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What is Cover Order in Edelweiss?

Edelweiss Account Opening

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Cover Order in Edelweiss helps you get more leverage in the equity and futures segments in intraday trades. It helps you to gain high returns while limiting your losses by setting a stop-loss trigger price.

The Cover Order feature is available only on select stocks and Future contracts. Trades with Cover Orders get a higher margin due to limited risk involved. A Cover Order lets you place trades up to 80 times the available limits in your trading account.

While taking an intraday position, you need to specify the trigger price and the limit price. If the stock price crosses the trigger price a sell order is placed which gets executed when the limit price is touched. This way you limit the extent of losses in an intraday trade in case the price moves downwards.

Steps to Place a Cover Order

  1. Login to the Edelweiss website or mobile app.
  2. In the top right, click on 'Buy/Sell' > 'Place Order'
  3. Search for the stock in the search bar.
  4. Click on the 'Trade' button next to the name of the stock.
  5. Click the 'Buy' button, select exchange and enter order detail.
  6. Choose product type as 'Cover Order (CO)' and click the 'Place Order' button.
  7. Review and confirm the order

 

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