IOC stands for Immediate or Cancel, which means if an order is not executed immediately under a given time frame, it will be liable to cancel.
Many investors have a doubt regarding the IOC of Upstox. The IOC means Immediate or Cancel Order, which is a special function available in Upstox for executing an order immediately, and in case of failing the order will be canceled. Here in this article, we are going to know more about the IOC of Upstox along with some of its benefits and uses. So without any further delay, let’s get right into it.
What is IOC?
As mentioned above, IOC means Immediate or Cancel in Upstox, which refers to the trading process of buying or selling a security. In the case of an IOC, the order must be immediately placed and in absence of that, it will be automatically canceled by the system.
By using IOC traders can decide the active status of their order, if the time is passed, then the order gets canceled. Now as we know what IOC is all about let us look at some of its benefits from below.
Benefits of IOC
There are several benefits of using IOC. Some of them are as follows.
- You get the option to place your order in a particular period of time.
- If the order is not executed in a given time frame the order gets canceled so no need to cancel it manually.
Uses of IOC
Now after benefits let us know why IOC is useful for the traders. IOC is a very useful option frequently used by traders who uses the scalper strategy. Scalper strategy is a special kind of day trading strategy where a trader tries to make a profit out of hundreds of trades.
The strategy needs traders to place hundreds of order in a day, that need to be executed immediately, as the value of a stock change over time. Day traders used this strategy to make a small profit by using the volatile market.
Conclusion
So we hope now you know what is IOC is Upstox. It is an essential feature to have in a trading platform for day traders. If you have any other questions, ask the same in the comment section down below.