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The below is for people using DMAT Accounts with ICICI.
It is our continuous endeavour to provide you with the best in class products and services to enhance your trading experience. It is our pleasure to inform you that with effect from April 25, 2011 you can trade in MarginPLUS in BSE and place a Profit Order and Stop Loss Trigger Price (SLTP) order at the same time.

Over the years and even today, many of you have cherished the 'MarginPLUS' product where you get exposure on your allocated funds. When you trade in MarginPLUS you have to compulsorily place a stop loss order, which restricts your losses. To book profits you need to constantly monitor & track your positions and even need to visit the website to square off your orders.

We wondered if we could provide you with the flexibility of being able to define your expected profit and loss amount, at the time of order placement and then forget about tracking it throughout the day. This means that you need not track the market continuously no matter which side it moves.

In case of a favourable movement, your profit order will get executed if the target specified by you is achieved. In such a case, your cover SLTP will be cancelled. In case your profit order is not executed fully, the balance cover profit quantity would be cancelled and placed as market order. This way you get an immediate execution of your profit order at the best price closer to your desired price. With this profit order facility your position would be squared off close to your profit price and you would not need to actively track the position throughout the day to book profit. On the other hand, in case the market moves adversely, your SLTP order will be triggered at the price specified by you and your positions will be squared off thereby limiting your losses.

We expect that with this feature you can:
  • Eliminate the need of tracking your position through out the day
  • Get your trades executed closer to your desired price and not let a profit opportunity slip by
  • Limit your losses and book profits in a disciplined manner

Lets explain this in a few easy steps:
Say you have to place a MarginPlus order to buy TATA Steel (TISCO), expecting that the price will rise. The current market price for TISCO is for example 620 and you want to book profits the moment the stock price touches 632. In addition, you want to restrict your loss till the stock reaches 614. In such a scenario you can use this product and this is what you could do :
  • Visit the Margin Plus Order placement page and enter the quantity and market price as you normally do
  • Put the SLTP say at 614 and limit price at 601 under cover SLTP order
  • Now, select 'Cover Profit Order' and enter the profit limit price of 632 to book your profits

Now, if the market price for TISCO touches or crosses 632, your profit order will get executed if it gets a match as stated above.

You have a choice to trade either through MarginPLUS with a profit order along with a stop loss order or only with a stop loss order i.e. without the profit order.

Notes :
1. Selected stocks are enabled on BSE. Visit stock list for details
2. Cover profit order along with SLTP are enabled only on BSE
3. Select (tick) the 'Cover Profit Order' in MarginPlus order to place profit order as well SLTP order at
same time
4. You can place order in MarginPlus in BSE with or without Cover Profit Order
5. Accept revised Terms & Conditions to trade in MarginPlus and BTST from April 25, 2011 onwards

Source: ICICIDirect