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:
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Select the scrip from your watchlist or use the smart symbol search.
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Click buy or sell on Web, or swipe left on the scrip to find buy or sell on App.
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In the order window, tick the checkbox for CO (Cover Order).
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Choose your order type:
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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.
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Click buy or sell to place the order.
Your cover order will be placed successfully.
How to manage your cover order:
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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.
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To manually close your position, cancel the pending stop-loss order. The position will automatically square off at the Last Traded Price (LTP).
Notes:
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Only market and limit order types are allowed for cover orders.
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Trigger and trigger limit orders are not supported.
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Due to regulatory restrictions, cover orders are not available in the options segment.
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