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Cover order allows you to place two opposite orders for the same scrip, 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.
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Cover Product is an order placement feature where you can take a position at market price and also place a cover order for the position specifying the SLTP and the limit price. This will minimize the loss on the position.
Thereby it gives a clear view of maximum downside involved in a particular position.
The order that is placed for creating the position is called First leg order.
No, First leg order is always a market order.