Days such as this, the expiry days desperately require us to have the ability to exit rapidly failing which the account gets emptied within a fraction of a second.
After the new lot sizes in BankNifty got introduced, we are not able to exit all positions in one go if the quantity is more than 900. It remains stuck there and we are having to manually input esell orders multiple times of 900 each instead of “exit all open positions”.
Neither is the button at the top “Exit All Open Positions” works nor is the X button on the widget on the chart itself that shows the quantity held.
I mean, imagine a situation when I had bought 3500 quantity of CE and BankNifty makes a giant fall, it goes from like 80 Rs to 5 Rs in 5 seconds. Meanwhile I am repeatedly placing limit orders at 70, then 60 and so on of 900 quantity each and before I can complete it, you can imagine what kind of heart attack inducing MTM would show up.
I had raised a ticket # 777060, but the executive is unable to comprehend the problem.
If you want to square off your position that has a higher quantity than the freeze quantity, you can square off the position by creating a basket.
Let me explain you with an example:
As you have mentioned above, if you want to place an exit order for 3500 quantity, you need to add the same scrip multiple times to the basket i.e., 900+900+900+800 = 3500 quantity.
I am aware of basket orders and that is how in the first place we place orders for more than one quantity. But in the past the entire bulk of quantity used to get auto squared off with the system itself splitting the order into multiple freeze quantities and selling them in multiple bits. But this problem took multiple burnt fingers to realise that the necessary algorithms haven’t been put in place. The system just says “exit request has been sent” and remains there with the open positions still active.
