A Cover Order is a special order type that is a combination of a Market/ Limit Order and a Stop-Loss Order. It has two legs: the first leg is always a Limit/ Market order and the second leg is a Stop-Loss Order. To read more about Cover Orders click here.
To place a cover order follow below steps:
Step 1: On the Order Entry screen select the Intraday option.
Step 2: Select the order type as Market or Limit. Enter the price If limit order is selected.
Note: Since a cover order is placed along with a compulsory stop loss market order, the SL-Lmt and SL-Mkt order types are disabled for cover orders.
Step 3: Enable the toggle next to the ‘Add stop loss (Cover order) option’.
Step 4: For Stop-Loss price while placing a Cover Order. You can specify the stop-loss either as a ‘%’ or the actual price.
Step 5: After clicking on review buy order, Click on submit and the order will be placed.
Cover orders are not allowed across F&O segments, since additional leverage is not provided for CO on index options.
Cover orders are not allowed in Pre Market session