We anticipate receiving the approval by the next week. I will keep you updated with any further updates next week.
In Bankex, liquidity is usually only available on Mondays, which is the expiry date. Our RMS team is monitoring the liquidity closely. If it meets the criteria, we will allow it. As we mentioned in our previous response, you can always place a limit order as a market order, as mentioned in the article below. We have noticed that we have only received a market order request from you. Why not try placing a limit order as mentioned in the article?
This week, we are reviewing this again. I’ll let you know if any changes.
Do you even trade?
OTM’s have a tight price range of 10.
Why did you introduce sticky windows, basket orders, iceberg orders, etc.? There is always a workaround, right?.
It eases trading.
You say, “We are reviewing.” May I know what parameters you guys are even reviewing?
What was the total number of BANKEX contracts traded yesterday?
It was around 8 cr.
You have enabled MARKET ORDERS for SENSEX at around 5 Cr contracts; even after that, SENSIBULL is not enabling MARKET ORDERS for SENSEX.
Now, please don’t tell me you should contact them.
Did many times.
Try to pass this information on to them.
This is not true. Lot of people want market orders. And if you think its liquid only on monday then allow it on monday!! Allow the ATM+2 strikes plus any strike that has more than 500 lots. Same criteria as Sensex.
This doesn’t work for many people including me. The reason is that i prepare straddle baskets before market open and after market open i execute one of those baskets(whichever is ATM). I can’t execute both legs one after the other. It will cause issues. I need to execute them at exact same time. Also i can’t accurately guess what the ltp will be. For example, i had created a straddle sell basket with limit order of 90. One leg at 130 got executed/shorted while another leg at 151 did not execute saying that it was outside the range. This again caused issues and i had to execute manually. Now i could put limit sell at 100 on both legs in the basket but then if one leg opens at 90, then that one will keep pending.
Do you see the issue that limit orders create when executing straddles? If any leg price is too high above the limit, it gets rejected as out of range and if it is low then it is kept pending.
- I just want to sell ATM Straddle(ATM being the operative word)
- On the expiry day
- Both legs at the same time.
Is this too hard to do for Zerodha? The first two conditions are literally meeting your requirements for liquidity.
We have been a little conservative in our approach to ensure we don’t cause any off-priced trades leading to large losses for any of our clients.
That said, we are in the process of standardising the requirements to allow market orders for all index options, this will cover BANKEX too. Should be done by the end of next week. You wouldn’t need to ask to allow market orders for any existing or new index contracts once this is done.
Additionally, BSE has now added MPP (Market price protection) to their orders, this gives us more room to allow more market orders.
3 Likes
2 things to note, especially for the scenario → exiting the positions
- If I place system sl order, random spike just hits and order gets triggered unwantedly, so I can’t use this
- Assume I keep the order window ready with all the details, the price comes to 75 and exit is 80. So I am ready with 82 limit in the order window, I see after hitting 80, I punch limit 82, the order fills partially and the price continues to move ahead causing more losses
Hence this is getting tough for me personally. If possible please enable at the earliest atleast for the atm +/- 400 points strikes alone. They are fairly liquid and I’m trading every monday
Should I try with some other price say 100? I find it uncomfortable entering such a price difference personally