Just a few weeks back (August 2) we launched Iceberg Orders on Dhan specially to help traders & investors who are executing large orders on exchanges in large quantities. You can read the full post here for same: Introducing Iceberg Orders: Now slice and execute large orders on Dhan
We were surprised with the adoption of Iceberg orders, and started getting feedback on the same from our users. Happy to inform that we have incorporated the most of what we received from our users, and sharing some of the key enhancements to already awesome Iceberg Orders:
Now slice your Iceberg Orders on Dhan in up to 99 trades (earlier this was limited to 10)
All Iceberg Orders are Instant Orders: Donât miss out the time-priority for execution on exchanges with Dhan.
Auto-adjust for Freeze Limits: Options Traders, now never worry about the quantity / lots and the changes to it with respect to Freeze Limits.
Auto-Slice & Exit Large Positions: Already have taken large positions? When you exit this - from Order Window or Manage Positions, Dhan will automatically slice it and adjust for large quantities instantly with Iceberg. No need to manually adjust for these while exit.
For quick recall,
Iceberg Orders on Dhan are automatic, there is no separate order type that is required. Whenever the Iceberg option is eligible, you will see the feature available automatically.
For Equity: Quantity should be >100 or the order value should be more than INR 25,000
For Futures & Options: Lot size should be more than 5
Hope you will love these enhancements to Iceberg orders, specially if you trade in large quantities and lots in the Equity and/or Options segment.
Does this mean that all sliced up orders are placed instantly on the market and visible to other users ? Typically for Iceberg orders, the sliced up orders are put in a queue and the order at the front is only placed in the market and visible to other users. Subsequent orders get placed and get visible one by one after the first one is executed in the market. Hence the name âIcebergâ as you mentioned in your introductory iceberg post. Did something change in the new release ?
Thanks for bringing this up, intelligent question⌠yes, we built our own version of Iceberg based on feedback we received and usage of traders
Yes - if you queue as Iceberg, orders go one by one - then time priority is lost for execution - just sequencing happens. About disclose quantity, we turn it off when orders are sent for execution, so it goes as small quantity order. Everything gets achieved with that. Traders need fast execution and time-priority for orders - so we let you choose Iceberg across Market, Limit or Trigger. It doesnât matter, you see this option if its eligible.
Thanks @PravinJ. Just noted on mobile. The iceberg leg count cannot be modified in app. It is possible in web version. Please add the customisation possibility to app as well.
On Mobile app, we are observing the behaviour. For now, when the quantity goes beyond the freeze limits - the number of legs becomes un-editable, when less than that, you can edit.
Thanks @PravinJ. It seems the iceberg orders are sliced and placed simultaneously on the market and not sequentially. Tried in mobile app and this is the behaviour seen.
Yes, they all are sliced and placed Instantly now.
Iceberg (of exchange format) is used by institutional players, but then they are largely for exceptionally high volume of orders in equity cash segment. In many cases, one that day - their order size will be as high as 10-20% of all activity. This isnât case for our users - they are retail traders. We spoke to users, and this works with most users (almost 100% of them) always in all scenarios, specially the time priority and automation for freeze quantity to quickly take positions and exit, and purely from trading perspective.
Let me know if you have any further feedback on this, from an implementation perspective like all other features we keep on improving all our products / features continuously, its never launch and forget.
For order slicing, we have some more ideas that are being evaluated by us. Yes, so all feedback helps
Thanks @PravinJ. It may be helpful if you can give a setting to sequence the slices and hide so that user has an option to stick with the typical implementation of Iceberg.
Is this feature available for basket orders? I tried creating a basket containing 55 lots of Nifty options, both buy and sell, but didnât find this option in the order window. In this case, as itâs above the freeze quantity, will it get automatically sliced?
My question is the same, is this available for basket orders ? As I trade more than 100 lots in Nifty options in the form of hedged strategies (for reduced margins).
âall sliced and placed Instantly nowâ which means itâs with different order ids right?
Is there a way we modify any 1 sliced order (modify price), which eventually modifies all the remaining sliced order prices (Limit/SL Trigger & Limit)? Or do we have to go to each sliced order individually and do the price modification?
Yes - all of them are different order ids. When you take a position, you do have option to exit all in single click - so no need to exit legs individually.
Not sure if I get this, but I will suggest trying manage position experience on Dhan - it build for all such scenarios. You can set target, or stop loss or trailing stop loss to a position.
BUY Trade entered at Rs 100 - 100 Lot (Exec successfully, & not bothering how many partitions here)
Now Placing SL Sell Order of Rs 80 - 100 Lot ( 10 partitions )
CMP: 180 Rs
Want to Change SL Order to Rs. 150
So here, As itâs of 10 different orderâs in the order book, I might need to modify SL Price for 10 partitioned orders individually right?
A quick turnaround thought is, Canceling the pending SL order and Placing new SL order with an updated price will solve here, but I am asking if is there a way to modify 1 partition updates pending partition.
PS: Zerodha has orderTag â so basically from API we are filtering with tag & modifying all prices of similar orders.
