ORDERS

PLACE,MODIFY, CANCEL
& VIEW
October 25, 2012
Tags: cancelling order, cnc, mis, modifying order, orders, placing order

209 comments
8

Traders,
We will cover everything to do with Orders in this section:
The order window on Zerodha Trader looks as below, you can use the shortcut key F1 to Buy and F2 to
Sell:

In the above snapshot above you will see various boxes, let me explain the use of each of them:
1. Exchange Segment: This box will indicate which segment you are placing the orders. The various
segments are NSE (NSE Equity), NFO (NSE Futures & Options), BSE (BSE Equity), BFO (BSE Futures &
Options), MCX (Commodities) and CDS (NSE Currency Derivative Segment).
2. Order Type: Order can be a Limit order (where you specify the buy/sell price), Market order (where you
buy/sell at market price), SL/SL-M (stop loss/stop loss market). The use of Stop Loss orders is
explained here. The difference between SL and SL-M is that when the trigger price is hit, the stop loss
order is sent as a limit order with limit price mentioned by you in the SL order, whereas in SL-M, the order is
sent to the exchange as a Market order.
3. PRO/CLI: PRO stands for Proprietary, CLI stands for client. All of you are trading as clients so the
default will remain as CLI.

4. INST Name, Symbol, Type, Strike, Expiry: All of these are chosen by default when you click on a
contract and ask to buy/sell. But if you want to change the contract/scrip, you can do it from here.
5. Basket Wave Line/ AUC No: Ignore this.
6. QTY: Buy/Sell order Quantity. By default it will show 1 for equity orders and 1 lot for F&O. To change the
default quantity and any other attributes of the order, look at the image below:

7. Price: Mention the price if your order is limit order; if it is a market order this field cannot be entered.
8. Tr Price: Trigger price will be used for Stop Loss orders. The price at which you want the stop loss to be
triggered.
9. Disc Quantity (Disclosed Quantity): This feature can be used only on Equities (Stocks only) and
Commodities. If you are placing a big limit order and you dont want the entire quantity to be disclosed
fearing a non-execution of order you can choose Disclosed Quantity. For example, if you buy 2000 shares
of Reliance at Rs 800 and you mention the disclosed quantity as 500, your order will show only 500 in the

market depth window for everyone else, whereas actually it is 2000. This is useful only if you are trading
bigger quantities.
10. Prod Type (Product Type): MIS ( Margin intraday square off), CNC (Cash n Carry) and
NRML( Normal). The following details are important so ensure you remember the same:

While trading equity (Stocks on NSE/BSE)

Use MIS for Intraday Trading (9:00 AM to 3:20 PM): At 3:20 PM, all MIS positions are auto squared off.
Using MIS, you will get Intraday Leverage (between 3 to 10 times) based on what stock you are trading. If
its a good stock you get more leverage, and if its not a good stock you get less or no leverage. To know
how much leverage you get for trading Equities for Intraday click here.
Use CNC for delivery-based trading: When you buy using CNC, you will not get any leverage, but there
wont be any auto square offs either. Once bought, the stock would be sent to your Demat account and if
you sell using CNC, stocks will be debited from your Demat account. Note that you wont be able to sell
with product type CNC without holding the particular stock in your demat account.
You can convert MIS to CNC and vice versa, by visiting Admin positions (F11) or by visiting Trade book
(F8). You will need 100% cash in your account to convert to CNC. To know how to convert your positions
click here.

While trading Futures & Options( NSE/BSE)

Use MIS for Intraday trading (9:00 AM to 3:20 PM). At 3:20 PM, all MIS positions are auto squared off. The
benefit of using MIS for Futures & Options is that you get extra leverage (not for buying options). You will
need only 40% of Exchange stipulated margin by using this product type. So for example, if Nifty futures
overnight margin is Rs. 25,000, you will require only Rs 10,000 (40% of 25,000) if you use the product type
as MIS.
If you dont want any excess leverage, use the product type NRML and you would not have to worry about
auto square offs.
You can convert your MIS position to NRML and vice versa by visiting Admin positions (F11) or by visiting
trade book (F8). You will need stipulated NSE overnight margins to convert to NRML. To know more on
position conversion, click here.

While trading Currency (CDS)

Only one product type NRML as we dont offer any additional leverage than what is offered by the
exchange.

While Trading Commodities (MCX)

Use MIS for Intraday trading (10:00 AM till 30 minutes before market close). At 30 minutes before market
close, all MIS positions are auto squared off. The benefit of using MIS for Commodity Futures is that you
get extra leverage. You will need only 50% of overnight exchange stipulated margin by using this product

type. So for example, if Crude futures overnight margin is Rs. 25,000, you will require only Rs 12,500 ( 50%
of 25,000) if you use the product type as MIS.
If you dont want any excess leverage, use the product type NRML and you would not have to worry about
auto square offs.
You can convert MIS to NRML and vice versa by visiting Admin positions (F11) or by visiting Trade book
(F8). You will need stipulated MCX overnight margins to convert to NRML. Click here to know how you can
convert your position.
11. Validity: While trading on NSE/BSE you get only 2 options, Day orders (valid till end of day) or IOC
Immediate or Cancel (as the name suggests, the order if not executed immediately will get cancelled). By
default day option will be selected. IOC will be a good option for people who place market orders of large
quantity thereby increasing the Impact cost.
While trading on MCX, in addition to the above validity types, you get GTD (Good Till Date. Validity date
can be mentioned in the 2nd validity box in the order), GTC (Good Till Cancelled) and EOS (End of
Session).
12. Client ID, Name, Participant, No of Days: These will be selected by default and no change to be
made on this. Validity date can be used only for GTD orders on MCX.

VIEW ORDERS / MODIFY ORDERS / CANCEL ORDERS

(F3)
The Order Book is a very important tool on ZT. It helps you monitor/cancel/modify your orders. To access
the order book use the short cut key F3 or go to the Orders and Trades Option on ZT and click on Order
Book as shown below:
The Order Book opens as below, use the edges to increase/decrease the size. Use Ctrl+3 if you are not
seeing both open/completed orders. Tick/untick the Display all Orders button and then click Display if you
dont see the orders. See the pic below:

The Order Book allows you to Filter your orders,modify/cancel any pending orders or cancel all your
pending orders (in case you have more than one pending order). The below picture shows you how its
done.

Some of the main reasons for your orders to be rejected are:

Invalid Product Type (using CNC for F&O, so on and so forth)

Insufficient funds (please note that when you place an order even if it is not executed, the
exchange blocks funds as long as it is open), so be sure to check for any Open orders in Order
Book. The rejection reason is self explanatory, but give us a shout if you cant figure out the

rejection reason.
*IMP* Ensure that you use the same order type to enter and exit. So if you buy using MIS, sell using
MIS and similarly for NRML & CNC.
Happy Trading,

Zerodha
Your friendly neighborhood discount brokerage

28 Oct 2012 at 02:11 PM

Shri

Please explain about stoploss orders. Whenever I place SL order in ZT I get message saying Stop loss
already triggered at XX price.
Thanks for this detailed post on orders. Waiting for stoploss order post.
Thank you.

Reply

29 Oct 2012 at 09:10 PM

Nithin Kamath
http://www.zerodha.com/Test/connect/blog/2012/10/stop-loss-orders-limitmarket
For stop loss orders..

Reply

o
11 Jan 2014 at 08:24 PM

Yunus
Hi Nitin,
Brokerage wise you are best you are the best, but trading system you need to improve zerodha
alot, it is is like zig zag and I m holding share khan account also and trust me their tradetiger is
really superb. you should bring new updated version soon.
Regards
Yunus

Reply

12 Jan 2014 at 08:26 PM

Nithin Kamath
Working on the new platform Yunus, we should hopefully be out with it in the next few months.

Reply


30 Apr 2014 at 02:11 AM