How to Use EXECUTE, EXIT, CANCEL, and MODIFY in Different Scenarios
π How to Use EXECUTE
, EXIT
, CANCEL
, and MODIFY
in Different Scenarios
Your trading system supports various execution methods, including:
β
Market & Limit Orders (Above/Below Buy & Sell)
β
Order Modification (Changing price, quantity)
β
Order Cancellation (Cancel before execution)
β
Exit Methods (Stoploss, Target, Manual Exit)
β
Trailing Stoploss (Dynamically adjusting SL as price moves)
I’ll break down each scenario with detailed examples. π
πΉ 1οΈβ£ EXECUTE Order (New Trade Entry)
This places a BUY or SELL order in different conditions.
β Scenario 1: Execute a Market Order (Immediate Buy/Sell)
Order Placed:
β This will place an instant market order at the current price.
β 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
β These orders wait until the price hits the specified level before executing.
πΉ 2οΈβ£ MODIFY Order (Change Price or Quantity)
Modify an existing order before execution.
β Scenario 1: Modify Order Price
Change NIFTY order price from 19750 β 19740
β This updates the pending orderβs price.
β Scenario 2: Modify Quantity
Increase quantity of an open order from 1 to 2
β This updates the order size.
πΉ 3οΈβ£ CANCEL Order (Stop a Pending Order)
Cancel an open order before execution.
β Scenario 1: Cancel a Pending Order
β If the order hasnβt executed yet, it gets removed.
πΉ 4οΈβ£ EXIT Order (Close an Open Position)
Exit an already executed trade.
β Scenario 1: Exit Manually
β This closes the trade at the current market price.
β Scenario 2: Exit When Stoploss is Hit
If an active trade hits stoploss, it automatically exits.
Example:
- Buy NIFTY at 19800 with Stoploss 19750
β If the price falls to 19750, the trade exits automatically.
β Scenario 3: Exit When Target is Hit
If an active trade hits target, it automatically exits.
Example:
- Buy BANKNIFTY at 44100 with Target 44200
β If the price reaches 44200, the trade exits automatically.
πΉ 5οΈβ£ Trailing Stoploss (TSL)
Trailing Stoploss adjusts dynamically as price moves in favor.
β 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 |
β If price drops to the trailing stoploss, it exits automatically.
β 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 |
β If price rises to the trailing stoploss, it exits automatically.
π― Summary of All Scenarios
Action | Example | Status |
---|---|---|
EXECUTE (Market Order) | Buy NIFTY at Market Price | β |
EXECUTE (Limit Order BELOW) | Buy NIFTY at 19750 | β |
EXECUTE (Limit Order ABOVE) | Sell BANKNIFTY at 44200 | β |
MODIFY Order | Change price from 19750 β 19740 | β |
MODIFY Quantity | Increase from 1 to 2 | β |
CANCEL Order | Remove pending order before execution | β |
EXIT Manually | Close trade at market price | β |
EXIT at Stoploss | Exit Buy at 19750 | β |
EXIT at Target | Exit Buy at 44200 | β |
Trailing Stoploss (BUY) | SL moves up every 10 points | β |
Trailing Stoploss (SELL) | SL moves down every 20 points | β |