How do I exit my Cover Order(CO) position at my desired price?


#1

I’m unable to capitalise on my entire profit at my desired price due to the whole process involved with exiting my CO. Can I not square off my CO position from Admin position or charts? Is there any other order which allows me to control my target?


#2

Hello,

A cover order is a market order which requires a compulsory stoploss. It does not have a target order with it. A cover order is placed at market price and an SLM order will stay open in the order book. When you wish to exit your position, you have to exit the open SLM order from the order book at which time another market order of the opposite kind of your position is sent to the exchange and your CO is squared off. You cannot square off your CO position from the Admin panel or chart as the SLM order would still remain as an open order after this which could trigger and lead to another position.

To place orders along with a target and stoploss, one must place a bracket order. Here you can place a target at your desired price and when this target is reached, your SLM order is cancelled and your BO position is squared off.

Here is a tutorial on how to place a BO:


#3

There is no bracket order facility in commodities. When can we expect the same.


#4

Any update on this?