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.


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