How to Use EXECUTE, EXIT, CANCEL, and MODIFY in Different Scenarios
📌 How to Use EXECUTE
, EXIT
, CANCEL
, and MODIFY
in Different Scenarios
Your trading system supports various execution methods, including:
✅ Market & Limit Orders (Above/Below Buy & Sell)
✅ Order Modification (Changing price, quantity)
✅ Order Cancellation (Cancel before execution)
✅ Exit Methods (Stoploss, Target, Manual Exit)
✅ Trailing Stoploss (Dynamically adjusting SL as price moves)
I’ll break down each scenario with detailed examples. 🚀
🔹 1️⃣ EXECUTE Order (New Trade Entry)
This places a BUY or SELL order in different conditions.
✅ Scenario 1: Execute a Market Order (Immediate Buy/Sell)
Order Placed:
✅ This will place an instant market order at the current price.
✅ Scenario 2: Execute a Limit Order (Buy Below or Sell Above)
Buy NIFTY at 19750 when price drops
Sell BANKNIFTY at 44200 when price rises
✅ These orders wait until the price hits the specified level before executing.
🔹 2️⃣ MODIFY Order (Change Price or Quantity)
Modify an existing order before execution.
✅ Scenario 1: Modify Order Price
Change NIFTY order price from 19750 → 19740
✅ This updates the pending order’s price.
✅ Scenario 2: Modify Quantity
Increase quantity of an open order from 1 to 2
✅ This updates the order size.
🔹 3️⃣ CANCEL Order (Stop a Pending Order)
Cancel an open order before execution.
✅ Scenario 1: Cancel a Pending Order
✅ If the order hasn’t executed yet, it gets removed.
🔹 4️⃣ EXIT Order (Close an Open Position)
Exit an already executed trade.
✅ Scenario 1: Exit Manually
✅ This closes the trade at the current market price.
✅ Scenario 2: Exit When Stoploss is Hit
If an active trade hits stoploss, it automatically exits.
Example:
- Buy NIFTY at 19800 with Stoploss 19750
✅ If the price falls to 19750, the trade exits automatically.
✅ Scenario 3: Exit When Target is Hit
If an active trade hits target, it automatically exits.
Example:
- Buy BANKNIFTY at 44100 with Target 44200
✅ If the price reaches 44200, the trade exits automatically.
🔹 5️⃣ Trailing Stoploss (TSL)
Trailing Stoploss adjusts dynamically as price moves in favor.
✅ Scenario 1: Set Trailing SL for a Buy Trade
- Buy NIFTY at 19800
- Trailing Stoploss moves up every 10 points
How it works:
Price | Stoploss Moves To |
---|---|
19800 | 19750 |
19810 | 19760 |
19820 | 19770 |
✅ If price drops to the trailing stoploss, it exits automatically.
✅ Scenario 2: Set Trailing SL for a Sell Trade
- Sell BANKNIFTY at 44200
- Trailing Stoploss moves down every 20 points
How it works:
Price | Stoploss Moves To |
---|---|
44200 | 44250 |
44180 | 44230 |
44160 | 44210 |
✅ If price rises to the trailing stoploss, it exits automatically.
🎯 Summary of All Scenarios
Action | Example | Status |
---|---|---|
EXECUTE (Market Order) | Buy NIFTY at Market Price | ✅ |
EXECUTE (Limit Order BELOW) | Buy NIFTY at 19750 | ✅ |
EXECUTE (Limit Order ABOVE) | Sell BANKNIFTY at 44200 | ✅ |
MODIFY Order | Change price from 19750 → 19740 | ✅ |
MODIFY Quantity | Increase from 1 to 2 | ✅ |
CANCEL Order | Remove pending order before execution | ✅ |
EXIT Manually | Close trade at market price | ✅ |
EXIT at Stoploss | Exit Buy at 19750 | ✅ |
EXIT at Target | Exit Buy at 44200 | ✅ |
Trailing Stoploss (BUY) | SL moves up every 10 points | ✅ |
Trailing Stoploss (SELL) | SL moves down every 20 points | ✅ |