Placing a Cover Order on Fyers Web

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 to placing a Cover Order on Fyers Web:

Steps to Place a Cover Order:
  1. Access the Buy/Sell Panel: Navigate to the Buy/Sell panel on Fyers Web.
  1. Select Order Type: Choose the 'Buy' option.
  1. Enable Cover Order: Check the 'CO' box.
  1. Determine Order Preference: Depending on your strategy, select either 'Market' or 'Limit' as the order type.
  1. Set Stop-Loss: Input the stop-loss amount, determining the price at which you'd like the order to be automatically sold if the market moves against you.
  1. Confirm Order: Click on 'Buy' to finalize the placement of your Cover Order.
Post Order Execution:
  • Upon successful execution, your active position will be visually represented on the chart.
  • Adjust Stop-Loss: For a dynamic trading approach, you can manually modify the stop-loss by dragging the 'Sell Stop' marker on the chart to your preferred price level.
  • Manual Close: If you decide to close the position ahead of the stop-loss being triggered, click the 'x' on the chart. Your position will automatically be squared off based on the current market rate.
Note: 'Trigger' and 'Trigger Limit' orders aren't compatible with Cover Orders.

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