Can I place a trailing stop-loss in FYERS?

Can I place a trailing stop-loss in FYERS?

Yes, you can use the Smart Trail feature in FYERS to place a trailing stop-loss. This feature helps you manage risk by automatically adjusting your stop-loss as the market moves in your favour, while also allowing you to define a target price. Smart Trail is an advanced order type in FYERS that allows you to:
  1. Set a trailing stop-loss which moves as the price moves in your favour.
  2. Define a target price to book profits at a specified level.
  3. Automate trade management without the need for manual adjustments.
For example, if you buy shares at ₹100:
You set a target at ₹120.
You set a trailing stop-loss with a trailing gap of ₹10.
If the price moves to ₹110, your stop-loss adjusts to ₹100. If the price reaches ₹120, your target will trigger. If the price reverses before hitting the target, the trailing stop-loss will protect you by exiting at the adjusted stop level. 

For detailed information on how Smart Trail works, refer to this blog.

Notes:
  1. Smart Trail is available under Smart Orders in FYERS.
  2. You can set both a target and a trailing stop-loss in a single order.
  3. The trailing stop-loss only adjusts when the price moves in your favour.
  4. Not applicable for regular stop-loss market (SL-M) or limit orders.

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