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What is a cover order in Alice Blue?

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A Cover Order (CO) in Alice Blue is an advanced order type used in intraday trading to limit losses. Alice Blue offers cover orders along with other advance orders like bracket orders and stop-loss orders. In a cover order, the buy/sell order gets placed along with a stop-loss order.

Say, you place a buy order at Rs 100 and also place an SL order of Rs 95. If the stock is going down, a Sell order will be automatically executed at Rs 95, preventing you from unlimited losses.

All open CO positions get auto squared off before the end of the day (Equity & F&O: 3.15 pm, Currency: 4.15 pm, Commodity: 15mins before close). The margin requirement varies based on the stop-loss price.

 

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