Main Features of GTT
How does the GTT feature work?
GTT is a feature which allows you to set a trigger price, such that; if your trigger price is hit in a future date, a limit order will be placed on the exchange as per the limit price and preset conditions set by you.
GTT can be used only for CNC type orders in the Equity Cash segment on NSE & BSE and NRML type orders in the Equity Derivatives segment on NSE.
A GTT is a trigger which places a 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 replaced 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.
Terms of Usage - Good Till Trigger (GTT)
1.1 “Good Till Trigger Feature” or “GTT Feature” shall be defined as per Clause 2.
1.2 “Last Traded Price” or “LTP” is the last traded price at which a stock/scrip was traded on the Exchange.
1.3 “Limit Order” or limit order shall be defined as per the NSE “Order Conditions” which can be found here: https://www.nseindia.com/products/content/equities/equities/trading_system.htm. As per NSE, a Limit Order shall mean “an order that allows the price to be specified while entering the order into the system.”
1.3 “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.
1.4 “Trigger Condition” shall mean the criteria and conditions entered by You, which if met, the corresponding 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 1.4)
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 only limit order as a type of order for your using the GTT Feature.
1.5 “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.
1.6 “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.
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 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 feature is allowed only on the Equity cash segment for CNC type orders on NSE & BSE.
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. In case 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 GTTs may be cancelled at the sole discretion of Zerodha & the Zerodha RMS.
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.
The Call & Trade feature at Zerodha shall not be allowed for clients using the GTT Feature.
At a particular point of time, You / each client may only have a maximum of 50 pending GTTs.
There are two types of GTT Features:
- 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)
- “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 & ,OCO would be triggered as per the Trigger Price & 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:
- 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;
- In case the minimum difference between Trigger Price selected and the LTP at that point of time, is not as per Clause 1.5;
- All GTT’s are cancelled after 365 days from placing such request in case they are not triggered as per the Trigger Conditions;
- In case there is a change in exchange series or any corporate action, such as; splits, bonuses, dividends of extraordinary nature (above 5% 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, 1 day prior to the Ex-date of such corporate action effect taking place on the stock price. The action of cancelling such an order request through the GTT Feature shall be at the sole discretion of Zerodha and Zerodha RMS;
- 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;
- 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 the 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.
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.
Charges for Usage of GTT Feature type
As an introductory offer, there shall be no charges levied on requesting orders through the GTT Feature for the first 3 months, for all clients of Zerodha.
Zerodha, at its sole discretion, shall be allowed to decide the pricing/brokerage for placing the GTTs; as and when the introductory offer period ends.
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. 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.
No Liability for Any Non Execution or Any Lost Opportunity
Zerodha, at all times, bears no liability towards You for any reason whatsoever with respect to using the GTT Feature; including but not limited to, non execution of any order using the GTT Feature / either leg of the order, any opportunity loss for non execution of such orders/trades, any cancellation or non placement of any orders, and any such other claims which may arise from You with respect to using the GTT Feature.
Subject to Change
This 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.