Squaring off our position based on underlying spot price

[anandakr1]

Hi.. can we have sq off our options buy or sell position when the spot is reaching some pre determined level.. bez many a times, option price gives SL and then move in our direction.. but we may have pre determined levels, for ex pivot points etc etc, ..

So, if those points are reached, the positions bought or sold need to be sq off..

For buying, this is there, as trigger price.. but for squaring off, i didn’t find one..

[t7support]

You can do this in couple of different ways

Use basket order ATO - add exit orders in the basket and set the trigger at your preferred stop price.

Guide on Basket Orders with Auto Trigger Feature on Dhan

Use TradingView webhooks to trigger basket or exit orders directly

Introducing: Now execute your Basket Orders via webhooks on Dhan charts

Hello @cookoo, For SL, you can place an alert at SL price level in addition to your exit alert on Trading View to trigger your sell basket. In this way, you can use one single basket for exiting a trade at both target and stop loss, whichever hits first.

Webhooks.pdf

[Mohseen_Usmani]

Hi @anandakr1, welcome to MadeForTrade!

Yes, you can do this via basket trigger order, just add the position which you want to square of and set a trigger on the index or stock and this once triggered your basket will be executed. PFA screenshot for reference.

[nitishbangera]

@Mohseen_Usmani I believe the Trigger is fixed. Can we change the trigger to a Future which we can select based on the monthly contract?

[nitishbangera]

@Mohseen_Usmani Any thoughts?

[PravinJ]

Hi @nitishbangera Yes, you can change that trigger based on any scrip.