While placing an order on Upstox, on the order entry screen you can see an Advanced Instructions toggle switch. On switching this on, you can enable Cover Order (CO) or Bracket Order (OCO).

What is a Cover Order (CO)?
Such an order has 2 legs, the first leg is always a Limit or Market Order and the second leg is a Stop-Loss Delta order. Stop-Loss Delta is an absolute number that acts as a stop-loss for the open CO Position.

For example - You place a buy CO for Reliance-EQ with


Quantity: 100

Limit price: ₹2000

Stop-Loss Delta: 30


This means a buy order with a quantity of 100 shares would get traded at ₹2000 and automatically a sell Stop-Loss Order would also get generated for the quantity of 100 shares at (traded price - Stop-Loss Delta) i.e. (₹2000-30) = ₹1970.


So, if the price of Reliance falls to ₹1970, then the CO Position would get squared-off and if it doesn't fall to ₹1970 then also it would automatically get squared-off post 3 PM and before market closes.


You can also manually exit the CO Position from the Orders → Positions page.


What is a Bracket Order (OCO)?
Bracket Order is also known as One-Cancels-The-Other-Order (OCO). Such an order is a pair of conditional orders where there are 3 legs all placed simultaneously.

The first leg is buying or selling the actual stock/scrip. The 2nd leg is a Stop-Loss Delta just like in a Cover Order. The 3rd leg is a Target Stop-Loss order i.e. if a stock reaches a certain price in profits your order automatically gets squared off. Once the first leg gets executed, the second and third leg are interdependent. This means if the 2nd leg gets executed the 3rd gets cancelled and vice-versa. 


A Stop Loss Delta is an absolute number that acts as a stop-loss for the open CO Position.

A Target Stop-Loss is an absolute number that acts as a target price for the open CO Position.


For example - You place a buy OCO order for Reliance-EQ with

Quantity: 100

Limit price: ₹2000

Target Stop-Loss: 50

Stop-Loss Delta: 30


This means your buy order with a quantity of 100 shares would get traded at ₹2000 and automatically a Target Stop-Loss and sell Stop-Loss order would also get generated for the quantity of 100 shares at

Target Stop-Loss : (Traded price + Target Stop loss) i.e. (₹2000+50) = ₹2050.

sell Stop-Loss : (Traded price - Stop loss delta) i.e. (₹2000-30) = ₹1970.


So, if the price of Reliance falls to ₹1970, then the OCO position would get squared-off in a loss. If it doesn't fall to ₹1970 then also it would automatically get squared-off post 3 PM and before the market closes. Similarly, If the price for Reliance rises to ₹2050, then the OCO position would get squared-off in profit.

You can also manually exit the OCO Position from the Orders → Positions page.