We’re happy to announce that Bracket Order is live in Jiffy; based on your recommendation. For those of you who may not know what it is; here’s a small guide on what it is and how you can go about it.
Bracket Order is an algo order that lets you place three orders in one window to help protect your profits and safeguard against losses! The three orders include:
- Buy/Sell Limit Order, which is your primary/initial order.
- Book Profit Order; a target order that allows you to book profits in a day.
- Stop Loss Order with Stop Loss Trigger and Trailing Stop Loss to cut losses in case the trade doesn’t move in your favour.
You can easily execute multiple orders at one go with zero monitoring. Apart from this, you can extend more control over your intraday profits & losses with the Trailing Stop Loss Feature. Overall, Bracket Order helps minimise the risk involved.
How Does A Bracket Order Work?
- When you place a Bracket Order, first the Limit Order of Buy/Sell will be executed, following which the other two orders, i.e., Book Profit Limit Order & Stop Loss Order will become active.
- If the Limit Order is not executed by 3:22 PM, then all the 3 orders will be cancelled.
- If Buy/Sell Limit order is executed, the other two orders get activated.
- If the price reaches the Target/Book Profit Limit Order level, your trade will get executed and Stop Loss Order will get automatically cancelled.
- If the price reaches the Stop Loss level and gets executed, then your Target Order will get automatically cancelled.
- Unless, either the Stop Loss or the Book Profit Limit Order is executed, they will be shown as pending. If they are still pending till 3:22 pm, then your position will be squared off at the current market price as a Buy/Sell Order and the pending order will get cancelled.
Note: With the Trailing Stop Loss Feature, the stop loss price will be automatically adjusted (move up or down) when the scrip/contract moves in your favour, i.e., towards the profit side to the extent you have set the unit price limit.
Let’s take an example of how you can place a Bracket Order in Jiffy
For instance, a stock is trading at 150 and your analysis states that it will go as high as 160. However, if the market does not work in your favour, you are willing to take a loss of up to 145. From your Jiffy Account, here’s how you would proceed.
- Select the scrip and on the order window select BO. This automatically classifies your order as an Intraday Order.
- Enter the details of your order (taking the example above):
- Buy Price at which you wish the initial order should be executed, i.e., Rs. 150
- Target, i.e., price at which you wish to book profit = Rs. 160
- Stop Loss, i.e., the price at which you wish to cut losses = Rs. 145
- Stop Loss Trigger, i.e., the price that will trigger your stop loss = Rs. 147
- Enter the quantity, i.e., 100 and amount will be auto-filled.
- Enter trailing stop loss, i.e., 1. If the price rises from 150 to 151. Your stop-loss price will also change from 145 to 146 (protecting you from the downside).
- On selecting ‘Buy’ and confirming the details; the order will be placed.
- Since the main order was executed, it can be viewed in the Executed Tab of the Order Section.
- The target and the stop-loss order will be reflected in the Pending Tab until one of them is executed.
- If neither are executed, they will be squared off a Sell Limit Order at 3:22 PM and the other will be cancelled.
Things To Remember
- Bracket Order is currently enabled for NSE Cash (Future Scrips), All Future Index/Stocks (Futures) and MCX (Gold, Silver & Crude).
- A Bracket Order will be squared off automatically at 3:22 PM for NSE and 11.44 PM for MCX.
- The order cannot be modified once you add trailing stop loss.
No more staying glued to your screens! Make optimum use of the advanced trading feature and sit back as you place your intraday orders in Jiffy.
To enjoy this new feature, we request you to kindly update your app.