There's no option to place a range-based stop loss order. The logic behind a Stop Loss order is that the order sits hidden in the system until the trigger price is hit. After the trigger price is hit, the order is released into the regular order book at Market or Limit price.
To put stop loss, please do the following:
1. Select order type as 'SL' or 'SL-M'
2. This opens up a new 'box' in the second line of order window called 'Tr. Price'.
3. Put in your trigger price and then put in a 'limit' price if yours is a 'SL' order. (When the Stock hits the trigger price, stock gets bought/sold at the limit price) For a SL Buy order Limit price has to be higher than the trigger price and for a SL Sell order Limit price has to be lower than trigger price.
4. Put in your trigger price if yours is a 'SL-M' order. (When Stock hits the trigger price, stock gets bought/sold at market price)
5. Hit enter and execute the order.
Difference between SL-L and SL-M is as below:
Assuming you have bought Nifty @ 5100...
You can place a SL-L (Stop Loss-Limit) with trigger at 5080 and Limit Price at 5076. Hence if the price comes to 5080, a sell order is sent to the exchange at 5076 and depending on the best buy the order gets executed. However, if the price of Nifty falls from 5080 to 5075 in one tick, although your trigger is activated the Stop loss does not get executed as the limit sell is at 5076.
However, if you place a SL-M (Stop Loss Market) you will be allowed to enter only the Trigger Price. Assuming you put the trigger at 5080, the moment Nifty hits 5080, it gets sold at whatever is the "Best Buy" Price in the market.
