When the initial trade gets executed, it becomes an open position i.e you have got exposure to a particular scrip and the change in its price shall affect your profit and loss.
Squaring off the open positions can be done in a few ways.
Squaring off the open positions: Option 1
The easiest and the simplest way is to enter into an opposite trade for the one that was initiated earlier. For e.g. If someone buys 2 lots of BankNifty Call option in MIS (intraday), the best way to square off the position is to sell 2 lot BankNifty Call in MIS. Thus, 2 buy and 2 sell orders shall square off the position and the trader will not be exposed to the price movement in BankNifty Call anymore. This shall also result in the realization of profit or loss on the position.
Please note that the product type in the opposite order should be the same as the initial order or else it will create a new position. For E.g. if the initial order was an MIS Buy Order, the square off order should be an MIS Sell Order. If the product type in opposite order is selected as NRML, it will create a new short position for carry forward trade. The initial position for the Intraday (MIS) order would remain open and will get auto squared off by the RMS system.
Squaring off the open positions: Option 2
The other direct option for squaring off an open position is from the Web StockNote’s “Positions/Holding” window.
In the position window, you can see all the positions along with the “Day’s Profit & loss” and “Net Profit & Loss”. Select the open position which is required to be squared off and click on the “Square Off” button.
Approve your square-off order by clicking on the “Confirm” button.
Once the order is confirmed, check the “Order Book” for price confirmation.
Verify in the positions/ holdings’ window for any open positions.
That’s how you can square-off open positions in Web StockNote.
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