To protect clients, market orders are blocked when taking fresh options positions. This prevents trades from executing at unfavorable prices due to volatility or wide bid-ask spreads. Only limit orders are allowed for initiating new positions.

Exceptions:

• Market orders for square-off can be placed from the positions tab using the Square Off option.
• Market orders are allowed for Nifty and Bank Nifty on Navia Web Trading Platform. 

How to Use Limit Orders as Market Orders:

A limit order can be effectively used as a market order under certain conditions. This allows the order to be executed immediately or at the best available price within the specified limit.

Here’s how to do it:

1. Buy Order with Limit Price Above the Last Traded Price (LTP):

   • When placing a buy limit order with a price above the last traded price (LTP), you’re essentially indicating that you're willing to buy the asset at or below that limit price. Since your limit is above the current LTP, the order will likely get filled immediately at the best available price (similar to a market order) until your limit price is reached. This is how the limit order behaves like a market order, ensuring an immediate execution but with price protection.

2. Sell Order with Limit Price Below the Last Traded Price (LTP):

   • Similarly, placing a sell limit order with a price below the LTP indicates that you are willing to sell at or above your specified limit price. This order will also be filled immediately at the best available price (like a market order) until the limit price is reached. This ensures that you can sell immediately while protecting yourself from a price that is lower than your set limit.

Key Advantages:

• Protection: The limit price acts as a safety net. Even though the order may get filled like a market order, you won’t risk buying above or selling below your set price.
• Price Control: While market orders can lead to slippage (getting filled at a worse price than expected), limit orders allow you to control the price, ensuring that you won’t pay more than the price you specify when buying, or sell for less than the price when selling.

By setting your limit price above the LTP (for buying) or below the LTP (for selling), your limit order will execute promptly, behaving similarly to a market order but with built-in price protection.