I have query regarding cover order
If I enter a position (buy) through cover order and if i book my profit by placing MIS order( sell)at my target then how to exit my pending cover order stoploss (sell) without it again entering new position (sell) at market price as it does when we exit in cover order . Thank you,
The Limit Order you will be using as Target order will initiate fresh short position when it is executed and will not square-off your CO trade.
You exiting Cover Order won’t create new short position, your CO trade will be squared-off. The short position you are seeing is because as explained above Limit Order set for Target won’t square-off your CO trade but will initiate fresh short position when executed.
When I placed limit order for my target my cover Oder position was closed but when I tried removing the pending stoploss cover Oder it initiated fresh short position at the market price how to avoid this.
Please provide an alternative plan for booking my target at limit price not as a market Oder as it is in cover order till bracket orders are enabled in zerodha thanks
Only way to avoid this is to not use MIS Limit order as Target against CO order. Whenever your target price is reached, manually square-off the CO order from Orders tab.
You can use Sentinel to alert you whenever your Target stock trades at your target price.
Market is very volatile if I square off the cover order postion I won’t get the limit price it will square off in market price because of volatility it will make huge difference in profits thanks
Instead of using CO, you can use MIS Regular order to take position and use MIS SL/SL-M order as Stoploss and MIS Limit order for Target.
Eg. you Buy a Stock at 100 and want to put SL at 95 and Target at 105. This is what you can do.
For Stop Loss use Sell SL-Limit order with Price of 95 and Trigger 95.05
For Target you can put Limit Sell order with Price at 105.
PS: Once your either Stoploss or Target order is executed, you will have to manually cancel the pending order.
Thanks for the reply the problem is if I place MIS order and then place all stoploss order and target manually it needs time and in this market condition market will move faster in either direction it won’t match risk reward especially in scalping and can I know when will be the bracket orders will be enabled in zerodha
Cannot give any ETA, markets are still very volatile.
Okay thanks