FYERS offers four types of Smart Orders, each designed to automate a specific trading or investment activity.
| Smart Order Type | How It Works |
|---|---|
| Smart SIP | Automates recurring stock purchases at daily, weekly, or monthly intervals based on your selected schedule. |
| Smart Trail | Automatically adjusts the trailing stop-loss when the market moves in your favour, based on predefined conditions. |
| Smart Step | Places incremental buy or sell orders at predefined price intervals using the configured quantity per step. |
| Smart Limit | Automatically converts the unexecuted quantity to Market or cancels it at the configured End Time. |
For more information, refer to this article
Smart Orders are available in supported Equity Cash and Equity Futures & Options (F&O) segments on NSE and BSE. They are not supported in Commodity Derivatives segments under the current eligibility rules.
| Exchange | Segment | Availability |
|---|---|---|
| NSE | Equity Cash | Supported |
| NSE | Equity F&O | Supported |
| BSE | Equity Cash | Supported |
| BSE | Equity F&O | Supported |
| NSE | Commodity Derivatives | Not supported |
| MCX | Commodity Derivatives | Not supported |
Smart SIP (Systematic Investment Plan) is available only in the Equity Cash segment. It allows you to automate recurring stock purchases at daily, weekly, or monthly intervals.
Smart SIP supports Delivery/Overnight and eligible Margin Trading Facility (MTF) purchases. It is not available for Intraday orders.
Smart SIP orders are also subject to applicable price protection, market conditions, available funds or margin, and instrument-level restrictions.
For setup instructions, refer to this article
If you create a Smart SIP after its scheduled execution time, its first order is scheduled for the next applicable trading day or SIP date.
Example: You create a daily Smart SIP at 11:00 AM with an execution time of 10:30 AM. Since the scheduled time has already passed, the first order will be placed at 10:30 AM on the next trading day.
However, if you select Execute the First SIP Immediately, the first instalment is submitted during the current trading session, subject to applicable market hours and order conditions.
If a scheduled Smart SIP date falls on a Saturday, Sunday, or exchange-declared market holiday, the order is scheduled for the next trading day.
Example: You schedule a monthly Smart SIP for the 1st of every month. If the 1st falls on a Sunday, the SIP order will be placed on Monday, provided the market is open.
If Monday is also a market holiday, execution will move to the next available trading day.
Smart Step and Smart Limit orders are valid for the trading day on which they are placed. Their execution and expiry depend on the configured order conditions.
Smart Step places orders at predefined price intervals using the configured price direction and quantity per step.
Example: You place a Smart Step order for 100 shares with 10 shares per step. If only 50 shares are executed before the order expires, the remaining 50 shares will be cancelled.
For more information, refer to this article
Smart Limit allows you to configure an End Time and choose what happens to the remaining unexecuted quantity when that time is reached.
Example: You place a Smart Limit order for 100 shares and select Cancel at the End Time. If 60 shares are executed before that time, the remaining 40 shares will be cancelled.
For more information, refer to this article
To understand other order validity options, refer to this article
Market Price Protection (MPP) is a risk-control mechanism that helps prevent excessive slippage when an order is submitted for market execution. Slippage is the difference between the expected price and the actual execution price.
MPP applies a system-defined protection range around the Last Traded Price (LTP) and restricts execution beyond the permitted price.
For detailed information, refer to this article
Smart Orders cannot be placed as After Market Orders (AMO) under the stated Smart Order restrictions. New Smart Orders must be placed during the applicable market hours.
Smart SIP follows a different execution mechanism because it supports recurring schedules. Once a Smart SIP is created, its instalments are scheduled for their respective trading dates and times, subject to applicable execution conditions.
To understand standard after-market scheduling, refer to this article
| Scenario | Solution |
|---|---|
| Smart Order is unavailable for a stock or contract | Check whether the instrument is eligible and whether exchange or risk-management restrictions apply. |
| Smart SIP is created after its scheduled time | The first instalment follows the next applicable schedule unless Execute the First SIP Immediately is selected. |
| Smart SIP date falls on a weekend or market holiday | The order is scheduled for the next trading day. |
| Smart Step is partially executed | The executed quantity remains filled, while the remaining quantity is cancelled when the order expires. |
| Smart Limit reaches its End Time | The configured Convert to Market or Cancel action applies to the remaining unexecuted quantity. |
| Market price exceeds the MPP range | The order may remain unexecuted because the available price is outside the permitted protection range. |
| Smart Order placement is attempted outside market hours | New Smart Order placement is restricted outside applicable market hours. Existing Smart SIPs follow their scheduled execution conditions. |