Master-Child Copy Trading

On this page

1. What is copy-trading?
2. Why our copy-trading is better
3. How to set up copy-trading
4. Quantity multiplier, order splitting and the freeze limit
5. How to stop auto-copy
6. How to modify or delete a master account
7. How auto-copy works
8. How to monitor auto-copy progress (TRACE)
9. How to auto-split orders past freeze limits
10. Limitations and precautions
11. Error scenarios and solutions
12. Performance
13. Delay
14. Testing

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What is copy-trading?

Copy trading means copying orders automatically from one trading account (called the master account) to one or many trading accounts (called child accounts). Master-child is one of the two methods in our copy trading software for Indian brokers.

There are two ways to do copy-trading in our system. The difference matters, so read PMS vs Master-Child before you choose.

1. Master-Child Copy Trading — useful for copying orders coming from an “ALGO”.
2. PMS Copy Trading — recommended for manual traders.

Demo video

Why our copy-trading is better

• Easy to set up
• Automated order copying
• Copies place, modify and cancel operations smoothly
• Quantity multiplier for each child account
• Auto-split to place orders beyond the freeze limit
• Automatic rounding of quantity based on lot size
• Rapid execution of orders, which means less slippage
• Lets you set a start and end time for copying
• Easy on/off switch to stop or start copying
• Full master and child order details for each copied order
• In-depth copy logs for complete transparency
• Parallel order execution for higher throughput
• Optional sequential order execution for option traders who need order sequence preserved
• Built-in protection against infinite copy loops

How to set up copy-trading

Pre-requisites

1. Register for AutoTrader Web. See User Registration.
2. Add your trading accounts in the system. See Trading Accounts.
3. Create pseudo accounts (optional — you also get the option to create a pseudo account while creating a trading account). See Nicknames.

Master-Child setup

1. Go to menu (Accounts -> Master Accounts).

2. Click the Create button.

3. Select the Master Account (the orders of this account will be auto-copied) [Screenshot 1, see below].

4. Click Next to select Child Accounts [Screenshot 2, see below]. The settings on this screen are:

   • Copy Placement — enables copying of order placement.
     • When ON and a new order is placed in the master, it is copied to child accounts.
     • Turn it OFF to stop order copying.
   • Copy Cancellation — enables copying of order cancellation.
     • When ON and an order from the master account is cancelled, all of its copies in the child accounts are also cancelled.
     • Turn it OFF to stop order cancellation copying.
   • Copy Modification — enables copying of order modifications.
     • When ON and an order from the master account is modified, all of its copies in the child accounts are also modified.
     • Turn it OFF to stop order modification copying.
   • Parallel Order Execution — allows option strategy traders to execute orders in sequence.
     • Keep it ON for most scenarios, as it gives better performance.
     • Only if you are an option trader who wants orders executed in a proper sequence to avoid margin shortfall errors, keep it OFF.
     • Please read the sequential order execution limitations below.
   • Auto Split Frozen Qty — automatically splits the order if the order quantity is higher than the freeze limit (the maximum single-order quantity allowed by the exchange). See Quantity multiplier, order splitting and the freeze limit below.
   • Segment filter — lets you copy orders for selected segments only.
   • Copy Duration — controls the time window when copying is active in your account.
     • Copy Start Time — copying starts at this time. Default is 9 am (change it as needed).
     • Copy End Time — copying ends at this time. Default is 15:30 (3.30 pm). Change it as needed, especially if you also trade in MCX.
     • Important: This is very useful for intraday traders. Set this value to a time before your broker’s intraday auto-square-off process begins. If you do not, AutoTrader Web may copy intraday auto-square-off orders placed by your stock broker.
   • Available Accounts — a table of all accounts available to be added as a child account.
     • Click the Plus (+) button in the first column to add the account as a child account.
   • Child Accounts — a table of the accounts you have added as child accounts.
     • Quantity Multiplier — you can edit the quantity multiplier. See Quantity Multiplier for calculation and rounding details.
     • Click the Minus (-) button in the first column to remove the child account.

5. Click the Save button to save the new master-child configuration.

Once you save the master account, the system starts copying as per the parameters you have set.

1. Select Master Account

2. Select Child Accounts

Quantity multiplier, order splitting and the freeze limit

These settings control how much quantity each child trades and how very large orders are handled. They work a little differently here than in PMS Copy.

Quantity multiplier (per child). Each child account has its own quantity multiplier. The master order’s quantity is multiplied by the child’s multiplier to get that child’s quantity. Set it in the Child Accounts table while setting up the master (see above). For the exact calculation and lot-size rounding, see Quantity Multiplier.

Freeze limit. The Indian stock exchanges cap the maximum quantity allowed in a single order. This cap is called the freeze limit and it is different for each contract. An order larger than the freeze limit is rejected by your broker — this can happen when a child has a high multiplier.

Order splitting (per master). To place a quantity beyond the freeze limit, turn on the Auto Split Frozen Qty toggle on the master account. The system then breaks a large order into smaller orders that each stay within the limit. It is OFF by default — see how to auto-split orders past freeze limits below for the details and cautions.

How to stop auto-copy

Option 1

• Go to menu (Accounts -> Master Accounts).
• Select the row by clicking anywhere on it, then click the Disable Copy button on top.

Option 2

• Go to menu (Accounts -> Master Accounts).
• Click on your master account name in the first column.
• Untick the Copy Placement switch to stop auto-copy.
• Click Save.

How to modify or delete a master account

• Go to menu (Accounts -> Master Accounts).
• Click on your master account name in the first column.
• To delete, use the button at the bottom.
• To modify, you can:
  • Add or remove child accounts
  • Update the quantity multiplier
  • Enable or disable copy operations
  • Modify start and end time, etc.
• Click Save.

How auto-copy works

Once the set-up is complete, you are all set to do auto-copy.

• The system keeps monitoring your master account for any new orders.
• As soon as it sees new orders, it copies them to the child accounts automatically.
• Orders can be placed in the master account from these sources:
  • AutoTrader Web — Trade Screen or APIs.
  • Directly in your stock broker’s terminal or APIs (via algos) — see the limitations below for this case.

Note on rejected and failed orders. Copying is triggered only by an order appearing in the master account’s order book. Whatever shows up there is copied — no matter its status (open, complete, cancelled or rejected). The deciding factor is visibility in the order book, not whether the order succeeded: some brokers show rejected or failed orders in the order book, and for them those orders are copied; other brokers do not put rejected orders in the order book at all, and for them a rejected order is not copied. Because this differs from broker to broker, use PMS copy if you want full control over exactly which orders get placed.

Do not forget to monitor the progress.

How to monitor auto-copy progress (TRACE)

Important: Monitoring the progress of auto-copy is essential. Many variables and systems are involved, so errors can happen at times. Keep a close watch and take action if needed.

Monitor from our PMS dashboard

Our PMS dashboard lets you monitor all of your trading accounts from one place. Go to menu (Trading -> Portfolio) and start monitoring.

• Look for every new order placed in your master account (by you or your algo).
• Then check whether it has been copied properly into all of the child accounts.

Order copy details

To see how a master order was copied to your child accounts, use the Copy Log link:

• Go to menu (Trading -> Portfolio) and open the Orders tab.
• Find the master account order. On master accounts, a Copy Log link is shown next to the order (it also has its own Copy Log column — if you cannot find it, scroll to the right or drag the column to the front).
• Click Copy Log to open the complete details of the copy operation [Screenshot 3, see below].
  • You can check every child order id on this screen.
  • If you have any doubt about the execution of child orders, copy the order id and check the child order details in our Orders tab or your broker’s trading terminal order history screen.
• For even more detail, the Copy Log screen also shows the server activity logs of the copy operation [Screenshot 4, see below].

The Copy Log screen also shows a Timing Statistics section. It shows every stage of the copy, each with its own timestamp, so you can see exactly where the time went. All times are in seconds.

• It starts when your master order reaches us, then shows your order details being read, the first child order being sent, and your broker confirming it.
• When more than one child order is copied, it also shows the slowest child order separately, so you can spot the one that lagged.

Below this is a per-child table. For each child order it shows when the order was sent and confirmed, plus three time columns:

• Our system — the time spent on our side.
• Broker system — the time taken by your broker (including network time).
• Total Time — the two added together.

Click the small help icon inside any of these cells to see a full stage-by-stage breakdown. This makes it easy to see whether a delay was on our side or at your broker.

3. Copy Log details

4. Order copy server activity logs

For any support query or issue on copy trading, please mail your investigation (Copy Log and activity log screenshots). Without it, we cannot provide assistance.

How to auto-split the order (to overcome quantity freeze limits)

If a child account has a high multiplier and the resulting order quantity goes beyond the freeze limit set by the exchanges, your order will be rejected by the broker.

To help with this, the system can automatically split the order if the quantity is higher than the freeze limit.

Note: By default, auto-splitting is turned off. Placing orders of large quantities is risky, so only users who need it should enable it.

Important: By enabling auto-splitting, we assume you understand the risks. Do thorough testing by keeping less margin in child accounts before going ahead with actual trading.

Note: If the order is auto-split to overcome the freeze limit and you modify (not place) the master order quantity, the system will not modify the child order quantity, as it may cause a freeze limit error. You can modify all other parameters. Quantity will NOT auto-split when master order quantity is modified. In such cases, cancel the master order and place a new order in the master account with the new quantity.

Auto split frozen qty – Flag

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Split column in the “Trace” window indicates if an order was split

Limitations / Precautions

These are known limitations of the system. You are strongly advised to read and understand them.

• Testing — A very common mistake: many users enable auto-copy for testing and then forget to disable or delete it. If you do not want to use auto-copy after testing, disable auto-copy or delete the master account.
• Only orders visible in the master’s order book are copied — rejected ones included, but only if your broker shows them there. Copying is based on the master account’s order book, not on whether the order succeeded. Any order that appears in the order book — including a rejected or failed one — is copied to the child accounts, regardless of its status. But some brokers do not put rejected orders in the order book, and for those brokers a rejected order is not copied. As this varies by broker, use PMS copy if you need full control over what is placed.
• AMO (After Market Orders) are not supported.
• Bracket and Cover orders (BO and CO) are not supported.
• GTT orders are not supported.
• Orders in a master account can be placed directly on broker platforms.
• Quantity Rounding is ON by default. Do not turn it OFF without proper understanding. Read more about Quantity Rounding.
• A price change is copied only if the change in price is greater than 0.01 (1 paisa). This is due to decimal precision issues with some brokers.
• Quantity Modification Copy — Quantity will NOT auto-split when master order quantity is modified. When you modify the quantity of an open master order, the system copies the quantity modification to children. Take extra care that the child account’s multiplier-applied quantity stays within allowed limits (the quantity freeze limits set by the exchange). In such cases, you should cancel the master order and place a new order in the master account with the new updated quantity.
• Intraday auto-square-off
  • Intraday traders should know the auto-square-off timings of all brokers of master as well as child accounts they trade with.
  • Set copy end time to be earlier than the earliest (minimum) auto-square-off time of your brokers.
  • Intraday positions should be squared off by you or your algo before the copy end time.
  • If you do not, the auto-square-off orders placed by your broker in the master account get copied to child accounts (not something you want).
• IIFL and 5paisa Broker
  • It is NOT recommended to use an IIFL account as a master account.
    • Only order placement copying is supported for an IIFL master account.
    • Order cancellation copying is not possible for an IIFL master account.
      • Once you cancel an IIFL order, the broker changes that order’s unique order id.
      • AutoTrader Web uses the order id to find all of the child orders.
      • Because IIFL changes the master order after it is cancelled, the system cannot find the child orders and so cannot cancel them.
    • If the master order is cancelled (which changes its order id), you also will not get correct trace and logs.
  • If an IIFL account is a child account, there is no problem.
• Sequential order execution
  • Sequential order execution uses the order timestamp to sort the orders.
  • If the order timestamp given by the broker is the same for two or more orders, the order of execution is unpredictable.
  • Brokers mostly give the timestamp only to second-level accuracy; they do not provide the order timestamp in milliseconds.
  • For guaranteed sequential order execution, keep a delay of at least 1.5 seconds between your consecutive orders.
• Trading in a child account
  • Be careful if you place orders in a child account. Mistakes like the one below can easily happen without you realizing it. Example:
    1. You place a buy order in the master account.
    2. It is copied automatically to children.
    3. The order is executed and you have a long position in both the master and all of its children.
    4. You square off the position in one of the child accounts (by mistake or on purpose).
    5. If you now square off the position in the master account, this happens:
       1. Because you had a long position, the square-off in the master means a sell order.
       2. This sell order is copied to all children.
       3. Now the master and all children (except the one) have the position squared off.
       4. But the one child account you already squared off now has a short position open. Its net quantity was zero after you squared it off, and auto-copy has placed another sell order.
• Order Timestamp Comparison
  • Users make the mistake of comparing the order timestamp with the order copying time.
    • The order timestamp seen on the AT Web orders screen or your trading platform orders section is the last modified time.
    • The last modified time is when the order was last modified on the broker’s side. It should NOT be compared with order copy times.
  • The correct comparison is with the order entry or created time. You can see this in two places:
    • AutoTrader activity logs
    • Many brokers provide an order log or order history feature, which shows the order entry time.
• Orders are monitored via the orderbook. If your broker’s orderbook API goes down, copying will not work. This is extremely rare, as broker APIs are fairly stable. If the broker’s orderbook API has a temporary glitch and you placed orders during the glitch, the system copies only fresh orders (placed within 3 mins of the glitch being resolved).
• A maximum of 100 modifications are copied for a single order. If the same order is modified more than 100 times, modification copying stops for that specific order. This avoids overload in the system.
• You are strongly advised to do proper testing before going live (see the Testing section below).
• Master-child copy testing should be done in live market hours.

Error scenarios & solutions

Because of the complex nature and the involvement of multiple systems, you may see errors or unexpected behavior at times.

Order place/cancel is not copied into one of the child accounts

• Use our PMS system to manually place or cancel the order in the child account.
• Click on the master order copy trace link (explained above) to understand why the order was not copied.

Orders are not getting copied, or any other issue

• Check the activity logs.

Continuous orders are being fired

• This can only happen if your algorithmic trading system has a bug.
• Go to menu (Accounts -> Master Accounts):
  • Click on your master account.
  • Untick Copy.
  • Save.

Performance

Important: Evaluate copy trading performance only during live market hours. Performance may appear slightly slower outside market hours, and this is intentional by design.

Master-child is a background copy design. Whenever there is a new order in your master account, a notification is sent to us. Copying starts only after we receive that notification.

So performance mainly depends on how quickly your broker sends the new order notification. On high-performance brokers, the new order notification is received in around 0.2 seconds or less, so child order copying starts almost instantly.

High performance (order copy starts in less than 0.2 seconds):

• AliceBlue
• Angel One
• Dhan
• Finvasia
• Fyers
• Flattrade
• Motilal Oswal
• Symphony XTS (all brokers)
• Upstox
• Zebu
• Zerodha (Paid API only)

Normal performance (order copy starts anywhere between 0.5 and 4 seconds):

• All remaining brokers

Note: Master-child copy is optimized to perform better in live market hours, so any performance testing must be done in live market hours only.

Delay

There can be a slight delay in copying at times for brokers with Normal performance (see above). This is expected behavior in any kind of master-child copy. The reason is that any copying system using a master-child design must wait for the new order notification. A user enters an order in the broker’s terminal, then the broker sends a notification of the new order. The copying process starts only after a notification is received.

So the lag or delay in copying can range from a few milliseconds to 2-3 seconds, depending on how long your master account’s broker takes to notify us about a new order.

The other copy method we provide, PMS Copy, does not have this limitation. In that method, the user enters the order in our system, so our system does not have to wait for the notification from your broker.

Broker network speed (IPv4 vs IPv6)

Part of the Broker system time you see in the Copy Log is plain network travel to and from your broker. Some brokers allow API access only from a fixed IP on the older IPv4 network, and providing a fixed IP on that network needs some extra network routing that can add a small delay to each order. Brokers that support the newer IPv6 network do not need this, so for them this delay is negligible.

Investigation of delay

The quickest way to check this is the Timing Statistics section on the Copy Log screen (above), which shows these stage timings for you directly and tells you whether the time was spent on our side or at your broker.

To understand if there is a delay, compare the difference between the created_time of the master order and the child order.

The problem is that brokers mostly report the last_updated_time of the order on the orders screen, which is completely different from the created_time.

If you enter an order in the morning and it remains open, then it gets executed in the afternoon, the last updated time column shows the afternoon time. So this last_updated time value should not be compared.

There are two ways to check created_time for an order:

1. Check the activity logs (AT Web menu: Tools -> Activity). This tells you the time the order was placed.
2. Some broker platforms provide an “order history log” button. Click it to see what time the order reached the broker. The screenshot below shows the Order Log (History) shown by the Zerodha Kite website.
   • If you cannot find the order history log on your broker’s terminal, ask their customer care to provide it.

Zerodha Kite – Order Log (History)

Testing

Follow these guidelines to test the auto-copy feature and reduce risk.

What to test

• Place an order in the master account.
  • Make sure it is copied to child accounts.
  • Make sure the quantity in child accounts matches the quantity multiplier.
• Cancel an order in the master account.
  • Make sure child orders are cancelled.
• Untick the copy flag in the master account and place an order in the master account.
  • Make sure the order is NOT copied to children, because you have disabled the auto-copy operation.

After-market testing

• This has the lowest risk, as orders will not be executed on the exchange.
• However, you may face issues such as orders being rejected due to non-market hours.
• You cannot test order cancellation copy this way.

Live market but safe orders

• Enter safe orders that are not likely to execute.
  • Example: if a stock or derivative is currently trading at 100/-, place a buy order at 90/- so it remains open.
  • Make sure orders are copied as expected.
• Cancel the order in the master account.
  • Make sure orders are cancelled in the child account (assuming you have copy cancellation enabled).