GTT orders, unlike normal orders, don’t expire daily. They remain in the system until the trigger condition for an order is met. For example, the current price of SBI shares is 770, but you want to buy the SBI shares for 650. If you place a normal limit order of SBI at 650 and if its price doesn’t go down to 650 the same day, then your order will be cancelled at the end of the day and you have to place the order again the next day.
While with GTT orders, you can place a GTT order of 650 once and the system will check and place your order whenever the price of SBI reaches 650.
GTT orders can be placed at the time of placing the main order (main leg) or can be placed separately too.
Note that GTT order is not a standard feature and could differ across platforms. It's essential to thoroughly review the entire document before initiating GTT orders to ensure understanding and proper execution.
GTT orders are just a trigger set by you to place an order on the exchange. Hence it doesn’t guarantee the execution of order. Also, since GTT orders are just triggers, so margin/position required for the order is not checked at the time of setting triggers but is checked at the time of placement of order at exchange, i.e. after the trigger condition for the order is met. This also means you can place multiple orders for the same scrip without having sufficient positions. Thus, you should always check for pending GTT orders before placing new GTT orders or squaring off.
To sell equity scrips you should have DDPI/PoA active. If not, EDIS has to be done every day. Otherwise, your equity sell order will be rejected at the time of sending the order to exchange.
Note: There must be a gap of 10 times the tick size between the trigger and limit price.
Two types of GTT orders are available in our system.
1. Single: Single GTT orders can be used to place a long-standing stop loss/stop chase or target /wait till order. Suppose you have bought SBI shares at 650 and want to sell them whenever the price reaches 732.5. In that case, you can place a GTT order by selecting “Sell” & “Single” from the “Create GTT” screen and putting your trigger condition for the order. If you want your order to get executed at market price once the trigger condition is met then select “Market” button under price field else input your desired limit price.
Similarly, if you want to set the sell target price while placing the main buy order you can enable the “Target” switch in the “Order placement” screen and then input the target percentage in the target field. The target trigger price will be calculated based on the average buy price of your main buy leg order. If you want your order to get executed at market price once the trigger condition is met then select the “GTT-M” button. If “GTT-L” is selected then a limit order will be placed with limit price same as trigger price
You can create single GTT orders for both buy as well as sell positions.
2. OCO (One Cancels Other): OCO order helps you simultaneously place stop loss and target orders for the same scrip/positions in one go. For example, you bought SBI shares at 650 and want to sell them if the price goes below 732 or goes above 809. You can place a GTT order by selecting “Sell” & “OCO '' from the “Create GTT '' screen and putting your trigger conditions for the stop loss leg and target leg. If you want your order to get executed at market price once the trigger condition is met then select “Market” button under price field else input your desired limit price.
The system will daily check for the stop loss trigger price and target trigger price. Whenever one of the conditions is met, the system will place your order to exchange and will cancel the other order. For example, you placed a sell OCO order for SBI with the stop loss leg at 732 and the target leg at 809 respectively. If the price of SBI reaches 732 first then the stop loss leg (at 732) will be sent to the exchange and the target leg (at 809) will be cancelled. On the other hand, if the price of the SBI reaches 809 first then the target leg (at 809) will be sent to the exchange and the stoploss leg (at 732) will be cancelled.
Similarly, if you want to set stop loss and target price while placing the main buy order you can enable the “Stop loss” & “Target” switches in the “Order placement” screen and then input the target percentages in the respective field. Stoploss and Target trigger price will be calculated based on the average buy price of your main buy leg order. If you want your order to get executed at market price once the trigger condition is met then select the “GTT-M” button. If “GTT-L” is selected then a limit order will be placed with limit price same as trigger price.
You can create OCO GTT orders for both buy as well as sell positions.
Similar orders can be placed in the intraday segment too. Intraday GTT legs get cancelled if the trigger condition is not met the same day.
- GTT orders can be accessed from GTT tab in order screen
Modification: GTT orders can be modified from the GTT tab in the orders screen, just tab on the order in GTT tab and select “Modify”. GTT legs in regular GTT order cannot be modified.
Cancellation: GTT orders can be cancelled from the GTT tab in the orders screen. GTT orders do not get cancelled on the exit of the main leg. Cancelling GTT orders is your responsibility and you must check GTT orders after the execution of the main leg or GTT legs.
Caution: At the outset GTT+OCO orders feels like a bracket order, however bracket order checks for the availability of margin/position at the time of creating the bracket order but OCO order doesn’t check for the availability of margin/position at the time of creating the OCO order. Availability of margin/position will be checked after the trigger condition is met for any of the legs.
GTT order orders can be placed for Equity MTF and delivery segments too. However, You should have PoA/DDPI enabled or perform EDIS everyday to avoid your MTF/Delivery orders getting rejected.