We just changed the Stop Loss leg of the Good Till Trigger order (GTT). Stop Loss (as a Market Order) is currently not permitted at the exchange level. As a result, we have designed a Market Price Protection (MPP) that essentially transforms a Stop Loss trigger into an SL-Limit order.
To review, here is an illustration:
Let's say that the price of an option on the BankNifty 42500 CE is 1000. You place a GTT order with the following three values if you wish to execute a GTT order with the buy primary leg at 950 and the sell stop-loss order at 900:
Primary leg limit= 950
Target limit price = 1050
Stop Loss = 900 (with a default 3% MPP, your stop loss range becomes 873 to 900)
Once your entry leg has been successfully completed, our system will build the target leg and stop loss leg over here.
In the case of a stop loss leg, since the exchange does not accept Stop Loss Market orders as a product type, we instead place a Stop Loss Limit order with 900 as the trigger price and 873 as the limit price (3% of Stop Loss trigger price).