First, let’s get this right, is Draft Orders like a Forever or GTT Order - No.
Is Dhan bringing Forever Order on Sell-Side - Yes, it’s coming very soon.
So then what are Draft Orders?
It’s simple, it’s an order you create on any side - Buy or Sell; any order type - Market, Limit, Trigger, Bracket, or Cover; and send it to the exchange at will - whenever you want, instantly!
How & why did we start building Draft Orders?
Well, there are many reasons:
- We noticed many users on Dhan adding single orders in Baskets and sending them to exchange when their right price-action was triggered
- We also saw many users doing this via webhooks for TradingView actions
- For positional traders, we observed many users studying their charts post-market hours and creating their strategy for the next day, and at times strategies on both sides of market direction
We spoke to many traders (& investors too), when markets are volatile (as they are these days) - any additional time spent on creating an order is then sending it to the exchange takes up a few more seconds than they want to save for. For options traders, many experienced traders as well get surprised by the price & market movements on the expiry day.
That’s why we are bringing (industry first) solutions for this with Draft Orders. We’re hoping this matches many many use-cases that traders have. Once the order is executed, it goes away from your drafts. Of course, you can edit & manage it anytime, and we also show you market-depth against every draft order.
We spoke about the Draft Orders feature in our recent interactions with traders at Dhan HQ, and they simply loved the idea. Now we only hope to build more on this and make it incrementally better over the coming days.
For Traders:
Now you can execute your orders at will. Build your strategy, monitor the markets - check market-depth in real-time, and when the time is right for market entry or exit, execute it instantly in a single tap. Just remember - don’t overtrade.
For Investors:
Yes, we have your favourite Stock & ETFs SIPs on Dhan - daily, weekly, and monthly, but even then there are use-cases like buying on the go when markets correct.
Here are some features that we have enabled on Draft Orders:
- More Control: Select any type of order you want - either on the buy-side or sell, across all segments, and all order types that are permitted
- Execute on the Go: All Draft Orders are instant and are enabled with single-tap execution
- Market Depth: Every Draft Order shows you market depth in real-time. You already know how important this is
- Modify Orders: You can do it all - add, edit, manage, and delete your Draft Orders anytime
How to Place a Draft Order:
We will start enabling Draft Orders on the Web, Dhan App (iOS and Android), and also in the Options Trader app. Simply navigate to the Orders section, and you will see Draft Orders, single-tap and create your first draft, and more and more
As mentioned earlier, draft orders that are executed are removed from drafts automatically. For now, we have enabled 100 Orders in Draft mode for users, based on the usage and feedback - we can either make them more or less.
Here’s a video on using Draft Orders on Dhan App
We are sure that Draft features are going to be of huge help to all of our users. Do try the feature and keep sharing your feedback.
Thank you,
Kiran
