Bracket Order in FLIP

“Bracket Orders” are a type of Intraday Order that allows traders to set a Stop-Loss Order and a Target Order simultaneously when entering a Position. It is designed to “Bracket” your Initial Order. Hence, there will be two (opposite side) orders placed with the initial order. The Stop-Loss Order is designed to limit potential losses in the event that the market moves against your Position, while the Target Order represents your profit-taking level.

Using a Bracket Order, you can set both the Stop-Loss and Target Price levels in advance, which helps manage risks and potentially increase the chances of success of trades. Since Bracket Orders are an Intraday Product, they are auto squared-off at the end of the day and cannot be carried forward.

How to place Bracket Order

To place a BO Order, follow these steps:

Open the Order Placement Page for the security you wish to buy or sell.
Choose/enter the “Exchange”, “Order Type”, “Quantity” and “Entry Price”.
Enable the “Bracket Order (BO) Toggle”.
Enter your “Target Price” and “Stop-loss Price”. Ensure that they are within the Daily Price Range.
Select the Time Condition as “Day”.
Click the “Review Order” Button to re-check your order details.
After confirmation, click the “Place Order” Button. Your order will be sent to the exchange.

Please Note: Bracket Orders are Day orders and cannot be placed as GTD (Good Till Date) orders. Optional- Enable the Trailing Stop-loss option to automatically modify the stop-loss based on favorable price movements.

How to Modify Bracket Order

Modification of Bracket Order before the Initial leg is Executed.

Go to he “Open Order Book”.
Find the group of Three Open Bracket Order Legs.
Click on any of the legs to open the Order Summary.
Click the “Modify” Button at the bottom of the screen.
Make the desired changes to any or all of the legs of the Bracket Order in the initial order page.
Click the “Review Order” Button and then “Place order”.
You will receive a confirmation of your Modified Order.
The modification is complete once you receive the Confirmation.
You can also go to the “Order Log”, which is part of the Order Summary Page, to confirm the modification.

2) To modify the take profit or stop loss order of a bracket order after the main order has been executed.

Go to the “Open Order Book”.
Find the group of Two Open take Profit or Stop-loss Orders.
Click on any of the legs to open the Order Summary.
Click the “Modify” Button at the bottom of the screen.
Make the desired changes to either both or one of the take Profit or Stop-loss Orders in the initial order page.
Click the “Review Order” Button and then “Place order”.
You will receive a confirmation of your Modified Order.
The modification is complete once you receive the Confirmation
You can also go to the “Order Log”, which is part of the Order Summary Page, to confirm the modification.

How to Cancel Bracket Order

A “Bracket Order” can only be Canceled before the Initial Order of the Bracket Order is executed. Once the initial order is executed, there is no option to cancel the Take Profit and Stop-loss Orders. However, the trader will have the option to modify these orders. If the trader closes the Open Position of the executed leg, the take Profit and Stop-loss orders will automatically be “Canceled”.

To Cancel a Bracket Order, Follow these steps:

Go to the “Open Order Book”.
Locate the group of Three Bracket Order Legs that you want to Cancel.
Click on any of the legs to open the Order Summary.
Click the “Cancel Order” Button at the bottom of the screen
Confirm that you want to “Cancel” all legs of the Bracket Order in the Confirmation page.
The entire Bracket Order will be canceled and you can view the Canceled Order in the closed order section with a status of “Canceled”.

Please Note: It’s important to note that you can only Cancel all legs of the Bracket Order or Modify the order, you cannot cancel individual legs.

How to Cancel BO Take profit & SL leg by Squaring off the Open B Position

If you have an executed “Bracket Order” and want to cancel the Take Profit and Stop-loss Orders, the only option is to Square Off the Open Position. To do this, follow these steps:

Go to the “Position” page from the “Portfolio” tab.
Click on the security you want to Square Off to open the Position Summary.
Click on the “Square Off” Button.
Confirm the Square Off.
Once you Confirm the Order, one leg of the Bracket Order will be modified to a Market Order and will be executed immediately, while the other leg will be Canceled.
You can view the status of both orders in the “Closed Order Book.”