Cover Order - Need Clarification

Zerodha Zerodha platforms
1

Hello,

I have a question about Cover Order;

I placed long cover order for BNF at 28653 (2 Lots) with a 150 point stop loss however after 2 or 3 candles my trade started going against me so what i did was i placed a short BNF order at 28556 with another 150 SL on the upside however after i placed the order and when i check my order book i have two Open orders in my order book with quantity as Zero on both orders and the position wasn’t moving i mean i was in a loss of 4.8K but it was stuck at 4.8K for some time … What went wrong???

Did the system think that i was covering my long order with another Sell CO order same quantity. (I know this works in MIS, however does the same principle applies even in CO or BO?)

Please advise.

Regards
Vikram

2

Cover order can be nullified by closing the open leg. You need to exit from open order, no need place counter order. Check this hope this helps

Cheers

3

Hello,

I understand that I can’t nullify the CO by placing counter CO order… In that case the system should’ve treated my orders as two separate orders and not a counter order against my long order…