Cover Order (CO) is order where you can place normal buy or sale order at market rate along with position off-setting Stop Loss order. Instead of placing two separate orders, this allows you to place two orders in single go. CO are intraday products and you need to do square off 15 min before market closure or such other time decided from time to time depending on market volatility etc.
Pending Stop Loss order from CO cannot be cancelled but modified or executed.
ProStocks Star Trading Application which has Cover Orders for
- Equity Segment
- Equity Futures and Options Segment
- Currency Futures and Options Segment
Cover orders are subject to minimum margin collection rules applicable from Exchanges, from time to time. Cover orders can be used as products to avoid two separate orders but cannot be used to avoid payment of minimum applicable margin as charged by the Exchanges.
