SL order placement delay for Limit/SL Limit order type
This functionality allows the Stoploss orders to be placed at the time the SL hits, along with a delay if required.
This setting can be accessed from under the Advanced Settings > Exit order type > Limit/SL Limit
How does it work?
First of all, if the Place order after delay option is selected, the stoploss order is not placed in advance.
If the Place order after delay option is selected, and say the stoploss is hit at anytime, the position is not squared off immediately, the stoploss condition is again checked after a delay of N seconds, if the SL condition is fulfilled at the Nth second, the stoploss square off order is placed at the Nth second.
If, at the Nth second the price has not crossed the stoploss price ie. stoploss condition is not fulfilled, then again the algo will wait for the price to cross the stoploss price and apply the delay to it again, before checking the stoploss condition again.
Setting 1: SL order placement
Option 1: Place order in advance (default):
This is the default setting, where the algo places the SL orders as soon as an entry is taken in a particular leg. Hence, the stoploss order for squaring off the open position is placed in advance, well before the actual stoploss is hit.
Option 2: Place order after delay:
With this option, the stoploss condition is again checked after a delay of N seconds, if the SL condition is fulfilled at the Nth second, the stoploss square off order is placed at the Nth second.
Setting 2: SL placement delay:
This setting is configured in terms of number of seconds, after which the algo will re-check the SL condition. If the SL condition is fulfilled after ’N’ seconds as sepcificed by the user, the stoploss square off order will be shot out.
- This functionality doesn’t work for MTM SL. It works for stoploss order placement of individual legs only. For MTM SL, orders are shot out immediately without delay if MTM SL is hit.
- 0 seconds value for delay is allowed. Minimum delay value is 0 seconds and maximum is 60 seconds.