What is Immediate or Cancel (IOC)?

Indian market context (NSE)

Reference levels: Nifty 50 at 24,300, Reliance Industries at ₹1,300, Bank Nifty futures at 55,000 (lot size 30). Examples below show how Immediate or Cancel (IOC) shows up on Indian index, equity, and futures books — update to live quotes in your journal.

Nifty 50 perspective

Immediate or Cancel (IOC) Order on Nifty futures at 24,300: verify freeze quantity and tick size on NSE; market orders in opening auction behave differently from continuous session.

Reliance Industries perspective

Immediate or Cancel (IOC) Order on Reliance (₹1,300): AMO and GTT rules vary by broker; intraday MIS auto-square-off at 15:15 IST overrides resting immediate or cancel (ioc) order unless converted.

Bank Nifty futures perspective

Immediate or Cancel (IOC) Order on Bank Nifty (55,000): bracket/OCO availability depends on broker stack — test fill quality on 100-point stop triggers before live size.

How to validate

• Validate Immediate or Cancel (IOC) fills against broker contract notes monthly.
• Measure median slippage in points/₹ for Immediate or Cancel (IOC) on Bank Nifty vs mid-caps.
• Flag sessions with abnormal rejections or partial fills for separate review.
• Compare limit vs market tags only on symbols with similar liquidity.

How to track in TradeLyser

• Record order type, limit price, fill price, and latency on the trade.
• Tag “slippage > plan” when Immediate or Cancel (IOC) fills worse than expected.
• Monthly slippage report by symbol and order type in analytics.
• Reconcile with broker order log quarterly.

Best practices

• Choose Immediate or Cancel (IOC) before the move, not after FOMO entry.
• Default to limits on illiquid mid-caps; markets on urgent exits only.
• Log rejected orders — they reveal unrealistic limit discipline.
• Review slippage in R-multiples, not only rupees.

Common pitfalls

• Chasing with market orders after Immediate or Cancel (IOC) already moved.
• Using limits on fast Bank Nifty breaks without timeout rules.
• Not recording partial fills — skews performance stats.
• Assuming broker fills match intended Immediate or Cancel (IOC) every time.

How to use this in TradeLyser

Note filled vs requested qty in journal for slippage math.