",
    "takeprofit" = "2",
    "product" = "MIS"
    ]);

    Error: Invalid `order_type` for that order variety.

    Should the order_type = "SL" instead of "MARKET"?

    Usually the "trigger_price" parameter is used for specifying the stoploss for SL orders. But for BO the stoploss is specified in "stoploss" parameter (which is an incremental value, not absolute price like trigger_price).

    So for BO, the system considers trigger_price parameter or stoploss parameter?

    Pls advise.
  • rakeshr
    rakeshr
    @ramatius
    Should the order_type = "SL" instead of "MARKET"?
    Yeah, you need to put order_type as LIMIT or SL , as per your requirement, not MARKET.Market order don't have Price param, as market orders are always placed at current best available price.So,
    "order_type" = "LIMIT", "price" = "245.3"

    Don't use "takeprofit" = "2", it should be squareoff=2.
  • ramatius
    ramatius
    Let me try with SL & see.
    Many Thanks @rakeshr .
  • ramatius
    ramatius
    @rakeshr Now it is throwing the error "16423 : Invalid Trigger price entered ". Both parameters squareoff and stoploss have been given, with order_type="SL". What is missing now? Should I set the trigger_price to + ?

  • rakeshr
    rakeshr
    @ramatius
    "16423 : Invalid Trigger price entered "
    This error occurs when you enter invalid tick size when placing the Stop Loss [SL] order.Make sure, you are entering positive value with value multiple of 0.05.
  • ramatius
    ramatius
    Thanks @rakeshr SL order is working now. Pls update the documentation with this 0.05 step constraint.
  • sujith
    sujith
    The step is tick size and not 0.05 for all instruments. It holds true for all price fields.
    The step is lot size for quantity and disclosed quantity.
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