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NRML and MIS orders in Options Trading

AlgoTest allows you to setup your Execution Settings for live trading the way you want. One of the settings you can set is whether you want to trade on MIS or NRML.

MIS (Margin Intraday Square Off) and NRML (Normal) are two types of orders that traders can use in the stock market.


Each broker has its own intraday squareoff time. You have to plan your strategy exit before that intraday squareoff time. If you don't exit your position before that time, the broker will automatically exit your position at that time.

You can use this feature by selecting MIS from the MIS/NRML drop-down in execution settings as shown in the image below.


NRML orders are meant for traders who prefer to hold their positions for more than a day or prefer more control when they want to square off a trade. It allows you to exit your position even after broker MIS time.

You can use this feature by selecting NRML from the MIS/NRML drop-down in execution settings as shown in the image below.

Broker Intraday Squareoff Time

S.No.BrokerSquare off Timing Intraday CashSquare off Timing Intraday Equity DerivatesSquare off Timing Intraday Currency DerivatesOrder TypeNSEBSE
2.A.C. Agrawal Shares3:20pm3:25pmYesYes
3.Alice Blue3:15pm3:15pmYesYes
5.Bigul 3:09pm3:09pmYesYes
6.Choice 3:15pm3:15pmYesNo
7.Dhan 3:20pm3:20pm4:45pmYesYes
10. Fyers3:15pm3:15pm4:45pmYesYes
11. FlatTrade3:20pm3:20pmYesYes
12.ICICI Direct3:20pm3:20pm4:30pmYesNo
14.Jainam (Duck)3:19pm3:19pmYesYes
15.Jainam (XTS Dealer)3:09pm3:09pmYesYes
16.JM Financial3:14pm3:14pmYesYes
17.Kotak Neo3:20pm3:20pmYesYes
19.Motilal Oswal3:15pm3:15pmYesNo
20.Nuvama Wealth3:00pm3:00 pmYesNo
21.Paytm Money3:15pm3:15pmYesNo
24.Wisdom Capital3:15pm3:15pmYesYes

To know more in detail you can read