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Cover order is a 2 legged orderallows you to place two opposite orders for the same contract, simultaneously. The first order is Market Order, and the second order specifies the Stop Loss Trigger Price (SLTP) and a Limit Price.

Since you place the Stop Loss Order simultaneously, while taking a position, the risk automatically reduces.

Key Features

  • Get extra leverage for your intraday position.
  • Enhances profit potential owing to higher exposure.
  • Minimises your losses, as you compulsorily use the stop loss feature.
  • It is available only in future segment and not in options
  • Grab the ultra-short term opportunity available in the markets.
  • Cover Order square off should be done by 3:00 PM

How does it work?

  • Log into your trading account with your user id and password
  • Click on Derivatives and then click on Buy/Sell & Exchange as NSE
  • Select the company & Product as Cover
  • Enter the type of order, lot size and price of the scrip (whether market order or limit order)
  • Click on Know your Margin to calculate the margin requirement and place order
  • Track your Order status in Order Book

How to place a Cover Order?

  • First order will be market order
  • Second order will be a Stop Loss order with a limit price
  • Once the market price of the stock breaches this trigger price, the “Stop Loss limit order” gets activated for Sell. The trigger price has to be between the limit price and the last traded price (LTP) of the stock.
  • Example: You have taken a Buy position in Nifty Futures at default market rate (i.e 10,000)
  • The cover order (i.e Sell order) can be placed together with a trigger price of Rs. 9,900& Limit price of Rs. 9,850
    • Open position under the Cover Order should be square off by 3:00PM, otherwise it will be squared off by the central team of one电竞(新疆)在线登录 securities.

FAQs

What is Cover product?
  • Cover Product is an order placement feature where you can take a position at market price and simultaneously place a stop loss limit order. This will minimize the loss on the position.
  • Thereby it gives a clear view of maximum downside involved in a particular position.
What is First Leg order?
  • The marketorder that is placed for creating the position is called First Leg order
Can I place a limit First leg order?
  • No, First leg order is always a market order
What is a Stop loss Limit order?
The First leg order as defined above will help you take a position. Assuming you have taken a buy position, your cover will naturally be a sell order. This is a Stop loss Limit order A Stop loss Limit order allows the client to place an order, which gets triggered only when the market price of the ...
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