Which types of orders can I place using Upstox Pro mobile app?
You can place all the regular types of orders using the Upstox Pro Mobile app. You just have to click the scrip that you are interested in and click Buy or Sell and choose the type of order you want to place. Here are the types of orders that you can place:
1. Limit Order: A Limit Order is when you wish to purchase or sell a scrip at a certain price. When you place a limit stop loss order, it will be executed only when the scrip reaches that price.
2. Market Order: A Market Order is when you wish to purchase or sell a scrip at the prevailing market rate. A market order will be executed at whatever market rate is prevalent at the time the order is placed.
3. Stop Loss Order: An order placed to sell a scrip when it reaches a certain price is called a stop-loss order. The stop loss order is primarily meant to limit your loss on a scrip that you have already purchased. The price you mention in the stop loss order is the highest risk that you are ready to take as loss on that scrip. A stop loss order can be a limit order or a market order.
4. Stop Loss Limit Order: As mentioned above, a stop loss limit order will be executed at the price that you want the order to be executed at. The stop loss is a mere trigger to validate the order.
5. Stop Loss Market Order: The stop loss market order is when once your stop loss is triggered the order will be placed at whatever price is prevalent in the market.
6. Cover Order (type of complex order): A cover order is an intraday two-legged order. The first leg of the order is the normal order, which is about buying or selling the scrip. The second leg of the order is to quare off the scrip in case you start making losses. In a cover order you get to define the maximum loss that you can bear. The cover order has a major advantage in terms of margin. Since you are ready to bear only a certain loss your losses are limited on that order. This means you need to pay only the amount of loss you wish to bear and not the entire amount. For example if you ar buying a stock at ₹100 & the maximum loss that you wish you bear is ₹5 then you order will get closed if the stock reached ₹95 (₹100 – ₹5). You also just have to pay ₹5 to place this order. Hence you get a major advantage in a cover order in terms of margin. Just like all intraday orders we close the cover order position at 3:15 PM.
One Cancels Other (OCO) The one cancels the other order or sometimes known as bracket order is three legged intraday order. The first leg of the OCO is buying or selling the actual scrip. The 2nd leg is the stop loss just like a cover order. The 3rd leg is a take away profit order. This means that if a stock reaches a certain price in profit your order automatically gets squared off and you make the profits you intended to make. The margin benefits in an OCO order are the same as that of a cover order. Also like all intraday orders the order gets squared off at 3:15pm at the prevalent market price.
After Market Order (AMO) AMO or After Market Order is for those people who are busy during market hours but wish to participate. You can plan your orders at leisure after researching about the markets before the market opens and place an order after the market closes. You can place the order between 6:30 PM and 12:00 AM or between 4:00 AM and 9:00 AM. The after market order will be executed at 9:15 AM at the start of the next trading day.