How to place a Cover Order in FYERS?

How to place a Cover Order in FYERS?

A Cover Order (CO) is an intraday order where you place a buy or sell order along with a mandatory stop-loss. This helps manage your risk by automatically limiting potential losses.

Steps to place a Cover Order on FYERS:
  1. Select the scrip from your watchlist or use the smart symbol search.
  2. Click buy or sell on Web, or swipe left on the scrip to find buy or sell on App.
  3. In the order window, tick the checkbox for CO (Cover Order).
  4. Choose your order type:
    • Tick the 'Market price' checkbox for immediate execution at the current price.
    • Or untick the checkbox and set a price for a limit order for execution at a specific price.
  5. Enter your Stop-loss price. Ensure it reflects the maximum risk you're willing to take and stays within the allowed range shown in the order panel.
  6. Click buy or sell to place the order.
Your cover order will be placed successfully.

How to manage your cover order:
  • To trail your stop-loss, open the chart, drag and drop the the active stop-loss order (sell stop or buy stop), or tap to adjust the price.
  • To manually close your position, cancel the pending stop-loss order. The position will automatically square off at the Last Traded Price (LTP).
Notes:
  • Only market and limit order types are allowed for cover orders.
  • Trigger and trigger limit orders are not supported.
  • Due to regulatory restrictions, cover orders are not available in the options segment.


    • Related Articles

    • How to place Cover Order on Fyers Web?

      A Cover Order is a unique intraday order, coupling an initial order (be it Long or Short) with a pre-defined stop-loss order. By setting a stop-loss, you inherently protect your position from potential severe market downturns. Here's a simple guide ...

    • How to place a basket order in FYERS Next?

      To place a basket order in FYERS Next, you can follow these steps: Login to the Next trading terminal using your FYERS credentials Go to ‘Trading’ and select the ‘Basket Order’ option under the ‘Basket Order’ drop-down or use the shortcut Ctrl+B. Add ...

    • How to place a Market Order in Fyers App?

      Setting a market order in the Fyers App is a straightforward process. Here's how you can do it: Select the Scrip: Find the scrip you're interested in trading. Tap the 'Buy' or 'Sell' button. This will open the order panel. Input Order Details: Enter ...

    • How to place a Bracket Order in FYERS 2.0 App?

      A bracket order is an intraday order which is one of the trending products in the capital markets. It helps you manage your risk and trade efficiently. You can place a bracket order in FYERS and keep a check on your trades on the charts effortlessly. ...

    • How to place a market order on FYERS Web?

      A market order is placed to buy or sell stocks and investments at the best available price in the market at a particular time. You can place a market order in Fyers, effortlessly: 1. Go to the scrip you wish to place an order in and click on the Blue ...