How to Use ROBO Order in Angel Broking
ROBO Order is a type of multi-leg order used in intraday trading that allows to place two or more orders along with the original order. Among the other two orders, one of the orders is set to return at specified price and the other is set to trail stop loss at cost to minimize the loss.
For example, you buy the shares of a company TCS at Rs.200. You then wish to sell it to Rs.250. However, you also want to minimise your loss in any uncertain condition. Thus, by using the Robo order, you can place the original buy order at Rs.200. Simultaneously, you can also place two other orders- the sell order at Rs. 250 and the stop-loss order within the given price range. Once the original order gets triggered, the status of the other two orders changes to Pending. These pending orders get executed when any of these conditions get met. All these orders are the intraday orders and expire at the end of the trading session.
If you want to use Robo Order facility then you need to open your account with Angel broking.
What is Trailing Stop loss in Robo Order?
Trailing Stop loss is a type of stop loss order which helps in risk and trade management. It helps to minimize risk by a specific point at which your trade should be closed if the price moves against you. Trailing stop loss order adjusts stop price at a fixed number of points below or above the market price of a stock.
How to place Robo Order in Angel Broking?
Follow the below mention steps to use Robo order in Angel Broking.
1. Select the desired share for intraday trading.
2. Click on 'Buy/Sell ‘to place the main order.
3. Go to the Advance trade and click on ‘Robo Order’
4. Enter the quantity.
5. Select the order type as 'Limit/Market' as desired. Enter the price at which you want to buy in case of a limit order.
6. Enter the 'Target price ‘at which you want to book your profit.
7. Give the Stop loss trigger and price to limit the losses.
8. Enter the trailing stop loss trigger price and jump price (optional). The trailing stop loss feature from Robo order helps to earn maximum profit by minimizing the risk.
9. Click on submit button to place your order.
Features of Robo Order
• Easily placed in intraday trades
• It is a 3-leg order where you can place three orders simultaneously
• You can place LIMIT order followed by a Target and a stop loss order
• Save your time you need not to keep a track on market movements all the time
• It provides you the trailing stop loss feature to minimize your losses
Also Read: Types of Orders in Trading