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Conditional Orders

  • Updated

What conditional orders do:


They allow you to automate buy/sell triggers based on market price movements—ideal for setting cut-loss levels, breakout buys, profit-taking, and unattended trade execution.

A Conditional Order requires three important inputs:

  • Trigger Price is the price that must be reached by the stock before the order is submitted to the Exchange for execution.
  • Limit Price is the price at which you want to fill your order, or better.
  • Expiry is the length of time you are willing to wait for the stock to hit your trigger price. The expiry may be DAY, GTW or GTM.

Basically, your order is held in the system of FirstMetroSec until the price of the stock reaches the Trigger Price you set. Once triggered, your order will be sent to the Exchange for execution at your specified Limit Price or better.

How to Use Conditional Orders:

  1. Trade>New Order
  2. Select Conditional Order type
  3. Fill Trigger, Limit, Expiry
  4. Click Buy/Sell
  5. Confirm with password
  6. After Triggering: The system posts a Limit Order.

Status of the triggered order/s can be viewed on the VIEW ORDERS tab.

Status:

                      O – Open: posted order

                      PF – Partially Filled: partial volume has been matched

                      C – Cancelled

                      F – Filled: matched order

                      R – Rejected

                      Q – Queued: prompts before order is processed

                      PRC – Processing: order is being set to/acknowledged by the exchange

 

Types of Conditional Orders:

  1. Stop-Limit Order – Activates when price reaches or crosses a trigger; used for cut-loss or catching a breakout.
    • Buy: activates when price goes up to trigger
    • Sell: activates when price goes down to trigger


      Example (SELL - Cut Loss):
      STOP TRIGGER: 47
      STOP LIMIT PRICE: 46
      Expected Result: When price hits 47, the system posts a Sell Limit at 46.

      Example (BUY - Breakout):
      STOP TRIGGER: 105
      BUY LIMIT PRICE: 106
      Expected Result: When price hits 105, the system posts a Buy Limit at 106.

  1. Limit-if-Touched (LIT) – Activates opposite of Stop-Limit; good for profit-taking or buying dips.
    • Buy: activates when price goes down to trigger
    • Sell: activates when price goes up to trigger

   Example (BUY LIT - Buy the Dip):
    LIT TRIGGER: 85
    LIT LIMIT PRICE: 86
    Expected Result: When price hits 85, system posts Buy Limit at 86.

    Example (SELL LIT - Take Profit):
    LIT TRIGGER: 100
    LIT LIMIT PRICE: 99
    Expected Result: When price hits 100, system posts Sell Limit at 99.

  1. Order-Cancels-Other (OCO) – A pair of orders; whichever triggers first cancels the other.
    • Available on PRO and GO

     Example:
      Take Profit (LIT): Trigger 60, Limit 59
      Cut Loss (Stop): Trigger 47, Limit 46
      Expected Result: Whichever level is hit first executes.

 

  1. Order-Triggers-Other (OTO) – When the primary order is filled, a secondary order activates.
    • Available on PRO and GO

     Example:
      Buy @ 100
      Take Profit (LIT): 110/109
      Cut Loss (Stop): 95/94 Expected Result: After Buy fills, exits activate.

 

  1. OTOCO Order (Order-Triggers-a-One-Cancels-the-Other)

A sophisticated conditional order combining OTO + OCO. Once the primary order is executed:

  • An OCO pair (Stop-Limit + LIT) activates
  • Once one executes, the other auto‑cancels
  • Available on PRO only

 

Key steps to enter an OTOCO:

  1. Go to STOCKS > TRADE or QUICKTRADE
  2. Set Type = OTOCO
  3. Fill primary & secondary order prices, triggers, and expiries
  4. Confirm with password
  5. Track status under Conditional Orders tab Statuses include Triggered (T), Pending (P), Rejected (X), etc.