How can I use Sentinel as an alternative to Good till cancelled orders (GTC)?
The Baskets feature can double up as a longstanding order alert, similar to GTC/GTD orders. You can, for example, set up a stop-loss for your holdings/positions or a buy alert for the stock you’ve been wanting to buy at a specific price.
All you have to do is to create a basket with the stocks and contracts you wish to trade, create an alert with the price to buy/sell a stock at your price, and tag the basket to a sentinel trigger. When the alert is triggered, you can execute the order almost instantaneously.
Let's understand this with an example -
You have stocks of INFY which you purchased at Rs 650. You want to sell the shares if the price drops below Rs 600. For this, you can set a longstanding order using Sentinel.
First, create a basket with the number of shares you want and pick the order type you want. A market order with the CNC product type has been used in this example.
Name the basket, enter the order parameters and click on 'Add' then 'Save'. Then create a trigger based on your price.
You will get an alert via email and a kite notification when your trigger conditions are met. You can click on the link in the trigger which will open up your basket order and you can execute this order in a click.