Subject: Request to Reduce Slippage on Market Orders — BankNifty & Nifty Options
Dear Fyers Support Team,
I am an active algorithmic trader on your platform, primarily trading BankNifty and Nifty options using automated strategies.
I have been experiencing consistently high slippage on market orders, particularly on:
- Stop Loss triggers (SL-M orders)
- Entry orders at 15-minute candle close
- Exit orders at 5-minute candle close
My observations:
1. On SL-M orders, actual fill price is often 0.10%–0.20% worse than the trigger price
2. On entry market orders, slippage ranges from 10–25 points on BankNifty options
3. During high-volatility candles, slippage increases significantly
My requests:
1. Can you please advise the best order type to minimize slippage for algorithmic trading?
2. Is there a way to use Limit orders with a small buffer instead of pure Market orders for SL execution?
3. What is the recommended approach for placing orders at exact candle close prices?
4. Are there any broker-level settings or API configurations that can help reduce fill slippage?
5. Does Fyers offer Smart Order Routing (SOR) for better price discovery on options?
I am using the Fyers API v3 for automated order placement. Any guidance on order types, timing, or configuration to improve fill quality would be greatly appreciated.
Thank you for your support.
Best regards,
Client ID: Z7V7DL10C7-200