% Stop Loss for cover order

How far I can place Cover Order Stop loss in % terms. Assume I want to place stop loss 10% below my purchase price for Intraday. Can I place the same.

you can not define based on percentage but you can define manually, by using price alert indicator

Thanks so my question is if my Limit Purchase price is say 100 can I place Stop Loss Order 90 for cover order. Price Alert Indicator will only give me alert. I want a trade to enter in Limit price and with Stop Loss

Can I place SL at 30% or 40% below my buying price?

In options selling 20% SL is very less… Due to this limit i had losses several times…

This works on LTP, and In option selling LTP is manipulated by sellers… So if you sold option at premium of 10 Rs., LTP going to 12-13 is very easy within a moment.

@siva @ShubhS9

You can.

I hope you are aware that i am asking about cover order.
when I tried… I got this error:

The stop loss trigger price is beyond the allowed range of 20%. Try a price within the range.

Ohh!! 20% is the max allowed range for CO and BO. Alternatively, you can place MIS Sell Stop-Loss or Stop-Loss Market order, you can also place GTT orders for Index Options, that is another option.

I didn;t get you.
Simply I want to take advantage of extra margin using CO. with 30% stop loss. How can i do that?

Is there any other way i can take advantage of extra margin ?

If you are buying options, you dont’t need margin, you have to pay full premium even if you use Cover Orders.

I am selling option

You can use MIS Regular order for selling options you will only require only 40% of NRML margins, and you can also put counter MIS Buy SL or SL-M order as Stop Loss. You can read more on how to use them here.

Hey, can you please explain this allowed range of 20%?
My scenario -
I had written an option as CO for 42, with initial SL Trigger as 46.
Now if the price went down to, say 27, I am not able to change this SL to even 30, it repeatedly gives me this error ‘The stop loss trigger price is beyond the allowed range of 20%. Try a price within the range.’

Please help.

For Cover Order, Stoploss trigger should not be beyond 20% from LTP, it should be within 20%.