Why is my order rejected stating, "The strike price is beyond the allowed intraday execution range. Either place Intraday order within range (Upper range - ₹<amount> & Lower range - ₹<amount>) or try with Overnight"?
This rejection message appears when the strike price of your order is outside the permissible intraday execution range. Here's a detailed explanation:
- Allowed Intraday Execution Range: The range within which you can execute intraday orders is restricted to ensure market stability. The range varies based on the type of option:
- Index Options: 15%
- Stock Options: 10%
- MCX Options: 20%
- Upper and Lower Range Limits: The message specifies the upper and lower range limits for the strike price. If your order's strike price is outside these limits, it will be rejected.
- Intraday vs. Overnight Orders: You have the option to either adjust your intraday order to fall within the specified range or place an overnight order, which is not restricted by the same intraday execution range limits.
For example, if the upper range for your strike price is ₹2000 and the lower range is ₹1800, and your order's strike price is ₹2100, you will need to adjust it to be within ₹1800-₹2000 for intraday execution or place it as an overnight order.