Understanding CO/BO Order Execution on FYERS

Why did my CO/BO order get executed at different price points?

Cover Order (CO) and Bracket Order (BO) are types of multi-legged orders that come with pre-defined stop-loss and/or target levels, alongside the main entry order. The execution of these orders is dependent on the available Bid/Ask in the market for the specific scrip you are trading.

How Does CO/BO Execution Work?

The entry order (Leg 1) dictates the placement of the stop-loss or target orders in CO/BO. Given market conditions, your main order might split into several parts, leading to varied entry prices, stop-losses, and targets.
For clarity, let's consider two scenarios:

Scenario 1: Mr. X, a FYERS client, places an intraday buy order for 4 lots of Bank Nifty 41400PE at the market price (LTP: ₹100). The order splits and executes at 99, 102, 100, and 103 respectively. Despite placing one order, varying Bid/Ask leads to this split. Without SL/TP, the average buy price shown on the platform will be ₹101 (404/4).

Scenario 2: In a similar situation, Mr. X places a Bracket Order at market but adds a 4-point stop loss and target. The breakdown would look like this:

Entry Price (Premiums)
Stop Loss

You'll notice overlapping price points across lots, which can complicate SL/Target trailing on the platform.

So, how do Scenario 1 and 2 differ?

Essentially, both orders are executed based on market Bid/Ask. The distinction lies in the broker's platform, where BO/CO are presented differently for trader convenience. The primary variance is the presence of distinct stop-loss and target orders in Scenario 2.

How Can You Minimize This Variation?

We recommend focusing on high-liquidity stocks or derivatives for trading. Such scrips, backed by numerous buyers and sellers, are likely to be executed in a single attempt. Evaluate a scrip's liquidity using the market depth feature on FYERS Web and Fyers App 2.0.

The market depth of Bank Nifty 41400PE is displayed in the image below:

On Fyers Web:

On Fyers 2.0 App:

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