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

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?

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:

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

Any update on this?

BO are blocked due to market volatility. What exactly does zeodha expect us to do? SIt and wait for the price to reach the desired and immidiately exit hoping the system will not exit me 20 secs later when the ltp has moved a lot of points?

The is a Major Problem with Zerodha.
I don’t know when will they enable Bracket Order

@siva please respond on BO. It’s a suffer for Blocking BO

You have seen yesterday also, how volatile the stocks are , moving in large gaps within quick time, at these times we have seen both target and sl order getting executed and resulting in new counter order. Both client and broker is at risk in these cases, many times we have seen client loosing his entire capital and beyond that, broker has to pay from his pocket, imagine a worst event day then broker is at risk and he is keeping all his clients money at risk. So, we have no plans to introduce BO any time soon till our RMS decides otherwise.

@siva \ Got it! How come all other brokers still offer? And I’m pretty sure about one thing! Allow Nifty 100 stocks! Any counter order wont hit. I never seen since last 3 years. there is a possibility too but allowing nifty 100 stocks? Come on! So BO as product itself sucks? and In recent times i don’t see that counter order issues when dealing with good volume stocks. Just block all other stocks! Just provide limited stocks!

Upstox, fyers, samco, sas, 5 paisa I’m trading with everyone! and trust me their platform sucks and i request you to allow the BO for nifty 50 at least and many request too but I see ignorance! as usual

Considering market is never rationale, hope people will understand the omissions of smaller things for the greater good. If others brokers do it, that’s the way they run. Z sees something else,which is good.

Maybe that’s what @siva would like to say.

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@Celina @siva I really don’t see any valid point. If its really serious issue, other brokers wouldn’t allow too if you think counter order will hit that easily! Only one ZERODHA is blocking & giving really invalid reasons. 2nd thing, BO What is BO? Target & stop loss has to hit! Right? That’s what this is all about? About counter order? Lets consider this, So what’s the purpose of releasing glitchy product again? Why this won’t happens with other brokers? I really haven’t faced this issue except zerodha kite. 3rd Point, Why the hell cover order exists? Once order placed, you guys charge brokerage, trade goes positive and user can’t close for desired price! Large quantity to close for market price is not advisable! and then order goes negative to stop loss! Can you see the suffer of clients? Your loved clients!

I really cant complain. Just got to use for what kite provides! Hell! sometimes

We are the only one who nudge clients when entering illiquid contracts, block sms circulated scripts, nudge about lot other things and loosing revenue.
Also BO generates lot of brokerage for us at it can trade in multiple legs and we can charge each leg unlike CO even then we are blocking it to contain risk and loosing revenue.

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@siva
at least you can allow the BO facility for the Nifty and Bank nifty rt?

@siva Your explanation sounds fair. But There wouldn’t be any problem for nifty stocks as far as i know. Don’t you think so?

I Lost 50 Rupees of profit because of CO, I couldnt exit well… with that profit i could plan 2 more trades without worried about broker charge…

I Tried to trick CO by modifying my SL at my desired target ( I fill the modification terminal and hold button until market hit target. ) even with this I have to place my SL little below my target which has to happen in seconds LOL, not sure It works all the time.