MIS stands for Margin Intraday Square-off. It is a product type in FYERS Next that enables intraday trading with additional margin benefits. Using MIS, you can take larger positions with reduced capital, but all open positions must be closed on the same trading day.
Key Features of MIS Orders
- Leverage: Up to 5x margin on eligible instruments.
- Intraday only: All MIS trades must be squared off by 3:15 PM.
- Auto square-off: The system will close any open MIS position automatically near market close.
- Higher risk: Increased exposure can amplify both profits and losses.
Example
Suppose a trader wants to buy 100 shares of Reliance at ₹2,000 per share (₹2,00,000 total):
- Under MIS, only ₹40,000 (20% of ₹2,00,000) is required with 5x leverage.
- The shares must be sold before 3:15 PM the same day.
- Any intraday price movement affects the full position size.
- In FYERS Next: The product type is displayed as MIS.
- In FYERS (Web and App): The same function appears under intraday.
What If...
| Situation | Resolution |
|---|
| Forgot to square off before 3:15 PM | System will automatically square off the open MIS position. |
| Facing a margin shortfall intraday | There is a risk of early square-off by the risk management system. |
| Want to carry position overnight | Choose CNC or Margin instead of MIS. |
MIS orders are useful for active intraday traders looking for additional leverage. However, monitor your positions closely, as all MIS trades must be closed the same day.
Last updated: 19 Nov 2025
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