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VERSION_1_PRD
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Default Portfolio Settings
You can select any Option tradable symbol here. Once you start typing, it will suggest you with the exact exchange symbol. Eg NIFTY, BANKNIFTY, ACC etc.
This drop down will contain all the expiries for the selected symbol. This is just to select a default expiry so that you need not to fill expiry for every strike.
Default value to Lots which will be prefilled in the Legs. This will only be utilized to fill the leg’s default lots only. For Execution purposes this value doesn’t matter.
This drop down will contain the most commonly used options strategies. Select the appropriate strategy and Bridge will populate the desired strikes automatically based on the strategy.
After selection of the strategy legs, If you wish, you can change the leg details like strike, expiry, CE / PE etc.
For strike selection, right now there are three options available which are explained below. However in the future we have plans to add a few more types of strike selections.
This will be dynamic and strikes will be changed at the time of execution depending upon underlying pricing.
This will be helpful in cases where few legs you want to be relative alik ATM + 100 and few are as per strike like 17100.
Different traders have different needs. Some use Future and some use Spot as underlying. Here you can specify which you wanted to use as underlying.
Bridge allows you to select different price types depending upon your strategy / requirements. There are three options right now as explained below.
Depending upon your selection, Bridge will use the same type of price everywhere from calculating current value to checking Stop Losses / targets or for placing limit orders.
Here it is important to note that few brokers don't provide 5 depth data rather they just provide Best Buy / Best Sell. So in that case this will work like BidAsk.
Here you can specify the strikes you want to select. For example if you wanted to use only 100 strikes for NIFTY then you can enter 100 here. If you want to use only 500 strikes then you can enter 500 here.
How it works: Suppose the selected Symbol is NIFTY and current underlying price is 17820.
Case 1: Strike step is 200, now in this case nearest rounding to 200 will be 17800 which will become ATM and ATM + 1 will be 18000 and ATM-1 will be 17600 as it will use a stepping of 200.
Case 2: Strike step is 150, now in this case nearest rounding to 150 will be 17850 which will become ATM and ATM + 1 will be 18000 and ATM-1 will be 17650 as it will use a stepping of 150.
Likewise for every script, you can use your desired stepping value which will select strikes only in multiplication of stepping value.
To get better margin benefits, For Entry Orders, it is always suggested to place BUY orders first and then sell orders after some delay. Tick if you want to place Buy trades first.
This works very logically and keeps a delay of at least 1 sec between BUY and SELL Orders.
If you want to put additional delay in sell orders then you can Sell Hold Seconds under Strategy Tag grid. Remember that this will put delay in every sell order despite there being any BUY order in that portfolio or not.
In default the bridge shows 20 strikes up / down in the strike selection dropdown. However in some cases you may want to trade some far strikes as well. So if you tick here then the bridge will show up to 40 Strikes Up and Down.
Normally At The Money amount is selected using the last traded price of underlying which can be Index / Spot or Future.
However, in some cases, that may not be the right value for an ATM. If you have ticked Implied Future, then bridge will calculate the ATM as explained below.
First, It will check the Day Open Price of the underlying and it will select the ATM strike as per day open price.
Now it will apply the formula below to get the implied / synthetic ATM.
Implied ATM = ROUND( STRIKE + CE LTP - PE LTP)
Eg: Suppose underlying was NIFTY 50 and day open was at 17520, so ATM as per day open will be 17500. Now the bridge will check the current LTP of 17500 CE (75.85/-) and 17500 PE (25.80/-) and then calculate the current as per above formula.
Implied ATM = 17500 + 75.85 - 25.80 = 17550.05 which will be rounded to 17550 and if Skip NIFTY 50 was ticked then it will become 17600/-
This is a read only field showing the current combined premium as per single lot for better readability for the selected legs.
This will always show the values as per single lot only.
If you want to refresh this value, then click the Refresh Icon near the Add Leg button.
For Credit Spreads this will show value in negative.
Idle Legs will be excluded from the calculations.
This setting will be applicable for both Leg wise and Combined Target and Combined SL and their Profit Locking / SL Tailings. Settings will also be applicable on combined Profit Protection and SL Trailing as well.
Normally the bridge monitors the Target / SL on the basis of all the lots from all the legs.
If this is ticked, then this will be applicable on all the Target / Stoploss with all other related fields.
Example: suppose we are selling a short straddle with 5 lots where CE premium is 109.35 and PE premium is 89.
Now in this case the premium for the one lot is -198.35 whereas the total premium of the portfolio will become -991.75 because of 5 lots.
If you were ticked here then the bridge will treat Target / SL on the basis of 1 lot only. This can also be helpful in changing the lots without worrying to change combined Target / SL.
Now assume my Combiled SL type of Combined Premium and value is 5. In this case SL will become -203.35 and Bridge will monitor the Combined SL as per 1 lot only and whenever a single lot premium crosses this value, it will hit the SL for the whole portfolio.
Portfolio Legs Settings
This section will describe the Legs related settings.
This will show the Serial Number of the Leg which can be used On Target / On SL action to take action on other legs.
This shows the current LTP of strike. You can refresh to the latest LTP by clicking the Refresh Icon near to ‘Combined Premium ’.
Legs marked as Idle will not be executed on initial execution of the portfolio. These legs will only be executed manually or in case of any action of Target / SL for any other leg or leg’s start time.
If you have set time for the leg and if that time is more than portfolio start time then bridge will automatically mark that leg as Idle and in this case, it's time will be the execution action for the leg.
This setting you can utilize for Adjustments in case of Target / SL hit for any other leg.
You can click here to change from BUY to SELL and vice versa.
You can click here to change from CE to PE to FUT and vice versa.
Lots to execute with the Leg. It is important to remember that default lots on top will only be used to set the default value here, however this lot value will be used to place the actual order.
Depending upon Strike Selection drop down, you can see the strikes here. You can select the required strike from here. In case of FUT, this will be disabled.
If Tick, then the bridge will select the hedge leg automatically as per the hedge settings of the portfolio and will place the hedge order accordingly.
Use this only when you’re not adding any corresponding leg for hedging in regards to the current leg.
Here You can specify the Target and Stoploss for individual legs which will be applicable on the specified leg only. Software supports different types of Target and Stoploss which are described below.
If you want to specify points then just fill the value and if you want to specify in percentage then put a % sign after value Eg 1.5%.
Here the bridge expects premium in percentage or points only.
Example: Suppose for a Sell Leg you have set Target as 2% and current premium is of 200 rupees. In this case the bridge will set the Leg Target as 196 and whenever premium becomes less than or equals to 196, it will SqOff the leg.
Here you can set values in points or in percentage only like 2% or 4 as you like.
Never mention absolute value like 199 as target, If you want to give an absolute value like target is 196 then use AbsolutePremium as Type.
As mentioned in the above point, here you can mention the absolute value only for your target. Enter value carefully.
Example: Suppose for a Sell Leg which has a current premium of 200 rupees. In this case you can set the target as 196 which is absolute value in comparison to premium.
Here, Do not mention values in points or premium. It has to be an absolute value corresponding to the premium.
Depending upon the selected Target / SL Type, here you need to specify the related value.
If you want to specify points then just fill the value and if you want to specify in percentage then put a % sign after value Eg 1.5%.
For AbsolutePremium, specify values with due care.
For Delta / Theta, you need to specify the actual value only. Eg for 0.25 delta my target can be 0.5. So the target value will be 0.50. Percentage should noy enter here.
Values should be in rupees only. Points and percentage are not allowed here.
‘Tgt / SL on Per Lot Basis’ will be applicable here.
This can work even if you have not set any target value. If you have a specified target and if that gets hit then that will SqOff the leg.
Here you can set the Leg’s Target Locking and Trailing. It is important to note that both groups are independent. You can use both at the same time or If you only wanted to use locking, then you can leave trailing blank, if you want only trailing, then leave locking blank.
These fields work in combination as explained below.
This you can utilize the lock minimum profit or to use as Break Even Point. You can read this as If Profit Reaches 1000 then Lock Minimum Profit at 500. Now in this case if profit reaches to 1000 but it didn’t go up to your target then bridge will lock your minimum profit at 500.
This is for Profit Trailing. Always keep some gap between increase in profit and trail profit. You can read this as For Every Increase in Profit of 1000 Trail Profit by 500.
Both are independent but If you had mentioned Profit Locking, then trail will only work after reaching the ‘If Profit Reaches’ point.
Values can be in Points on in percentage Only. Do not enter values in Rupees.
As this is in points, so no impact of ‘Tgt / SL on Per Lot Basis’.
It is mandatory to provide Stoploss for using Stoploss Trailing.
Here you can set the Leg’s Stoploss Trailing. Here you can mention that if the premium is moving in the profit direction by X points, then trail the SL in the same direction with Y points. Once SL is moved, it won’t go back. Let's explain with an example.
Example: Suppose you have sold a CE Leg at 200 premium with SL as 10% which will set the SL at 220. Here you have also set the ‘For Every Increase in Profit’ as 3% ‘Trail SL By’ 1.5%.
Now, In the above, when premium will move 3% in the favor, it will move the SL price by 1.5%. Lets understand with steps.
Likewise for every movement of the premium by 3% in profit direction, SL will be trailed by 1.5% and once it is trailed, it will not go back even if the premium moved into reverse direction.
In case of hitting leg’s Target, Bridge will close that leg, and now what more you want to do can select here.
In other words, In case of hitting the target, you can set any further action. This action can be Self ReExecution or ReExecution of any other leg etc.
By utilizing this you can even implement always in ATM, ITM etc strategies very easily.
Remember that any Idle legs with relative strikes like ATM etc will select the strike at the time of execution only.
Here you can set an action which will be executed on Target. Below are the actions which are supported.
Action Types
Do not confuse this with ReEntry, ReExecuteLeg means make an exact copy of the leg and execute that as per all the settings defined for the original leg.
In case of relative strike selection, It is important to note that if Strike selection is ATM then on re-execution it will select ATM as per underlying of that time and can be different from your original leg’s strike. But in case of a normal strike it will remain the same.
In Simple words, this will simply create a copy of the existing leg and execute as per the leg settings.
If you want to specify the Maximum ReExecution counts then you can specify in place of Portfolio Name. Eg OnTarget you want to ReExecuteLeg for max 2 times then enter 2 into Target Portfolio Name.
For better understanding: suppose you sold a CE 17000 leg at Average price of 100 and your SL got set to 120 and On SL action you had set ReEntry.
Now suppose the price reaches 121 and your SL gets hit for the leg. In this case the bridge will Sqoff the original leg due to SL. Because you had set On SL action as ReEntry, bridge will start monitoring the 17000 CE (original strike) for 100 (which was the original avg execution price) and whenever price becomes <= 100, bridge will create and execute a new leg into the same original strike that is SELL 17000 CE.
Do not confuse with ReExecuteLeg, In case of ReEntry, bridge will take the entry again in the original strike when prices come to its original execution price.
Example: Suppose your SELL CE got executed at 100 and your SL was 20% which means 120 and your SL got triggered. Now price again coming to 100 which was the original entry price, in this case bridge will re enter the leg into trade.
Important Note
Example:
Suppose we have selected this option and ReExecuteLeg OnTarget of a leg. Now when the leg's target gets hit, the bridge will ReExecute the same leg again and leave this leg as open because Keep_Leg_running was selected.
It Is important to understand then when ReExecuteLeg will execute, it will execute leg as per current situations like current strike for ATM etc.
Example:
Suppose Leg 1 ReExecuted three times as leg3, leg4, leg5. Now leg4 got SL where OnSL action was selected as SqOff_Linked_Legs. Now in this case the bridge will SqOff all 4 legs (leg1, leg3, leg4 and leg5) because all were linked legs.
If you want to specify the Maximum ReExecution counts then you can specify in place of Portfolio Name. Eg OnTarget you want to ReExecuteLeg for max 2 times then enter 2 into Target Portfolio Name.
This works exactly in the same way like On target except this will execute on hit of a stop loss.
Dropdown options meaning will remain the same as on target. Please refer to the above point for the details.
If you have selected SqOff_Other_Portfolio or Execute_Other_Portfolio on action of Target / Stoploss on any leg, in that case you need to provide the name of the portfolio you wish to SqOff or execute.
If you have selected ReExecuteLeg or ReEntry then you can specify the maximum number of Maximum execution counts here. Eg OnTarget you want to ReEntry for max 2 times then enter 2 here.
This can be utilized to start the leg at any specific time. Eg. Leg 1 and Leg 2 are executed at the start of the portfolio at 9:30AM but Leg 3 has to be started at a different time of 10:30, so you can set time here for leg 3 then which will start at 10:30.
For intraday portfolios you can specify the time only however, For the positional portfolios, you can specify the Date and Time here.
Start Time of any leg will only be monitored after execution of the portfolio. When Execution of the portfolio is started, and the start time of any leg is lesser than current time then that leg will be executed immediately.
Execution Parameters
Execution Settings
You can select the type of product from the drop down. examples MIS, NRML etc.
This is the Strategy Tag from the Strategies grid.
Strategies can be used as a grouping mechanism for the multiple portfolio. You can monitor MTM for all the portfolio for the same Strategy Tag under strategies grid, moreover you can also set the Strategy wide Target, Profit locking and SL. If you SqOff the Strategy, it will SqOff all the portfolio with the same strategy tag.
In Bridge you can create multiple strategies with their own settings which will be independent of other strategies. Here you can even link strategies to the particular or multiple user(s) / Broker. So that strategy will run only on that selected particular account(s). Read more at bridge help document.
This tag will be used to identify the users and a few other settings (mentioned below) to execute the order.
Important Notes for Multi-Leg:
Remember to set retry settings as default settings may not be appropriate for you and the bridge will perform order retries in case of failure. You can adjust their settings as per your portfolio needs.
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