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Bid-ask, limit vs market, SL-M, slippage, open interest — button dabane se pehle ye padho
Published by The Retail Trader · AUG 05, 2026 · Order Flow
Analysis chahe kitni bhi acchi ho, paisa order button ke baad banta hai. Aur wahin sabse zyada galtiyan hoti hain: galat order type, galat trigger price, ya aisi jagah entry jahan liquidity hi nahi thi. Ye rahe order ki poori bhasha — order book se lekar execution tak.
Screen par jo depth window khulti hai, uske andar ye chal raha hota hai:
• Bid — Wo highest price jispe koi abhi kharidne ko taiyaar hai.
• Ask / Offer — Wo lowest price jispe koi abhi bechne ko taiyaar hai.
• Bid-Ask Spread — Dono ka farq. Liquid stock mein ye paisa bhar ka hota hai, illiquid mein kaafi bada — aur wahi aapki chhupi hui cost hai.
• Market Depth — Bid aur ask side par pending quantity ka list, aam taur par top 5 (ya 20) levels ka.
• Order Book — Exchange par pending saare orders ka live record.
• Matching Engine — Exchange ka wo system jo buy aur sell orders ko milata hai.
• Price-Time Priority — Better price pehle; same price par jo order pehle aaya wo pehle. Isliye limit order ka time bhi matter karta hai.
• Last Traded Quantity — Aakhri trade mein kitni quantity chali, jo dikhata hai action chhota tha ya bada.
• Bid-Ask Imbalance — Ek taraf quantity ka bahut zyada hona, jise short-term pressure ka hint maana jata hai.
Har order type ka ek trade-off hai: ya to aapko price ka control milta hai, ya execution ki guarantee — dono ek saath nahi:
• Market Order — Jo bhi best price abhi mil raha hai us par turant execute. Execution pakka, price nahi.
• Limit Order — Aap price fix karte ho. Price aapka, par execution ki koi guarantee nahi.
• Stop Loss (SL) Order — Trigger price par activate hokar ek limit order banta hai, taaki loss ek point par ruk jaye.
• SL-M (Stop Loss Market) — Trigger hote hi market order ban jata hai. Fast market mein ye execute to hota hai, par price kharab mil sakta hai.
• Trigger Price — Wo price jahan aapka pending SL order zinda hota hai. Ise limit price se confuse mat karo.
• Bracket Order — Ek hi jagah entry, target aur stop loss — teeno saath.
• Cover Order — Entry ke saath compulsory stop loss, jiske badle broker zyada intraday leverage deta hai.
• GTT (Good Till Triggered) — Lambe samay tak zinda rehne wala trigger, jo condition poori hone par order bhejta hai.
• AMO (After Market Order) — Market band hone ke baad lagaya order, jo agle din open par queue mein jata hai.
• IOC (Immediate or Cancel) — Jitna turant mil jaye utna, baaki cancel.
• Day Order — Sirf usi din ke liye valid; shaam ko apne aap cancel.
• Disclosed Quantity / Iceberg — Bada order chhote tukdon mein dikhana, taaki poora size market ko na pata chale.
Order ke saath ye decide karna padta hai ki position kis form mein rehni hai:
• MIS (Intraday) — Position usi din square off, aur broker leverage deta hai.
• CNC (Delivery) — Poora paisa lagta hai, share demat mein aate hain, jab tak chaho rakho.
• NRML — F&O ke liye normal margin wali overnight position.
• Margin — Wo paisa jo position lene ke liye block hota hai, khaas kar leverage wale products mein.
• Leverage — Apne capital se badi position lene ki suvidha. Profit bhi guna, loss bhi guna.
• Square Off — Position band karna: long bech dena ya short wapas kharid lena.
• Auto Square-Off — Intraday position agar aapne band nahi ki, to broker cut-off time par khud band kar deta hai, aur uska charge bhi lagta hai.
• Short Selling — Pehle bechna, baad mein sasta kharidne ki ummeed mein. Equity mein ye aam taur par intraday hi allowed hai.
• Open Position — Abhi tak band nahi ki gayi position.
• MTM (Mark to Market) — Aapki open position ka current price par profit ya loss, jo live update hota rehta hai.
• Averaging — Position mein aur quantity jodna. Ye risk badhata hai — chahe aap upar average karo ya neeche.
• Carry Forward — Position ko agle din tak rakhna, jiske liye poora overnight margin chahiye.
Wo cheezein jo backtest mein nahi dikhtin, par live account mein dikhti hain:
• Slippage — Jo price aapne socha aur jo actually mila, uske beech ka farq. Tez market mein ye sabse zyada hota hai.
• Partial Fill — Order ka sirf kuch hissa execute hona, baaki pending reh jana.
• Impact Cost — Aapka apna order price ko kitna hila deta hai. Bade size aur patli liquidity mein ye badh jata hai.
• Illiquid Stock — Kam volume wala stock, jahan entry to mil jati hai par exit mushkil hoti hai.
• Freeze Quantity — Ek single order mein maximum allowed quantity; usse zyada ke liye order tod kar bhejna padta hai.
• Order Rejection — Margin kam hona, circuit hit hona, ya galat trigger price — sab common rejection reasons hain.
• Contract Note — Din ke end mein broker ka statement jismein har trade, har charge aur net obligation likha hota hai.
• Peak Margin — Din ke andar random snapshots par margin check hona; kam padne par penalty lag sakti hai.
Aur akhir mein wo data jo batata hai ki bade participants kya kar rahe hain:
• Volume Profile — Volume ka price ke against distribution, jo dikhata hai kis level par sabse zyada business hua.
• POC (Point of Control) — Wo price jahan sabse zyada volume traded hua; ek magnet jaisa level.
• Value Area — Wo range jismein din ka lagbhag 70% volume hua.
• Open Interest (OI) — F&O mein abhi kitne contracts open pade hain. Volume activity dikhata hai, OI commitment.
• Long Buildup — Price bhi upar aur OI bhi upar: naye long positions ban rahe hain.
• Short Buildup — Price neeche aur OI upar: naye short positions ban rahe hain.
• Long Unwinding — Price neeche aur OI neeche: purane longs exit kar rahe hain.
• Short Covering — Price upar aur OI neeche: shorts apni position band kar rahe hain.
• FII / DII Data — Roz publish hone wala data ki foreign aur domestic institutions ne cash market mein kitna kharida-becha.
• Bulk Deal / Block Deal — Exchange par report hone wale bade sauda, jinse pata chalta hai ki koi bada player enter ya exit kar raha hai.
• Delivery Percentage — Traded quantity mein se kitni actually delivery mein gayi. Zyada delivery matlab conviction wali buying.
Terminal ke tabs ke naam, jo har broker par thode alag hote hain par matlab ek hi hai:
• Order Book — Aaj ke saare orders aur unka status: open, executed, rejected, cancelled.
• Trade Book — Sirf wo orders jo actually execute hue, unke real fill price ke saath.
• Position Book — Abhi khuli hui positions, unka average price aur live P&L.
• Holdings — Demat mein pade hue shares, jo delivery mein liye gaye the.
• Realised P&L — Wo profit ya loss jo position band karne ke baad pakka ho chuka hai.
• Unrealised P&L — Open position ka abhi ka paper profit ya loss. Ye tab tak sirf ek number hai jab tak book na ho.
• Funds / Ledger — Available cash, used margin aur withdrawable balance.
• Margin Available vs Margin Used — Kitna baaki hai aur kitna already block hai.
• Basket Order — Kai orders ek saath ready karke ek click mein bhejna, jaise multi-leg option strategy.
• GTT Trigger Book — Wo pending long-term triggers jo abhi active nahi hue.
• Price Alert — Ek level par notification, bina order lagaye. Screen par baithne ka sabse achha alternative.
• Order Modification — Pending order ka price ya quantity badalna. Ye modification queue mein aapki time priority reset kar deta hai.
Kai baar order reject hone ki wajah aapka broker nahi, exchange ka rule hota hai:
• Tick Size — Price ka sabse chhota allowed step. Iske beech ka price order accept hi nahi hoga.
• Price Band — Ek din ke andar allowed price range. Iske bahar ka limit order reject ho jata hai.
• Series — Stock ka segment code: EQ normal rolling settlement hai, BE aur BZ restricted, jahan intraday allowed nahi hota.
• Trade-to-Trade (T2T) — Aisa segment jahan har trade delivery mein hi settle hoti hai; intraday square-off possible nahi.
• ASM / GSM — Surveillance frameworks jinke andar aaye stocks par extra margin aur trading restrictions lag jate hain.
• Short Delivery — Bech diya par delivery nahi de paye. Exchange ek auction mein wo share kharid kar deta hai, aur uska penalty seller par aata hai.
• Auction Session — Wahi settlement auction, jahan short delivery poori ki jati hai.
• Call Auction — Illiquid stocks aur pre-open ke liye price discovery ka special mechanism.
• Close-Only Restriction — Aisi position jismein sirf exit allowed hai, nayi entry nahi.
• Circuit Freeze — Upper ya lower circuit par pahunche stock mein ek taraf ka order book poora khaali ho jata hai — theoretically order lag sakta hai, practically execute nahi hota.
• Settlement Holiday — Wo din jab market khula ho par settlement na ho; ye payout timing badal deta hai.
Order type ka chunav strategy ka hissa hai, formality nahi. Ek illiquid stock mein market order aur ek volatile expiry par bina SL ki position — dono hi analysis se zyada nuksan karte hain.
Ye journal sirf educational hai — koi buy ya sell recommendation nahi. Charges, margins, lot size aur expiry rules exchange time-time par badalta hai, isliye final numbers hamesha apne broker ya exchange par verify karo.