OptionsOrder

Options Order

Endpoint URL

This API Function Places Option Orders by Auto-Resolving Symbol based on Underlying and Offset

Local Host   :  POST http://127.0.0.1:5000/api/v1/optionsorder
Ngrok Domain :  POST https://<your-ngrok-domain>.ngrok-free.app/api/v1/optionsorder
Custom Domain:  POST https://<your-custom-domain>/api/v1/optionsorder

Sample API Request (Future as Underlying)

{
    "apikey": "<your_app_apikey>",
    "strategy": "test_strategy",
    "underlying": "NIFTY30DEC25FUT",
    "exchange": "NFO",
    "expiry_date": "30DEC25",
    "offset": "ITM2",
    "option_type": "CE",
    "action": "BUY",
    "quantity": 75,
    "pricetype": "MARKET",
    "product": "NRML",
    "splitsize": 0
}

Sample API Response (Analyze Mode)

{
    "status": "success",
    "orderid": "25102700000020",
    "symbol": "NIFTY30DEC2525850CE",
    "exchange": "NFO",
    "underlying": "NIFTY30DEC25FUT",
    "underlying_ltp": 25966.05,
    "offset": "ITM2",
    "option_type": "CE",
    "mode": "analyze"
}

Sample API Request (Index Underlying with MARKET Order)

{
    "apikey": "<your_app_apikey>",
    "strategy": "nifty_weekly",
    "underlying": "NIFTY",
    "exchange": "NSE_INDEX",
    "expiry_date": "30DEC25",
    "offset": "ATM",
    "option_type": "CE",
    "action": "BUY",
    "quantity": 75,
    "pricetype": "MARKET",
    "product": "MIS",
    "splitsize": 0
}

Sample API Response (Live Mode)

{
    "status": "success",
    "orderid": "240123000001234",
    "symbol": "NIFTY30DEC2524000CE",
    "exchange": "NFO",
    "underlying": "NIFTY",
    "underlying_ltp": 23987.50,
    "offset": "ATM",
    "option_type": "CE"
}

Sample API Request (LIMIT Order)

{
    "apikey": "<your_app_apikey>",
    "strategy": "nifty_scalping",
    "underlying": "NIFTY",
    "exchange": "NSE_INDEX",
    "expiry_date": "30DEC25",
    "offset": "OTM1",
    "option_type": "CE",
    "action": "BUY",
    "quantity": 75,
    "pricetype": "LIMIT",
    "product": "MIS",
    "price": "50.0",
    "splitsize": 0
}

Sample API Request (Stop Loss Order)

{
    "apikey": "<your_app_apikey>",
    "strategy": "protective_stop",
    "underlying": "BANKNIFTY",
    "exchange": "NSE_INDEX",
    "expiry_date": "30DEC25",
    "offset": "ATM",
    "option_type": "PE",
    "action": "SELL",
    "quantity": 30,
    "pricetype": "SL",
    "product": "MIS",
    "price": "100.0",
    "trigger_price": "105.0",
    "splitsize": 0
}

Parameter Description

Parameters	Description	Mandatory/Optional	Default Value
apikey	App API key	Mandatory	-
strategy	Strategy name	Mandatory	-
underlying	Underlying symbol (NIFTY, BANKNIFTY, NIFTY30DEC25FUT)	Mandatory	-
exchange	Exchange code (NSE_INDEX, NSE, NFO, BSE_INDEX, BSE, BFO)	Mandatory	-
expiry_date	Expiry date in DDMMMYY format (e.g., 30DEC25)	Mandatory	-
offset	Strike offset (ATM, ITM1-ITM50, OTM1-OTM50)	Mandatory	-
option_type	Option type (CE for Call, PE for Put)	Mandatory	-
action	Action (BUY/SELL)	Mandatory	-
quantity	Quantity (must be multiple of lot size)	Mandatory	-
splitsize	Auto-split order into chunks of this size (0=no split)	Optional	0
pricetype	Price type (MARKET/LIMIT/SL/SL-M)	Optional	MARKET
product	Product type (MIS/NRML)**	Optional	MIS
price	Limit price	Optional	0
trigger_price	Trigger price for SL orders	Optional	0
disclosed_quantity	Disclosed quantity	Optional	0

**Note: Options only support MIS and NRML products (CNC not supported)

Response Parameters

Parameter	Description	Type
status	API response status (success/error)	string
orderid	Broker order ID (or SB-xxx for analyze mode)	string
symbol	Resolved option symbol	string
exchange	Exchange code where order is placed	string
underlying	Underlying symbol from request	string
underlying_ltp	Last Traded Price of underlying	number
offset	Strike offset from request	string
option_type	Option type (CE/PE)	string
mode	Trading mode (analyze/live)***	string

***Note: mode field is only present in Analyze Mode responses

Live Mode vs Analyze Mode

Live Mode

• When: Analyze Mode toggle is OFF in OpenAlgo settings

• Behavior: Places real orders with connected broker

• Order ID Format: Broker's order ID (e.g., "240123000001234")

• Response: No "mode" field present

Analyze Mode (Sandbox)

• When: Analyze Mode toggle is ON in OpenAlgo settings

• Behavior: Places virtual orders in sandbox environment

• Order ID Format: Sandbox ID with "SB-" prefix (e.g., "SB-1234567890")

• Response: Includes "mode": "analyze" field

• Features: Virtual capital, realistic execution, auto square-off

Note: Same API call works in both modes. The system automatically detects which mode is active.

Product Types for Options

Product	Description	Margin	Square-off	Use Case
MIS	Margin Intraday	Lower	Auto (3:15 PM)	Intraday trading
NRML	Normal (Carry Forward)	Higher	Manual	Overnight positions

Note: CNC (Cash & Carry) is not supported for options trading.

Examples for Different Strategies

1. Buy ATM Straddle

Call Leg:

{
    "apikey": "<your_app_apikey>",
    "strategy": "straddle",
    "underlying": "NIFTY",
    "exchange": "NSE_INDEX",
    "expiry_date": "30DEC25",
    "offset": "ATM",
    "option_type": "CE",
    "action": "BUY",
    "quantity": 75,
    "pricetype": "MARKET",
    "product": "MIS",
    "splitsize": 0
}

Put Leg:

{
    "apikey": "<your_app_apikey>",
    "strategy": "straddle",
    "underlying": "NIFTY",
    "exchange": "NSE_INDEX",
    "expiry_date": "30DEC25",
    "offset": "ATM",
    "option_type": "PE",
    "action": "BUY",
    "quantity": 75,
    "pricetype": "MARKET",
    "product": "MIS",
    "splitsize": 0
}

2. Covered Call (Equity + Short Call)

{
    "apikey": "<your_app_apikey>",
    "strategy": "covered_call",
    "underlying": "RELIANCE",
    "exchange": "NSE",
    "expiry_date": "30DEC25",
    "offset": "OTM2",
    "option_type": "CE",
    "action": "SELL",
    "quantity": 1000,
    "pricetype": "MARKET",
    "product": "NRML",
    "splitsize": 0
}

Error Response

{
    "status": "error",
    "message": "Option symbol NIFTY30DEC2525500CE not found in NFO. Symbol may not exist or master contract needs update."
}

Common Error Messages

Error Message	Cause	Solution
Invalid openalgo apikey	API key is incorrect or expired	Check API key in settings
Option symbol not found	Calculated strike doesn't exist	Check offset and expiry_date
Quantity must be a positive integer	Invalid quantity value	Provide valid quantity
Insufficient funds	Not enough margin (Live mode)	Add funds or reduce quantity
Master contract needs update	Symbol database is outdated	Update master contract data

Features

1. Auto Symbol Resolution: Automatically calculates ATM and resolves option symbol

2. Dual Mode Support: Works in both Live and Analyze (Sandbox) modes

3. All Order Types: Supports MARKET, LIMIT, SL, and SL-M orders

4. Real-time LTP: Uses current market price for ATM calculation

5. Strategy Tracking: Associates orders with strategy names for analytics

6. Telegram Alerts: Automatic notifications for order placement

7. Error Handling: Comprehensive error messages for debugging

Rate Limiting

• Limit: 10 requests per second

• Scope: Per API endpoint

• Response: 429 status code if limit exceeded

Best Practices

1. Test in Analyze Mode First: Enable Analyze Mode to test strategies without real money

2. Verify Lot Size: Ensure quantity is a multiple of lot size

3. Verify Offset: Ensure offset value is valid (ATM, ITM1-ITM50, OTM1-OTM50)

4. Use Appropriate Product: MIS for intraday, NRML for overnight

5. Handle Errors: Implement error handling for failed orders

6. Monitor Margin: Check available margin before placing orders

7. Update Master Contracts: Keep symbol database updated for accurate symbol resolution