How to place a smart limit order in FYERS?

How to place a smart limit order in FYERS?

A smart limit order is an advanced limit order that allows you to set a custom expiry time and choose what happens if the order is not executed by then. It also includes market price protection (MPP) to avoid undesirable execution prices.

You can select the end action for the smart limit orders:
  • Convert to market: Converts to a market order at the expiry time if not executed.
  • Cancel the order: Cancels the order at the expiry time if not executed.
Like regular limit orders, you buy below the last traded price (LTP) and sell above it. If you want to buy above LTP or sell below LTP, place a smart limit order (trigger).

For example, you want to buy 1000 shares of XYZ Ltd. at ₹100 with these settings:
  • Expiry time: 3:00 PM
  • Action: Convert to market
  • MPP: 3%
If the order isn’t filled by 3:00 PM, it converts to a market order. MPP ensures the execution price doesn’t exceed ₹103.

Steps to place a smart limit order in FYERS:
  1. Select the scrip from your watchlist or use the smart symbol search.
  2. Click buy or sell.
  3. In the order window, select the 'smart' tab.
  4. Choose 'smart limit order'.
  5. Enter your desired:
    1. Quantity
    2. Limit price
    3. End time
    4. Action at end time: 'convert to market' or 'cancel order'
    5. MPP: enter manually or select 'auto'
  6. Click 'start' to place the order.
You can view your smart order under 'working' in the orders section.

For a detailed view, refer to the video below.



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