What are the different product codes and order types RKSV provides?
Each trade placed must have a product code and an order type. Here, will go through the different product codes and order types.
RKSV provides a wide array of product codes and order types. We will cover them all in a brief article. For more elaborate explanations, we will give you the link to the appropriate articles.
The basic three product codes are the following:
- MIS applies to trading Equities (cash) or F&O intraday, meaning you square off the position the same trading day. It stands for Margin Intraday Square-off
- CNC applies for holding delivery equity (cash) positions overnight for delivery. It stands for Cash and Carry.
- NRML stands for Normal Product, whereby no leverage is applied.
These are the basis product codes.
For intraday trades, a user can take advantage of leverage provided by RKSV. Therefore, if he places his trade with the “MIS” product code, he can take advantage of the extra exposure/leverage. However, all positions under “MIS” automatically get squared off at 3:15 daily. MIS applies for Equity (Cash) and Futures products.
Trades placed under the NRML produce code do not take advantage of any extra margin/leverage; instead, they require ful margin. NRML only applies for Futures and Options (for Equities, the equivalent is CNC). These positions will not get squared off automatically by RKSV.
RKSV provides many order types, some more elaborate than others. Without going into details, they are:
- Limit Orders
- Market Orders
- Stop Loss Orders
- Stop Loss Market Orders
- Cover Orders
- Bracket Orders
Read about the four basic order types in this blog and a brief introduction into cover orders and bracket orders in this blog
Read about cover orders in this blog
Read about cover orders for options in this blog
And finally, read about Bracket Orders in this blog
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