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*** FEATURE UPDATE ***
PREMIUM BASED ENTRIES
PREMIUM BASED ENTRIES
You can now enter positions in strikes with premiums close to a specified premium value. This feature scans the entire Option Chain to select an appropriate strikes as per the specified premium value
RELEASE NOTES:
Settings:
I. Specify premium value:
1. Premium close to: A strike with premium closest to the specified value will be selected. The premium selected can be more or less than the specified value but will be the closest to the specified value
2. Premium higher than: A strike with premium higher than but closest to the specified value will be selected
3. Premium lower than: A strike with premium lower than but closest to the specified value will be selected
II. Specify strike selection:
1. None (default setting): With this option there is no restriction in terms of which strike is selected in the option chain, the algo will scan the premiums of all available strikes and select the strike as per the premium value specified
2. 500/100 multiple strikes: The specified premium will be checked only for the strikes that occur in the multiples of 500 for Banknifty (eg. 39000, 39500 and so on), & 100 for Nifty (eg. 13000, 13100 and so on). The 500 multiple strikes for Banknifty and 100 multiple strikes for Nifty hold good OI and are more liquid compared to other nearby strikes, hence, are a better option when taking positions in far OTM or ITM strikes.
Important points & recommendations:
1. When buying or selling far away OTM or ITM strikes, use the option to select strikes which occur in multiples of 500 (in Banknifty) and 100 (in Nifty) as some far away strikes may have 0 or very less Open Interest or no price at all.
2. VERY IMPORTANT: When trading far away OTM strikes, with Entry order type SL Limit selected, it is best to keep a buffer value in percentage rather than points, so as to avoid placing stoploss limit orders with limit prices that cross the circuit price for that symbol. For example: for a strike being entered where the premium is 5 and the SL Limit buffer value is 5 points, there are high chances that the order gets rejected as the limit price of 10 may be outside the circuit limit for a strike that has a premium of 5
feature-premium-based-entry-screenshot-2
3. Wait & Trade with premium based entries: The strike will get selected as per the specified premium value and the current price as reference price, and the trade will get executed as per wait & trade settings.
4. For deep OTM and ITM strikes, price updates can be slow sometimes, in such a case, the algo will take positions only when the latest tick arrives after the start time, this can take an additional few seconds. Only once all legs have a price update will the algo shoot the order in all legs together. The algo will not take positions in a few legs partially, it will wait for all strikes to have a price update after the start time.
5. For very low deep OTM premium values, make sure to use premium higher than or premium close to settings, and NOT premium lower than. There can be strikes which may not have the premium that you may have specified with the setting premium lower than, and the algo won’t be able to take positions if it can’t find the premium that you have specified. Keeping the settings premium higher than or premium close to will allow the algo to take positions in the deepest OTM or ITM strike closest to the specified premium value.
RELEASE NOTES:
Settings:
I. Specify premium value:
1. Premium close to: A strike with premium closest to the specified value will be selected. The premium selected can be more or less than the specified value but will be the closest to the specified value
2. Premium higher than: A strike with premium higher than but closest to the specified value will be selected
3. Premium lower than: A strike with premium lower than but closest to the specified value will be selected
II. Specify strike selection:
1. None (default setting): With this option there is no restriction in terms of which strike is selected in the option chain, the algo will scan the premiums of all available strikes and select the strike as per the premium value specified
2. 500/100 multiple strikes: The specified premium will be checked only for the strikes that occur in the multiples of 500 for Banknifty (eg. 39000, 39500 and so on), & 100 for Nifty (eg. 13000, 13100 and so on). The 500 multiple strikes for Banknifty and 100 multiple strikes for Nifty hold good OI and are more liquid compared to other nearby strikes, hence, are a better option when taking positions in far OTM or ITM strikes.
Important points & recommendations:
1. When buying or selling far away OTM or ITM strikes, use the option to select strikes which occur in multiples of 500 (in Banknifty) and 100 (in Nifty) as some far away strikes may have 0 or very less Open Interest or no price at all.
2. VERY IMPORTANT: When trading far away OTM strikes, with Entry order type SL Limit selected, it is best to keep a buffer value in percentage rather than points, so as to avoid placing stoploss limit orders with limit prices that cross the circuit price for that symbol. For example: for a strike being entered where the premium is 5 and the SL Limit buffer value is 5 points, there are high chances that the order gets rejected as the limit price of 10 may be outside the circuit limit for a strike that has a premium of 5
feature-premium-based-entry-screenshot-2
3. Wait & Trade with premium based entries: The strike will get selected as per the specified premium value and the current price as reference price, and the trade will get executed as per wait & trade settings.
4. For deep OTM and ITM strikes, price updates can be slow sometimes, in such a case, the algo will take positions only when the latest tick arrives after the start time, this can take an additional few seconds. Only once all legs have a price update will the algo shoot the order in all legs together. The algo will not take positions in a few legs partially, it will wait for all strikes to have a price update after the start time.
5. For very low deep OTM premium values, make sure to use premium higher than or premium close to settings, and NOT premium lower than. There can be strikes which may not have the premium that you may have specified with the setting premium lower than, and the algo won’t be able to take positions if it can’t find the premium that you have specified. Keeping the settings premium higher than or premium close to will allow the algo to take positions in the deepest OTM or ITM strike closest to the specified premium value.
ANNOUNCEMENT:
1. An edge case has been addressed for algos running premium lower than setting for deep OTMs. If you are using such a setting, disable and re-enable the algo
1. Points 4 & 5 added under Important points & recommendations in the Premium based entries release notes.
1. An edge case has been addressed for algos running premium lower than setting for deep OTMs. If you are using such a setting, disable and re-enable the algo
1. Points 4 & 5 added under Important points & recommendations in the Premium based entries release notes.
What should be the next feature on Quantiply?
..
Voting ends EOD 28/10/2021 ..
..
Voting ends EOD 28/10/2021 ..
Final Results
47%
Algo wise live MTM data on the home page with individual square off & terminate and terminate button
53%
Positional trading - STBT/BTST/Till Expiry
Thank you all for voting for the next feature. Work on the Positional feature has begun.
Upon scoping and planning the implementation of the Positional feature, we’re seeing that it requires multiple fundamental changes to the current system and additional supporting modules, hence, has a slightly longer timeline. So for this reason we’ve decided to implement the algo wise MTM and square off & terminate buttons in parallel while the work on the Positional feature continues. The algo wise mtm and buttons on the homepage will be released sometime after the Diwali break
Upon scoping and planning the implementation of the Positional feature, we’re seeing that it requires multiple fundamental changes to the current system and additional supporting modules, hence, has a slightly longer timeline. So for this reason we’ve decided to implement the algo wise MTM and square off & terminate buttons in parallel while the work on the Positional feature continues. The algo wise mtm and buttons on the homepage will be released sometime after the Diwali break
FEATURE ANNOUCEMENT
Live MTM data & other functionality on the main page (Phase 1 features)
Release notes:
(As pointed out in the attached screenshot):
1. Live MTM data: View live MTM data for each individual algo, under the MTM column
2. Error alert: Warning icons under the Alerts column will indicate any error or rejections that may have occurred in an individual algo
3. Square off+Terminate algo and Terminate algo buttons added under the Actions column for quick exits or termination of the algo from the main page itself
4. Search bar: You can now filter or search algos by algo name, client id, broker name or algo status
5. Re-size column width: Increase or decrease the column width size to optimise your data visibility
6. Change column order: Drag and drop the column to change the order of the columns. For example, place the MTM column right in front of the table, followed by the Name column if you are using Quantiply on mobile
Live MTM data & other functionality on the main page (Phase 1 features)
Release notes:
(As pointed out in the attached screenshot):
1. Live MTM data: View live MTM data for each individual algo, under the MTM column
2. Error alert: Warning icons under the Alerts column will indicate any error or rejections that may have occurred in an individual algo
3. Square off+Terminate algo and Terminate algo buttons added under the Actions column for quick exits or termination of the algo from the main page itself
4. Search bar: You can now filter or search algos by algo name, client id, broker name or algo status
5. Re-size column width: Increase or decrease the column width size to optimise your data visibility
6. Change column order: Drag and drop the column to change the order of the columns. For example, place the MTM column right in front of the table, followed by the Name column if you are using Quantiply on mobile
**ANNOUCEMENT**
ALGO RESET
Monday onwards, if an algo goes into an error state due to an order rejection or API errors, then get in touch with @abhishah33 to reset your algo so it can be re-used
ALGO RESET
Monday onwards, if an algo goes into an error state due to an order rejection or API errors, then get in touch with @abhishah33 to reset your algo so it can be re-used
**** UPDATE ****
Trailing Stoploss logic update
Quantiply will now consider the high and low made by the traded symbol within the trailing frequency interval time frame, instead of checking if the trailing stoploss condition is fulfilled at the closing price or end of the trailing frequency interval time frame.
For example:
If suppose the settings for the Trailing frequency interval is set to 30 seconds, then the algo will now consider the high price and low price made my the symbol/traded instrument instead of directly checking if the trailing condition is being fulfilled at the end of the 30 seconds, with the closing price.
This update will enable faster and more precise trailing of the stoploss.
This change in logic has been published and will be effective immediately
Trailing Stoploss logic update
Quantiply will now consider the high and low made by the traded symbol within the trailing frequency interval time frame, instead of checking if the trailing stoploss condition is fulfilled at the closing price or end of the trailing frequency interval time frame.
For example:
If suppose the settings for the Trailing frequency interval is set to 30 seconds, then the algo will now consider the high price and low price made my the symbol/traded instrument instead of directly checking if the trailing condition is being fulfilled at the end of the 30 seconds, with the closing price.
This update will enable faster and more precise trailing of the stoploss.
This change in logic has been published and will be effective immediately
***UPDATE***
Entry & Exit time
You will now be able to see an entry and exit time under the average entry and exit price respectively
NOTE: This timing is the timestamp when the order update with average entry price and exit price is received from the broker. It's not the same as the exact execution time. Both timings are the same 99% of the times. This time will be changed to execution time in one of the future updates
Entry & Exit time
You will now be able to see an entry and exit time under the average entry and exit price respectively
NOTE: This timing is the timestamp when the order update with average entry price and exit price is received from the broker. It's not the same as the exact execution time. Both timings are the same 99% of the times. This time will be changed to execution time in one of the future updates
When a broker's API is down, and new orders are not getting executed..
- Previously placed SL Limit or Limit orders, will get executed normally, as these orders are already in the exchange's system. But since the API is down, your Quantiply dashboard will not be able to show order updates ie. average exit price & time of the executed order, at that time
- Trailing of SLs will not work, SL limit/limit orders will not get modified with the new SL, once the API is back online, the already placed SL orders will get trailed to the latest SL directly.
- Individual leg target and MTM based SL or Target orders which the algo fires at the time, will throw errors and have to be monitored and managed manually from the broker's terminal. Once the API is back online, the algo will immediately fire orders if the trade has crossed the MTM Target or MTM Stoploss.
- If the trade has been managed manually or exited completely while the API was down, then you need to Terminate the algo as well. This is because when the API is back online, and any Target or SL conditions get fulfilled, the algo will try to exit orders. To avoid any unwanted orders being fired the algo should be Terminated if all the positions have been exited earlier
- Previously placed SL Limit or Limit orders, will get executed normally, as these orders are already in the exchange's system. But since the API is down, your Quantiply dashboard will not be able to show order updates ie. average exit price & time of the executed order, at that time
- Trailing of SLs will not work, SL limit/limit orders will not get modified with the new SL, once the API is back online, the already placed SL orders will get trailed to the latest SL directly.
- Individual leg target and MTM based SL or Target orders which the algo fires at the time, will throw errors and have to be monitored and managed manually from the broker's terminal. Once the API is back online, the algo will immediately fire orders if the trade has crossed the MTM Target or MTM Stoploss.
- If the trade has been managed manually or exited completely while the API was down, then you need to Terminate the algo as well. This is because when the API is back online, and any Target or SL conditions get fulfilled, the algo will try to exit orders. To avoid any unwanted orders being fired the algo should be Terminated if all the positions have been exited earlier
IIFL_1.92.115_8.apk
9.9 MB
⚠️ IIFL USERS can update to the latest mobile app versions:
iOS: https://testflight.apple.com/join/VOssI4bd
Android: download attached .apk file
iOS: https://testflight.apple.com/join/VOssI4bd
Android: download attached .apk file
NEW FEATURE LAUNCH
POSITIONAL TRADES
With Quantiply, you can now carry forward positions to (1) the next day, (2) till expiry or (3) specific number of days before expiry.
RELEASE NOTES:
I. Select Trade type - Positional to configure a positional or carry forward trade.
II. There are 2 options to select the Duration of the trade:
1. STBT/BTST (Sell today buy tomorrow/Buy today sell tomorrow): This option will square off positions the very next day. ie. the positions taken today will be squared off the next day.
2. (N) days before expiry: This option will allow trades to be carry forwarded all the way till the expiry day or a specific number of days before the expiry day.
For example: with setting N = 0 days before expiry, the algo will square off the positions on the day of the expiry. With setting N = 1, the algo will square off the positions 1 day before the expiry day, and so on.
III. Setting Check condition next day after (time): The algo will check all SL, Target conditions and place orders only after the time given under this setting the next morning, for all days, for the entire duration of the trade.
For example: if the time is set to 09:30:00 then the algo will check if any or all SL or Target conditions are met and square off orders only after 09:30:00 on the next trading day. This setting can be modified even when trade is active during market hours and off market hours.
IV. Trailing frequency interval setting has been moved to under Advanced Settings.
V. It is advisable to set Check condition next day after (time) to something later than 09:17:00 to avoid any early morning API errors from the broker, as the broker’s systems are going through heavy loads in the first couple of minutes at market open.
VI. While the trade is active, if you modify the Duration setting from (N) days before expiry to STBT/BTST, and if the trade has already been active for more than 2 days and crossed the day 2, the algo will immediately square off positions upon changing from (N) days before expiry to STBT/BTST.
For example: If a trade is taken on a friday with (N) days before expiry setting 0, and on Tuesday or Wednesday, one were to change the Duration setting from (N) days before expiry to STBT/BTST, the algo will immediately exit all positions as Monday which would be the STBT/BTST exit day, has been crossed.
POSITIONAL TRADES
With Quantiply, you can now carry forward positions to (1) the next day, (2) till expiry or (3) specific number of days before expiry.
RELEASE NOTES:
I. Select Trade type - Positional to configure a positional or carry forward trade.
II. There are 2 options to select the Duration of the trade:
1. STBT/BTST (Sell today buy tomorrow/Buy today sell tomorrow): This option will square off positions the very next day. ie. the positions taken today will be squared off the next day.
2. (N) days before expiry: This option will allow trades to be carry forwarded all the way till the expiry day or a specific number of days before the expiry day.
For example: with setting N = 0 days before expiry, the algo will square off the positions on the day of the expiry. With setting N = 1, the algo will square off the positions 1 day before the expiry day, and so on.
III. Setting Check condition next day after (time): The algo will check all SL, Target conditions and place orders only after the time given under this setting the next morning, for all days, for the entire duration of the trade.
For example: if the time is set to 09:30:00 then the algo will check if any or all SL or Target conditions are met and square off orders only after 09:30:00 on the next trading day. This setting can be modified even when trade is active during market hours and off market hours.
IV. Trailing frequency interval setting has been moved to under Advanced Settings.
V. It is advisable to set Check condition next day after (time) to something later than 09:17:00 to avoid any early morning API errors from the broker, as the broker’s systems are going through heavy loads in the first couple of minutes at market open.
VI. While the trade is active, if you modify the Duration setting from (N) days before expiry to STBT/BTST, and if the trade has already been active for more than 2 days and crossed the day 2, the algo will immediately square off positions upon changing from (N) days before expiry to STBT/BTST.
For example: If a trade is taken on a friday with (N) days before expiry setting 0, and on Tuesday or Wednesday, one were to change the Duration setting from (N) days before expiry to STBT/BTST, the algo will immediately exit all positions as Monday which would be the STBT/BTST exit day, has been crossed.
POSITIONAL TRADES
RELEASE NOTES {Continued..}:
VII. Special case error: In the case where one of the days in the week is a trading holiday, the end day or (N) days before expiry setting will have to be set appropriately, or the algo will throw a runtime error just when the orders are fired at the start time.
For example: If Thursday is a trading holiday, and expiry is on Wednesday, then the setting for a position opened on Friday which is to be exited on Monday will have to be N = 2 days before expiry and not N = 3.
In the case this error occurs, you will see a error warning icon on the homepage next to the algo, and an error message under the End day setting on the algo configuration page. Upon changing the setting (ie. reducing the days) the algo will immediately fire the entry orders.
RELEASE NOTES {Continued..}:
VII. Special case error: In the case where one of the days in the week is a trading holiday, the end day or (N) days before expiry setting will have to be set appropriately, or the algo will throw a runtime error just when the orders are fired at the start time.
For example: If Thursday is a trading holiday, and expiry is on Wednesday, then the setting for a position opened on Friday which is to be exited on Monday will have to be N = 2 days before expiry and not N = 3.
In the case this error occurs, you will see a error warning icon on the homepage next to the algo, and an error message under the End day setting on the algo configuration page. Upon changing the setting (ie. reducing the days) the algo will immediately fire the entry orders.
⚠️All positional users need to make sure that broker login is done before 8:55 AM. The positional algos from previous days will not work if broker login not done before 8:55 AM⚠️
⚠️ Lower premium selection: ⚠️
Please note that for NIFTY and BANKNIFTY, you might not get extremely low premiums, like for example if your setting is premium<6 for Nifty, as the last available strike which is 14750PE has a premium of ~8, the algo will not be taking positions as the condition of premium <6 is not fulfilled
Solution: Keep premium based entries settings something like premium > 6 ie. premium more than 6, so that it can take the next best strike with premium closest to but higher than 6
Please note the available symbols for Nifty and Banknifty for today on Quantiply:
BANKNIFTY:
33400CE - 42400CE
30900PE - 39400PE
NIFTY:
15150CE - 19650CE
14750PE - 18150PE
The algos will and can read prices and take positions only for the above symbols, so best to keep premium based entry settings as ‘premium higher than’ instead of ‘premiums lower than’ for days with higher premiums like Fridays and Mondays
Please note that for NIFTY and BANKNIFTY, you might not get extremely low premiums, like for example if your setting is premium<6 for Nifty, as the last available strike which is 14750PE has a premium of ~8, the algo will not be taking positions as the condition of premium <6 is not fulfilled
Solution: Keep premium based entries settings something like premium > 6 ie. premium more than 6, so that it can take the next best strike with premium closest to but higher than 6
Please note the available symbols for Nifty and Banknifty for today on Quantiply:
BANKNIFTY:
33400CE - 42400CE
30900PE - 39400PE
NIFTY:
15150CE - 19650CE
14750PE - 18150PE
The algos will and can read prices and take positions only for the above symbols, so best to keep premium based entry settings as ‘premium higher than’ instead of ‘premiums lower than’ for days with higher premiums like Fridays and Mondays
⚠️ For errors related to price outside circuit limit, place SL orders manually ⚠️
This error will keep coming till circuit limits are not updated at the exchange. This error can also come for Positional algos where next morning one of the side's premium has decayed substantially and the SL order being placed by the algo based on the previous day's SL setting is outside circuit limit. A solution is to reduce SL settings so that the SL price is within circuit limits shown in the error message.
To modify SL settings, you will have to remove the SL completely and make it none (for the leg that is giving the error), and again modify the SL settings with SL in % or Points much closer
This error will keep coming till circuit limits are not updated at the exchange. This error can also come for Positional algos where next morning one of the side's premium has decayed substantially and the SL order being placed by the algo based on the previous day's SL setting is outside circuit limit. A solution is to reduce SL settings so that the SL price is within circuit limits shown in the error message.
To modify SL settings, you will have to remove the SL completely and make it none (for the leg that is giving the error), and again modify the SL settings with SL in % or Points much closer
⚠️ Announcement from IIFL: All IIFL users, please delete old version of your XTS mobile app and install the updated one shared below:
https://workdrive.zohoexternal.com/file/cxgb2fb0a15ae891e480994913f80f4f1f134
iOS app link will be shared later today
https://workdrive.zohoexternal.com/file/cxgb2fb0a15ae891e480994913f80f4f1f134
iOS app link will be shared later today