What is Option Plus in ICICI Direct?

ICICI Direct OptionPLUS is an intraday product for Options Trading wherein you can place 2 orders simultaneously.

The first will be a market/Limit order for buying Options contract and the second order is placed to limit the loss on the position by specifying the Stop Loss Trigger Price (SLTP) and a Limit Price. The system automatically places the contract order at the limit price on reaching the SLTP price.

Example:

You buy NIFTY PUT trading at Rs 20 with a strike price of Rs 7000 in the expectation that the price will rise. However, in case the price falls, you would like to limit your losses. To cover your losses, you place a limit sell order specifying a Stop loss trigger price of Rs 15 and a limit price of Rs 10. Once the contract price touches or crosses Rs 15, the order gets converted into a limit sell order at Rs 10.

Steps to place ICICI Direct OptionPLUS order

1. Login to your trading account
2. Visit the 'Place Order' link
3. Choose the product type as 'OptionPLUS' under the F&O trading section.
4. Enter order details and click 'Submit'.

Note that only selected contracts are available under the OptionPLUS facility.