What is a Smart Limit Order?
A Smart Limit Order is an advanced type of limit order that allows users to set custom expiry times and actions, ensuring the expected execution of the order. It includes features like Market Protection Price (MPP) to safeguard against undesirable execution prices. There are two types of Smart Limit Orders:
Convert to Market: This type of Smart Limit Order converts the limit order to a market order at the specified expiry time, ensuring the order is executed at the best available price in the market.
Cancel the Order: This type cancels the limit order at the specified expiry time if it has not been executed, preventing any unwanted executions after the expiry time.
The condition is similar to a regular limit order, where you buy below the Last Traded Price (LTP) and sell above the LTP. If you wish to buy above the LTP or sell below the LTP, you need to place a Smart Limit Order (Trigger).
Example:
Suppose you want to buy 1000 shares of XYZ Company at a limit price of ₹100 per share. You set a Smart Limit Order with the following details:
At 3:00 PM, if your order hasn't been executed at or below ₹100, it will automatically convert to a market order and be executed at the best available price. The Market Price Protection ensures the execution price does not exceed ₹103(which is 3% above ₹100).
Related Articles
How to place smart limit order on Fyers Web?
To place a Smart Limit Order on FYERS Web, follow these steps: Select a scrip and go to Buy/Sell. In the order window, find and click on the 'Smart' tab to access advanced order types. Choose 'Smart Limit Order'. Enter the required inputs: Quantity: ...
How to place a Smart Limit Order on Fyers App?
To place a Smart Limit Order on the Fyers App, follow these steps: Select a scrip and tap on Buy/Sell. In the order window, tap on the 'Smart' tab to access advanced order types. Choose 'Smart Limit Order'. Enter the required inputs: Quantity: Enter ...
How to place a Smart Step order in FYERS?
To place a Smart Step order in FYERS, follow these steps: Go to the ‘Order Window’ for the scrip you want to trade. Click on Smart Step. In the next screen, select the Smart tab and choose Smart Step. Set the following parameters: Total Quantity: The ...
How to place a Smart Trail order?
To place a Smart Trail order in FYERS, follow these steps: Once you have an open position, go to the ‘Positions’ section. Click on the position you want to place the Smart Trail for and select Exit. Go to the Smart tab and click on Smart Trail. Enter ...
How do I place a Smart Exit order in FYERS?
To place a Smart Exit order in FYERS, follow these steps: After your order is executed, go to the ‘Positions’ tab. Click on the Smart Exit icon above your open positions on the left. Click on ‘Create Smart Exit’. Choose ‘Alert with Exit’ (to ...