As the price of a stock changes frequently, time plays a crucial role in trading. ICICI Direct might be one of the leading online brokers in India but its mobile, web, and desktop trading application’s UI isn’t great. Here’s one drawback of the ICICI Direct UI. While placing an order, a user encounters several interfaces i.e. user must first click on the “Place Order” menu and then they must select one of these order types – Future, Future Plus, Option Plus, Option, etc.
After choosing a type, you must select the contract/stock, choose the action type (buy/sell), enter the quantity, and then click the “Place” button. When you click the button, ICICI Direct shows the order details and two buttons – one to go back to the previous form and another with the label “proceed” that will send the order to the exchange. No matter how experienced a trader/investor you’re, you may want a simplified order placement module in ICICI Direct.
ICICI Direct introduced a new module called Flash Trade in their application to overcome the above limitations.
Flash Trade is an interface designed to make option trading seamless for ICICI Direct users.
The Flash Trade page has three main sections. The first section has two dropdown boxes, and an option to switch to a full-screen view. The second one has a chart and the third boasts the current position and buttons to buy a call or put option.
When you click on the Buy Call button, Flash Trade will load the call option’s chart automatically. If you choose the Buy Put button, this chart will be replaced with its counterparts.
Above the two buttons, you’ll find two textboxes – one to modify the lot size and another to set the time for which the position will be active. You can modify the quantity.
You’ll also find a gear icon in the “positions” section. If you click the icon, Flash Trade will open a popup. This popup has two sections – Normal and Intraday. It also boasts a toggle button to select the order type. You can choose one of these order types – Market and Limit. To get margin benefit under the Option Plus segment, you can fill out the form that appears in the Intraday section.
Let’s have a look at the chart section. ICICI Direct Flash Trade is enabled with TradingView Pro charts. The layout option is missing on the TradingView toolbar. The default timeframe is 1 minute. You can change the timeframe to 2, 3, 4, 5, etc minutes. Also, you can add as many indicators as you want to the chart.
The first dropdown box lets users select the scrip they want to buy or sell. The box contains the list of major NSE indices and all FNO stocks. The second dropdown box enables you to choose one of these option types:
- Most trader.
- Highest OI.
- ATM.
- Current Month futures.
If you select the scrip, the Flash Trade module will change the chart and will fill the “lot size” text boxes automatically. Thereby saving the time of the users.
In the section where the two dropdown boxes appear, you’ll find the total profit/loss your positions have generated for you.
ICICI Direct has launched a special offer for users of Flash Trade. If you see the 7 Rs brokerage offer anywhere in its dashboard, click on it and fill out the form that the application displays. The offer will be activated within a few days.
Closing words: Flash Trade is a great new feature for users unhappy with the “place order” module of ICICI Direct. It keeps every important data of a scrip right in front of you.
