Feature Update: SL Orders on Zerodha

Attention Zerodha traders! The wait is finally over. Sensibull now supports SL orders. You can simply login using your Zerodha credentials to access it

Currently, the option to place an SL order is available only on the single-leg order window in Sensibull. Hitting a Trade Button or Buy/Sell button across the platform from any feature with one leg will open the single-leg order window.

Note – We currently only support SL orders. SL-M orders are not allowed for any derivatives (Futures and Options).

Examples

1. Consider, you have a 22600 PE BUY position and want to place a Stop Loss order for this:

Trigger Price: This is the price at which you want to ideally exit. Your order will be placed only when the Current Market Price reaches the Trigger Price. While exiting a long position the Trigger Price should be lower than the Current Market Price. In this example, let’s say you want to exit your trade when current market prices reaches ₹420, so you set the Trigger Price as ₹420.

Price: This is the max price at which you want to exit your trade. In other words, this is the price for the maximum loss you are willing to take. In this example, you are willing to exit your trades at ₹415 in the worst case, so you enter it as the Price

When will the order get executed in this case?

When the Current Market Price reaches ₹420, a SELL Limit order will be placed at a limit price of ₹415 and the order gets fulfilled at a price greater than or equal to ₹415.

2. Consider, you have a 22500 CE SELL position and want to place a Stop Loss order for this:

Trigger Price: The Trigger Price when you are exiting a short position will be higher than the Current Market Price. In the example below, you want to exit your 22500 CE at ₹460. So you enter ₹460 as your Trigger Price

Price: This is the max price at which you want to exit. In this case, it is ₹465. In other words, this is the price for the maximum loss you are willing to take. You are not willing to book your losses beyond this price level.

When will the order get executed in this case?

When the Current Market Price reaches ₹460, a BUY Limit order will be placed at a limit price of ₹465 and the order gets fulfilled at a price lesser than or equal to ₹465.

So this is how you place SL orders. Always remember, placing a Stop-Loss is always good for your trading capital and mental health. So place your Stop-Losses and trade safe!