How to place SL order immediately after entry with Trigger price

[Santosh]

Let us say I have short straddle strategy. When the positions are entered, I want to place immediately a counter order for “Buy” my options entry with SL as 20 or 30% from my selling price.

If I configure something like this.

But the problem here is, this will execute only execute a repair order when LTP is greater than 1.21 of my entry price. I want an exit order to be placed immediately when my entry order is executed.

The Reason for doing this is to avoid slippages. Can you help me to implement this?

And on universal exit condition, that is to close all the positions at 3:20pm. Any pending orders from previous step should get cancelled.

[vikram.bajaj]

You can put an SLM order in your strategy using repair once condition.

strike formula :

SL Trigger formula:

For second position in entry, leg number will be 2 in traded instrument keyword.

[Santosh]

Thank you sir…

[nirajk42]

@vikram.bajaj @umesh It is placing market order immediately on the next condition check.

[jainritesh]

Hello All,

I tried below to place SL-M order after entry but the same is not working, can any one please guide/suggest what correction is required in below code…

Repair Once Condition

[jainritesh]

Position Condition

[jainritesh]

Function code for Stoploss trigger

Sorry it was not allowing to post all images in 1 post, so had to post in multiple…

Thanks and Regards,
Ritesh Jain

[Ujjwal]

remove traded instrument from repair

[jainritesh]

Hello @Ujjwal

You mean this I need to delete and keep only the positions code as per above?

Regards,
Ritesh Jain

[Ujjwal]

yes Ritesh, very true. please check over paper trading once

[jainritesh]

Hello @Ujjwal ,

I tried, but the SL order got rejected, Getting below error

28 Sep 10:00:21 AM Unable to get order_id: Received Invalid Response {“body”:{“BrokerOrderID”:317233504,“ClientCode”:“54544140”,“Exch”:“N”,“ExchOrderID”:"",“ExchType”:“C”,“LocalOrderID”:0,“Message”:“Order rejected by RMS. Limit price should be within circuit limit(1981.55 - 2421.85)”,“RMSResponseCode”:-31,“ScripCode”:2885,“Status”:1,“Time”:"/Date(1601231400000+0530)/"},“head”:{“responseCode”:“5POrdReq”,“status”:“0”,“statusDescription”:“Success”}}

Regards

[jainritesh]

Hello @Ujjwal

i tried exploring the order placed for stop loss it seems the order is going as normal order as against stoploss order which could be the reason for the getting rejected by 5paisa, how can this be fixed…

Regards
Ritesh

[shaurya_pratap]

hi
i am facing the same issue
i tried putting stoploss trigger fx in position as well as repair once condition but still no SL order is being placed

[shaurya_pratap]

this Stoploss trigger fx in positions

[shaurya_pratap]

This is strike selection FX in repair once condition

note: unable to. post 3 consecutive replies
the FX condition in repair once is same as asked to do in this thread

but still after this no SL order. is being placed

[subsacnt]

Hi

Can somebody confirm if order sent this way through stop loss trigger option in position window is a true SLM type order or just an ordinary market order?

I am surprised that this issue is not yet fully resolved given the fact that pre placement of an SLM type order is so crucial to trading.

[PRP]

@vikram.bajaj

air once

Sir… this is not working. whenever I apply, it automatically cancels both the positions after 1 minute. Any help.

[vikram.bajaj]

Hi,

SLM orders work only in Live Auto deployments. In Papertrading, it will trade immediately like normal market orders.

[gumdal]

Hi,

I have 2 lots buying strategy. I will place a SLM for both the lots after entry in the Repair block.

However, after a particular target I will book profit and squareoff 1 lot. Now, I want to cancel the SLM order altogether as I will have TSL activated.

How can I cancel pending SLM orders?

Thanks,
Raj Pawan Gumdal

[Ujjwal]

pending SLM orders are cancelled only after universal exit is satisfied.