Trading Platforms

Introducing Bracket Orders – Phase 2

client

After successfully launching Bracket Orders in Phase-1, we are launching the much awaited Phase-2 version of bracket orders. With this implementation, you will be able to trade in all segments including, Equity, Equity F&O, Currency derivatives and most importantly, commodities too. We are among the handful of brokerages that offer commodity trading using Bracket Orders and we are the first discount brokerage in India to have launched it for the commodity segment. We have explained what bracket orders are and how to place a bracket order in the previous post. In this, you will learn the additional functionalities over and above what has already been introduced in the previous version of bracket orders.

But before explaining any new features, you must know that the stop loss and target prices must be entered as the desired profit/loss per share/lot as applicable. For example, assume that Bank Nifty near month futures are trading at 26800 and if you want to earn Rs. 100 per lot on Bank Nifty future, you should enter your target as 100. This effectively means that you want to book profits if the price moves 100 rupees in your favor and likewise if you have the maximum risk appetite to take a loss of 100 rupees, you must enter 100 as the stop loss input instead of the absolute value of Bank Nifty futures in this case.

New Features in Bracket Orders Phase-2

1. Market Order entry

In the improvised version, you can enter bracket orders using market orders. Previously, you could only do so using limit orders. Market Orders help save time for traders who are not too particular about the order execution price and just want to enter the trade as soon as possible. It’s really simple to enter this order as shown in the image below. As you can see the limit price entry is blurred out as the order will go through and execute at the best available bid/ask price.

Bracket Order

2. Stop Loss Market (SL-M) entry

This order type is used when you want to enter into a trade after the price has crossed a particular level. Upon entering a stop price above the Current Market Price (CMP) when buying or entering a stop price below the CMP when selling, the order is pending until the price level is reached. When the price is matched, the order gets executed at the best available bid/ask prices. These types of orders are generally used by traders who want to buy/sell on breakouts or retracements. The image below explains how to enter bracket orders using SL-M entry:

Fyers

3. Stop Loss Limit (SL-L) entry

This is a variation of the SL-M entry for bracket orders. It is almost the same except that instead of executing orders at any price after the stop price is triggered, SL-L orders help define the limits within which an order must be executed. It is important to note that the Limit price has to be higher than the stop price for buy orders and lower than the stop price for sell orders. Here’s how to enter bracket orders using SL-L orders:

Fyers

How to Exit Bracket Orders

Bracket orders are exited automatically when either the target or stop loss order is executed because it is a one cancels the other (OCO) order. If traders want to exit bracket orders manually, it can be done by cancelling the pending orders from the order book. We have also introduced an emergency “Exit” button in the order book to exit bracket orders (BO) and cover orders (CO). It is helpful in the following circumstances:

1.When Leg-1 of the bracket order is not executed, you can cancel the pending order using the exit button. (Alternatively, you can cancel the pending orders)

2.When the position is open, you can close the position by clicking on “Exit”. (Alternatively, you can cancel one of the pending orders which is not yet executed).

3.When Leg-2 and Leg-3 are rejected, this is the only way to exit the order.

Fyers

We have taken extensive feedback from traders and have implemented features which are of utmost importance in bracket orders. We will continue to improvise on our trading platforms with time. We encourage you to interact with us and give us your thoughts. It feels good to be the first discount broker in India to provide bracket orders for commodities segment. I want to let you know that we’re working on a couple of projects and will write about them soon. Until then, Happy trading!

Tejas Khoday

Tejas Khoday

Tejas is the Co-Founder & CEO at FYERS, the youngest team to get NSE’s broker license. He has a specialization in finance and has over 10 years of work experience spanning across proprietary trading, risk management, and broking. Tejas & his team started FYERS, a technology-focused brokerage as a mission to transform the trading/investment landscape in India.

62 Comments

  • Avatar Sandeep Sunkara says:

    Hi Tejas,

    I use FYERS Markets to track my portfolio on regular basis. It is quite difficult to track the intra-day movements of my stocks/portfolio as the mobile application only provides changes to stocks/portfolio relative to the buying price. It is very difficult to spot any opportunities on intra-day basis to average out or profit booking. I checked with you support team, they suggested a round about way to utilize watchlist feature, that doesn’t help as I need to manually add all the stocks to watchlist, a tedious job.

    It would be great if you can provide this as an inbuilt feature to track the stocks/portfolio performance on an intra-day basis.

    Also just a thought, how about providing XIRR, annualized rate of return, in the app?

    Thanks
    Sandeep

    • Tejas Khoday Tejas Khoday says:

      Hi Sandeep, We have made note of your feedback. We’ll have to take up these developments in the future as they require some significant changes in the app. Until then, I hope you enjoy the other features.

  • Avatar vivek says:

    Hi Tejas, I just migrated from zerodha (used it for 3 years), Loving fyers. My humble request, Please can you add trading view ALERT system also? It would be so awesome.

    • Tejas Khoday Tejas Khoday says:

      Hi Vivek, Thanks! Yeah, we must take up alerts as a separate project. We’ll do it after we finish what we’re already working on.

  • Avatar Sitaramaraju says:

    Please add volume profile indicator

    • Tejas Khoday Tejas Khoday says:

      It’ll be done once TradingView makes it available on the API. Currently, it’s a paid feature on their website.

  • Avatar nag says:

    Finally this feature is here. I have been waiting for more than 2 years after opening an account with Fyers.
    One quick question. Do you allow user to place BO on nifty/banknifty monthly options?

    I’ve no idea why few brokers don’t allow place BO trades on options. Whole Idea of Bracket orders is to reduce the risk and have RMS is in place,Having said that why to block user to trade options with BO/CO feature?

    I’m not asking for additional margins to trade options. Upstox it is allowed.Few other brokers also allow this featue. Please let me know if it is enabled or blocked?.Happy to start relying on fyers platform.

    • Tejas Khoday Tejas Khoday says:

      Hi Nag, Thanks for having so much patience man. I really appreciate it. You can place BO on NIFTY monthly options as of now. Does any other platform offer it for banknifty monthlies too? We’ll have to evaluate it from a risk management perspective. The reason brokers block is to keep risk under control. As you know you are able to buy options on Nifty with leverage on our platform. This is not sustainable for all option contracts due to volatility, liquidity etc. Not all strike prices and scrips are equal. We’ll evaluate BNF soon.

      • Avatar nag says:

        Thanks for the updates.I have already transferred funds and placed order this morning.Seems there was an issue ,BO was not enabled for my account.If it gets fixed will start using BO from tomo.
        Never tried BNF options on other platform.This was the very much needed feature for traders like me.I focus on Breakout trades.SL/SLM must for me. BTW plz ask tech team to take a look at stop loss price.It seems it gets auto filled based on the LTP.It should be left blank and user must key in.

      • Tejas Khoday Tejas Khoday says:

        Hi Nag, please give me your client ID so we can check it at our end and do the needful. BNF options are volatile and hence brokers do not provide it. Yes, we do have SL and SL-M entry too for BO. The SL price gets auto-filled. Just hit the backspace and re-enter your desired value.

      • Tejas Khoday Tejas Khoday says:

        Just got feedbabck that you have traded in Bracket orders today. All the best!

      • Avatar nag says:

        Yes. Followed it up with your executives and got BO enabled. and also traded BO.Really happy to use your platform.One last question.I don’t see this BO with SL/SLM feature on Fyers one platform?.Am I missing somethings or this feature is yet to be implemented for desktop?Sorry to bother you here again

      • Tejas Khoday Tejas Khoday says:

        Thanks Nag :-). We are yet to introduce these Features on Fyers One. Currently, most of our focus is on Fyers Web and Mobile.

  • Avatar Yogesh says:

    Hello Sir,
    When will trailing stop-loss will get enabled on Fyers platform ?
    many times Screen is not getting refreshed as and when stop loss hit, other associated orders does’t gets cleared from screen until it is refresh manually.
    Fyers web performance is degrading day by day , like slowness in order execution/refresh/entire site need to refresh many times (Note- internet speed is good at my home) .
    even a single small quantity orders gets executed in may orders and become very difficulty to modify/manage stop-loss/target on screen as each and every order need to modify manually. please do something ?

    • Tejas Khoday Tejas Khoday says:

      Hi Yogesh, We have intentionally disabled Trailing SL due to the inherent complications and failures as reported on other platforms. Trailing SL consumes a lot of bandwidth and number of requests sent to the exchange. In short, it is not scale-able at all since the exchange has an upper cap on how many requests can be sent to the exchange per second. Instead of trying to complicate the system and doing stuff at our end to make it work, we just disabled it for everyone’s safety.

    • Tejas Khoday Tejas Khoday says:

      Hey Yogesh, the refresh functionality now works in real-time. We even posted about it on the notice board. If you are still facing issues after reloading the page, please write to us at support@fyers.in. We haven’t received any complaints of the platform being slow. Yours must be a one-off case, do write to us and we’ll look into it. We even wrote about this on the Notice Board – https://fyers.in/notice-board/real-time-updates-of-executed-orders-on-fyers-web-when-platform-is-inactive/

  • Avatar VARATHARAJAN says:

    Sir, we request you to implement TRAILING STOP-LOSS At the earliest. I am waiting for your update

    • Tejas Khoday Tejas Khoday says:

      Hi Vatharajan, There is a specific reason why we have not implemented Trailing SL. In terms of technology, we can implement it but there is an issue with regards to bandwidth consumption and an upper cap on the order requests that can be sent to the exchange. Hence, we don’t want to slow down the trading systems due to trailing SL. This is for everyone’s safety.

  • Avatar tarakesh.nc says:

    Has some thing changed in charts in the recent update (fyers web)?

    I open 2 chart window ( symbol chart 5m and the same symbol 15m) in another. Till now, they worked as if independent. Since monday (today 25th feb) noticing that if one of the chart is moved in time, other also moves. They are kind of synced up. This was not the case earlier.

    Is it possible to decouple of the movement?

  • Avatar shrikan shah says:

    hi tejas.
    Great work for intra day traders. i would like to request you to please add BO/CO in nifty options buying. it adds a great setup to intraday volatility and momentum catching. Earlier it was enabled for nifty(BUY) side but since weekly option had been introduced, its not available.
    please do add this facility. It will add to your own volume increment. Nifty do not swing wildly as banknifty, so RMS can easily manage this.

    please enable this facility. Other discount brokers provide this facility for nifty.

    • Tejas Khoday Tejas Khoday says:

      Hi Shrikan Shah, Thanks! Bracket orders are already available for buying Nifty options (Monthly). Please write to our support team to re-enable it for you if it is not enabled already. Yeah, you are right. Hence we have enabled it for Nifty alone.

  • Avatar srdharan says:

    AMO ORDERS IN FYERS WEB

  • Avatar Thimmesha says:

    Thank you team for working on the most essential feature and delivering it to us. Well Done!!!
    Looking ahead for much more ?

    One question: Why the target and Stoploss is with respective to Rupees rather than Levels?

    • Tejas Khoday Tejas Khoday says:

      Hi Thimmesha, Gald you like it. Yeah, we are working on other things. We have some interesting stuff lined up for this year.

      It’s how the system is built.

  • Avatar Reena says:

    Hi tejas
    KEEP GROWING. But please improve your sales department. works of your sales executives are too slow. On Monday i call to fyers for asking to open an account and required documents, but every time they were busy in checking my registration on site. On Tuesday rashmi singh mailed me about required documents. As i got her mail I mailed back my all documents to rashmi singh. From Tuesday to Wednesday I call so many times to fyers and rashmi singh for asking when and how much time will take to open account, but no-one replied on it and they told me that i will get a call-back withing 5-10 minutes. but no phone calls. In the evening i get call from fyers to give him OTP. Today on Thursday after waiting a lot i call to fyers. After some time i get a call of rashmi singh to give her aadhar otp, but that time otp was not generated because my mobile number was not verified on uidai site. Withing some minute i resolve my issue and callback to rashmi singh so many time, every time she cut the phone and leave a massage that she will call in 15 minute right now she is busy.
    Is some kind of joke that fyers sales executive are doing with client, They don’t have respect of time of their client or ?
    I know it is not the right place to describe all these. Yesterday i also mail all these thing at management@fyers.in but all wasted.
    I am surprise with this kind of weird behavior.

    • Tejas Khoday Tejas Khoday says:

      Hi Reena, thanks for your detailed feedback. Since the exec. is handling the account, we’ll arrange a call back as to why this has happened so that you get full clarity on this. Yeah, we are working on making the sales process easier. Within a month, everyone shall see that it is much easier and quicker.

      We don’t use management@fyers.in for complaints regarding sales and hence it must have got missed. I assure you that the delay has been a result of increasing inbound traffic of inquiries at FYERS. However, we will take your feedback on priority and get things resolved asap.

  • Avatar Selvi says:

    Thank you, Team for the updating the BO feature. Do u have any demo available to see all the features available for new comers….

  • Avatar Ruma Saha says:

    It is a huge benefit to have bracket order in the commodity segment. it surely helps in minimizing down side.

  • Avatar sikkander kaleel rahman says:

    thanks. very useful for busy people like me

  • Avatar Keshab Kumar says:

    Good to see this! Was waiting for this feature especially in your Free Investment Zone. Good work. Keep updating the new features.
    Good Day

  • Avatar Sana says:

    Thanks Fyers for the awaited updation. Really helpful!

  • Avatar TraderBee says:

    Most awaited features at Fyers, Thanks to Tejas & Team. Finally can place by above market orders.

  • Avatar Harikishan Mehta says:

    This was probably the most awaited feature on Fyers platforms. Good, keep it up with such highly useful tools.

  • Avatar Subhash Chandra Ghosh. says:

    I’m confused. Trailing stop loss has not been activated. In this scenario after execution of primary(leg-1) order can I change leg-2(target), leg-3(stop loss). Can I modify target, or stop loss higher or, lower to book my profit?

    • Tejas Khoday Tejas Khoday says:

      Hi Subhash, yeah you can modify your target, SL higher/lower as per your preferences and any number of times as long as it is pending. Trailing SL has been kept on hold due to it’s complexity in implementation.

  • Avatar Faiz says:

    Dear Tejas,
    Kindly Introduce BO/CO for NIFTY/ Banknifty
    WEEKLY Options

  • Avatar Vivek S says:

    Thanks for the rollout guys, no more staring screen,2 limit orders. Works beautifully. Thanks to the whole team

  • Avatar Sharat says:

    With this introduction phase @ bracket order, traders need not keep looking at the monitors all day long, Thank you so much Tejas and his team.

  • Avatar K.Prasad says:

    Fyers again proved that it listens to its clients. Fyers defiantly the client’s most friendly brokerage firm. Thanks, Tejas and his team for providing us this wondeful feature.

  • Avatar D.A.Sudhakar says:

    Very well explained and nicely written. Thanks for this feature in Fyers.

  • Avatar Amar says:

    WOW, that is great news, much-awaited feature. Thanks a lot

  • Avatar Alam Ansari says:

    thankful, for a new phase

  • Avatar Alam Ansari says:

    thankful, for new phase

  • Avatar MD SAFDAR IMAM FATMI says:

    please provide VOLUME PROFILE (session wise,i.e. separate for each day).

  • Avatar Murali says:

    Awesome! When is trailing stop loss coming?

  • Avatar anita banu says:

    it is very good news for commodities traders….implementation of many features in a less span of time is appreciable

  • Avatar Maaya Suresh says:

    Thanks for the much awaited version…… Much more to go!!

  • Avatar Abhijitldesai says:

    When trailing stop loss will be introduced

  • Avatar Jevs says:

    Thank you Tejasbhai… Btw… does it include Nifty and BankNifty options too ?

  • Avatar Yogesh says:

    Congratulations for Phase 2 ! when can we expect trailing stops loss feature get enabled ? Please hurry up !

  • Avatar Roopa says:

    At last!!!!!!!! The most awaited update of all Fyers!

  • Avatar Rajesh says:

    Finally, Phase-2 in on for the traders hope you are the only broker in India who are providing all the order types (i.e Market, Limit, SL-L & SL-M).

    • Tejas Khoday Tejas Khoday says:

      Hi Rajesh, no we’re not the only broker but the idea is to create a stable environment to trade in in comparison to the alternatives available today.

  • Avatar mahesh says:

    All the best FYERS really thankful for this hope this will take you guys to the other level, Keep rocking!!!

    • Tejas Khoday Tejas Khoday says:

      Hi Mahesh, Yeah quite a few clients had asked us for Market, SL-M and SL-L entry. Here it comes.

  • Avatar Jeevan says:

    Congratulations sir! Think u r the only broker to provide bo with all order types

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