How to place Cover Order in the New Order Window?
A cover order is an intraday order in which 2 orders are placed together i.e., the initial order (Long/Short) and a stop-loss order. It helps you manage your risk as there is a stop-loss that keeps you away from incurring any major losses.
Go through the below steps to know how to place the Cover Order:
Click on the Buy option of the Buy/Sell Panel > Tick the checkbox 'CO' > Select the type of order as per your preference (i.e., Market/Limit) > Enter the Stop loss > Click on Buy to place the order.
Your Cover order will be placed successfully.
After execution of the order, your position will show on the chart as below:
You can trail the Stop Loss by Drag and Drop option on the chart itself. All you have to do is drag the 'Sell Stop' order to the price as per your requirement.
If you wish to manually close the position, all you need to do is click on the 'x' option available on the chart. The position will be squared off at the prevailing market price.
Note: Cover Orders cannot be placed in Trigger and Trigger Limit orders.
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