How to place Cover Order in the FYERS 2.0 App?
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 learn how to place the Cover Order:
1. Go to the scrip you wish to place an order in and click on the Buy or Sell button as highlighted below for the order panel to pop up:
2. 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.
3. Your Cover order will be placed successfully.
You can trail the Stop Loss by modifying the stop-loss order option on the chart itself. All you have to do is scroll up and click on the edit option in the 'Sell Stop' order to the price as per your requirement.
If you wish to manually close the position, you need to cancel the pending order. The position will be squared off at the prevailing market price.
- Cover Orders cannot be placed in Trigger and Trigger Limit orders.
- Due to regulatory restrictions, CO is disabled for the Options Segment.
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