GTT terms and conditions

A. Main Features of GTT

How does the GTT feature work?

Good-Till-Triggered (GTT) is an order feature that allows you to set a predefined trigger price. Once your trigger price is reached on a future date, an order is automatically placed on the exchange as per your preset conditions, either as a Limit Order or as a Market Order with Market Price Protection enabled to guard against extreme price volatility upon trigger. A GTT order remains active for up to 365 days.

GTT orders are permitted on the NSE and BSE for Longterm (CNC) and MTF (Margin Trading Facility) product types in the Equity Cash segment, and for Overnight (NRML) product types across the NSE (NFO), BSE (BFO), and MCX Derivatives segments.

A GTT is a trigger which places a Market order with Market Price Protection / limit order (at the limit price selected by you) as and when the trigger price, selected by you, is met or breached. In case the trigger price is breached during a particular day, and the limit price selected is not exactly met on the same day, all such orders will be cancelled at the end of such trading day session.

The trigger set on GTT is valid only once. If the order is placed and is not executed for any reason, the GTT order has to be placed again.

If the Last Traded Price (LTP) of a scrip jumps higher than the trigger price selected, or if the LTP opens at a gap up or gap down, breaching the selected trigger price, an order would be placed at the selected limit price.

B. Terms of Usage - Good Till Trigger (GTT)

These Terms of Use govern the usage of services of the GTT Feature. By agreeing to use these GTT Feature terms, you agree to have read and understood these clauses, conditions, the modalities of how the GTT Feature clearly works, and Zerodha's policies, procedures and risk disclosure documents.

1. Definitions

1. "Good Till Trigger Feature" or "GTT Feature" shall be defined as per Clause 2.
2. "Last Traded Price" or "LTP" is the last traded price at which a stock/scrip was traded on the Exchange.
3. "Limit Order" or limit order shall be defined as per the NSE "Order Conditions" which can be found here. As per NSE, a Limit Order shall mean "an order that allows the price to be specified while entering the order into the system."
4. "RMS" or "Risk Management System" is the system in place at Zerodha which monitors all positions of Zerodha clients on a real time basis and sees to it that clients maintain margins with respect to all positions/positional trades & that Zerodha maintains margins at a broker/trading member level with the clearing houses. The RMS also constantly vets each order, on a pre-trade basis, placed by a client towards the exchanges to see whether the order is as per Zerodha's risk management policies and procedures, and whether the client has placed such order with sufficient cash balances, holdings and as per the rules set by Zerodha and the Exchanges. The RMS continuously enforces Zerodha's terms, policies & procedures, by enforcing limits of margins/squaring off positions with respect to each client, as per the risk management policies followed by Zerodha. You, as a client, are required to always be updated with Zerodha's risk management policies, terms, and procedures.
5. "Trigger Condition" shall mean the criteria and conditions entered by You, which if met, the corresponding market order with market price protection/limit order entered by You will be placed on the exchange. The below set of conditions, not being limited to, are required to be selected by You:
   • A Trigger Price (defined as per clause 1.6)
   • A Limit Price: the price selected by you, which places a limit order at the price selected by you after the Trigger Price is met or breached.
   • Type of order: You will be able to select market (MPP) / limit order as a type of order when using the GTT Feature.
6. "Trigger Price" shall mean the price entered by you to trigger a limit order and place it on the exchange while using the GTT feature. This price selected by You may either be:
   • The price used to trigger a buy order in case it is being placed for stock/scrips that are not in Your current existing holdings;
   • The price used to trigger a selling/target order in case it is being placed at a higher price than the current market price, for stock/scrips that are already existing in your current holdings;
   • The price used to trigger a selling/stop-loss order in case it is being placed at a lower price than the current market price, for stock/scrips that are already existing in your current holdings.

   All prices entered by You for Your Trigger Price shall be tracked against the Last Traded Price (LTP) of the stock/scrip.

   The price selected by You as a Trigger Price, for stocks/scrips having a market price greater than Rs. 50, must be 0.25% away from the current market price of the stock.

   The price selected by You as a Trigger Price, for stocks/scrips having a market price lesser than Rs. 50, must be 9 paisa away from the current market price of the stock.

7. Trailing Point: A Trailing Point is the fixed numeric value set by You that determines how closely Your trigger price follows the market price. This value dictates the exact interval by which Your trigger and limit prices adjust. The minimum allowable trailing point varies dynamically depending on the instrument/scrip type and its current price range. The trailing point slab is determined based on the LTP and the trigger price, whichever is lower.
8. Watermark Price: The watermark price is the most favourable price the stock has reached since You created or last modified the GTT. Kite uses it to track how far the price has moved and determine when the next trailing adjustment should happen.
9. "Market order with Market Price Protection" executes immediately at the best available price within a specified protection Range. If price movements breach this range, any unexecuted portion automatically converts to a resting Limit Order capped at the range boundary.
10. "You" or "Your" or "Yourself" shall mean you, the client, having a trading and demat account i.e. a Client ID, with Zerodha and using the GTT Feature placement services from your Kite trading account terminal through either Kite Web or the Kite Mobile Application.

2. GTT Feature as a Service

"Good Till Trigger Feature" or "GTT Feature" or "GTT" is a feature which allows You to set certain Trigger Conditions; such that, as and when such Trigger Conditions are met, a market/limit order as per the Trigger Conditions set by You would be placed on the Exchanges.

By using the GTT Feature, there is no actual order placed, until and unless the Trigger Conditions, as set by You are met. Zerodha stores the Trigger Conditions, as set by You, and places a limit order to the Exchange as and when the Trigger Conditions are met.

GTT orders are permitted on the NSE and BSE for Long term (CNC) and MTF (Margin Trading Facility) product types in the Equity Cash segment, and for Overnight (NRML) product types across the NSE (NFO), BSE (BFO), and MCX Derivatives segments.

At all times while placing GTT, You are required to maintain sufficient cash balance & sufficient quantity of holdings of the respective scrip in Your trading account, such that; all Your GTT's may be successfully triggered, as per the Trigger Conditions set by You. If there is insufficient cash balance or insufficient quantity of holdings with respect to Your GTTs at any point of time in Your trading and demat account, Your triggered GTTs will be rejected.

SEBI is transitioning to the Closing Auction Session and the Good Till Triggered ("GTT") orders are bound by prescribed daily execution cut-off windows, wherein orders can be triggered up to 3:15 PM for F&O underlying stocks, 3:30 PM for non-F&O equity stocks, and 3:40 PM for F&O contracts.

There are various checks that the RMS at Zerodha does on a pre-trade basis as and when clients request orders to be placed, but before orders are placed at the Exchanges. All such checks are done as per the rules of the Exchanges, SEBI & Zerodha's internal risk management policies and procedures.

3. CDSL TPIN Authorisation:

Clients must authorise sell GTT orders that are triggered on equity holdings held in their demat account using the depository's eDIS system, unless a valid Power of Attorney (POA) or Demat Debit and Pledge Instruction (DDPI) has been submitted to Zerodha. Failure to complete eDIS authorization may result in the triggered sell order being rejected.

4. The Call & Trade feature at Zerodha shall not be allowed for clients using the GTT Feature.

5. At a particular point of time, You / each client may only have a maximum of 500 pending GTTs.

6. There are two types of GTT Features:

1. Single trigger: A single trigger price entered by You, which may be used to trigger either a target order (if LTP selected is higher than the current market price) or a stop loss order (if LTP selected is lower than the current market price).
2. "OCO" - One cancels other: This feature type is applicable for stocks which are already in Your current holdings. Two trigger prices can be entered by You, where one trigger price would be above the current market price behaving as a target price & one trigger price would be below the current market price behaving as a stop loss price.

Triggers under both the types: Single and OCO would be triggered as per the Trigger Price and Trigger Conditions selected by You.

Orders may not be placed, may be rejected or cancelled, may not be executed, even if Trigger Conditions are met, as per the GTT Feature, in the below mentioned market timings/conditions (this list is non-exhaustive and only indicative):

3. In case the Trigger Price is breached during any day (which may be caused due to a gap up or gap down opening at market opening), an order shall be placed at the limit price selected by You and shall be cancelled at the end of such trading session; in case such limit price is not met during the day;
4. In case the minimum difference between Trigger Price selected and the LTP at that point of time, is not as per clause 1.6;
5. All GTT's are cancelled after 365 days from placing such request in case they are not triggered as per the Trigger Conditions;
6. In case there is a change in exchange series or any corporate action, such as; splits, bonuses, dividends of extraordinary nature (above 2% of market price), merger, reverse mergers, amalgamations, takeover, delisting, rights issue, etc. where there is a significant impact/change in the scrip price, the GTT may be cancelled at the sole discretion of Zerodha, on the Ex-date of such corporate action effect taking place on the stock price. A notification about such cancellation will be sent out one day prior to cancellation. The action of cancelling such an order request through the GTT Feature shall be at the sole discretion of Zerodha and Zerodha RMS;
7. Order requests being placed through the GTT Feature, once the Trigger Price is breached and such limit price selected is outside the circuit limits of the particular scrip;
8. Scrips falling under the Call Auction list by NSE are not to be used under the GTT Feature. The list is updated by NSE and the latest list of such scrips can be viewed here.

A single GTT is a trigger which is valid for only one time, after a limit order is placed. In case a limit order is placed due to the Trigger Price being breached or for any other reason on any particular day, but the limit order is not exactly met on the same day, such GTTs will be required to be placed once again.

Once a GTT is triggered for a derivative contract, if the order is placed outside of the contract's "execution range" it may be cancelled by the exchange. Any cost You may incur due to such cancellation of an order placed outside the execution range is liable to be paid by You.

If a GTT is triggered for an option contract that isn't allowed for trading by Zerodha, the order may be rejected.

The onus of checking for a pending GTT for a scrip before placing any new order(s) for the same scrip from the order window, positions page, or via call and trade, lies with You.

GTTs for derivative contracts are only valid for the lifetime of the contract. Pending GTTs for a contract will be invalidated one day after the expiry of the contract.

The Market order comes with Market Price Protection which seeks immediate execution against prevailing market liquidity at the best available price; provided, however, that if the execution of such order or any portion thereof, breaches a predefined price variance threshold ("Protection Range"), the unexecuted balance shall automatically convert into a resting Limit Order capped at the Protection Range boundary price.

7. GTT Trailing Stop-Loss (TSL)

A Trailing Stop-loss (TSL) is a stop loss that moves Your trigger automatically as the price moves in Your favour and the trigger freezes at the last adjusted level. You can add a trailing stop loss to both Single and OCO orders by ticking the Trailing checkbox in the Stoploss section and entering a trailing point value.

Rules for Different Segments and Exchanges:

1. For Regular Stocks (Equity/Cash Segment): You can use the GTT Trailing Stop-Loss (TSL) feature only for Sell orders. This is available on both the NSE (National Stock Exchange) and BSE (Bombay Stock Exchange) for Longterm (CNC) and MTF (Margin Trading Facility) product types.

2. For Options & Futures (Derivatives Segment): You can use the GTT Trailing Stop-Loss (TSL) feature for both Buy and Sell orders. This is available across the NFO (NSE Futures & Options), BFO (BSE Futures & Options), and MCX (Multi Commodity Exchange) segments for NRML/Overnight product types.

The trigger price maintains a constant distance from this peak price equal to the Trail Point specified by You. The system tracks Your order using a "Watermark Price." This is the best price the stock has hit since You created or edited your GTT.

1. For a Buy order, it tracks the lowest price hit;

2. For a Sell order, it tracks the highest price hit.

This Watermark is updated continuously during market hours. Your actual stop-loss trigger price at any point in time is calculated as: Watermark minus Trail Point (for buy orders) or Watermark plus Trail Point (for sell orders). When the stock moves in your favour, the system will automatically move both Your Trigger Price and Your Limit Price by the exact point value You set.

If You manually edit Your GTT price, the whole trailing logic resets using the last traded price (LTP) at that exact moment. Zerodha can reject Your manual edits if Your new prices do not match our minimum allowed trailing point rules at that split second. Trailing relies strictly on Last Traded Price (LTP) of that specific stock or option; changes in bid/ask quotes or the underlying index will not make it trail.

You must set a trailing point that is equal to or higher than the minimum allowed limits. These limits depend on the stock price. The system decides which limit applies to You by looking at whichever is lower between the Last Traded Price (LTP) or your trigger price. If the market moves and pushes Your stock into a different price bracket, Your minimum limit changes too.

A limit or market order with market price protection is placed on an exchange when the LTP breaches the current stop-loss trigger price (moving downward for long positions, upward for short positions) based on the selection made during GTT creation. If the limit order is not executed on the same trading day, the order will be cancelled at the end of such trading session. The Trail Point specified by You must meet the minimum price difference requirements as per clause 1.6.

8. Corporate Actions, Margin Failures, and Market Halts

If a stock undergoes a corporate action (such as a stock split, bonus issue, extraordinary dividend, or merger), Zerodha will automatically cancel Your active GTT Trailing Stop-Loss (TSL) order to prevent accidental triggers at unadjusted prices. You will need to place a new order manually after the corporate action takes effect.

9. GTT & Margins

Zerodha does not verify Your account balance or available margin when you create a TSL order. Margins are checked only at the exact moment the order is triggered. If Your account lacks sufficient funds or shares when the trigger occurs, the order will fail. Every GTT TSL is a one-time trigger; if it is sent to the exchange and fails to execute or gets rejected due to dynamic circuit limits, it will not reset or activate again.

10. Risks and Disclaimers

Automated trailing logic depends entirely on a continuous, uninterrupted stream of live market data. If the system fails to update Your trailing prices on time or at all due to sudden market crashes, overnight opening price gaps (gap up or gap down), low trading volumes, internet delays, or technical glitches on either Zerodha's or the exchange's end, You remain solely responsible for the monitoring of Your positions and any resulting trading outcomes. By using this feature, You agree that You do so at Your own risk and bear full financial responsibility for all losses or missed profits arising from a failure of the TSL to trail, whether caused by market volatility or technical issues. Finally, if Your GTT triggers as a "Market" order, You accept all responsibility for inherent execution slippage and the final trade price determined under standard exchange protection parameters.

11. Charges for Usage of GTT Feature type

No additional charges will be levied for the usage of GTTs. Normal brokerage will apply to the order once the GTT is triggered.

This pricing is subject to change at the sole discretion of Zerodha after giving sufficient prior notice to customers.

12. Risks, Non execution & Applicable law

This GTT order does not assure execution of an order and includes/involves all risks with respect to Internet Based Trading, and risks with respect to trading in the Capital Markets segments will extend to trading using the GTT orders as well.

Please make sure to once again read and understand the terms, conditions and points under the Equity Annexure & Risk Disclosure Document, which You have already agreed to while opening Your trading account with Zerodha.

Zerodha is a stock broking entity registered with SEBI under the registration number INZ000031633, and a member of NSE, BSE & MCX. Therefore, all rules and regulations prescribed by SEBI and the Exchanges would have to strictly be followed by You while placing instructions through Zerodha. All other laws and regulations as per the Republic of India would be applicable.

GTT triggers will be triggered only based on the live last traded price it is tracking on the exchange. When using GTT with limit price, there is no guaranteed execution as the LTP could have changed when the order is placed post trigger.

13. Subject to Change

These Terms of Usage and the Service of Zerodha placing orders under the GTT Feature, may be removed/modified/replaced at any point of time without providing any prior notification to You. It is Your responsibility to review this Terms of Usage every time You use the GTT Feature.