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Brokers with Bracket Order

Brokers with Bracket Order and Cover Order

A Bracket Order is an advance order type to help traders to limit the losses and increase chances of profitability. It's an order with an opposite-side order placed together (i.e. a buy order is bracketed by a high side sell limit order, and a low side sell stop order).

Bracket orders (BO) have a fixed stop-loss trailing order. To advance this further, some broker offers Bracket Order Trailing Stop-loss. This provides an ability to trail your stop-loss (dynamically). It means the stop-loss keeps moving based on the direction your stock or contract moves.

Bracket orders and cover orders are key risk management tools for a trader. A handful of stock brokers offer this order type to the traders.

Bracket Order Broker List

Broker Category Brokerage (Eq Intraday) Active Clients Request Callback Review
5paisaDiscount BrokerRs 20 per executed order1,754,330Open Account 5paisa Review
Kotak SecuritiesFull Service BrokerFree1,256,001Kotak Securities Review
HDFC SecuritiesFull Service Broker0.05%1,141,264HDFC Securities Review
IIFL SecuritiesFull Service BrokerRs 20 per order1,132,766Open Account IIFL Securities Review
Motilal OswalFull Service Broker0.05% (both side)896,851Motilal Oswal Review
SharekhanFull Service Broker0.10%764,250Open Account Sharekhan Review
Paytm MoneyDiscount BrokerLower of 0.05% or Rs 10 per executed order404,376Open Account Paytm Money Review
Alice BlueDiscount BrokerRs 15 per order or 0.01% whichever is lower149,397Open Account Alice Blue Review
FyersDiscount BrokerRs 20 per executed order or .03% whichever is lower124,152Open Account Fyers Review
SAMCODiscount BrokerRs 20 per trade or 0.02% (whichever is lower)77,730Open Account SAMCO Review

Bracket Order Advantages

  • Bracket Order has 3 orders placed from 1 screen - Entry, Target and Stop-loss order.
  • Bracket Orders are valid only for intraday trading. All Bracket order positions are squared off by end of the trading day.
  • The margin required for Bracket Order is half of normal MIS intraday trading orders.
  • Bracket Orders are available only for Equity and Currency. They are not available for Commodity Trading at MCX.

Disadvantages of Bracket Order

  • Not available for trading in Stock Options, Currency options, and Commodity options.
  • In the case of flat rate brokers like Zerodha and Upstox, the brokerage charges in a bracket order are unpredictable. If the entry price of some of these shares is slightly different in order, the system creates separate target and stop-loss orders for each price.

Cover Order vs Bracket Order

  • Each bracket order is a set of 3 orders (Entry, Target, and Stop-loss). Each cover order is a set of 2 orders (Entry and Stop-loss).
  • Both offers equally higher leverage.

Read more about Bracket Order Explained with Example


7 Comments

7. Chirag   I Like It. | Report Abuse |   Link | Aug 29, 2021 2:56:51 PM Reply
For Stock options (derivatives) trading , Does any broker allows CO or BO ??
7.1. rakesh   I Like It. | Report Abuse |   Link | Apr 28, 2022 3:35:20 PM
SAS Online
6. Md Raju   I Like It. | Report Abuse |   Link | Dec 24, 2021 8:40:35 PM Reply
Is there any company providing trailling stop loss in options trading
6.1. rakesh   I Like It. | Report Abuse |   Link | Apr 28, 2022 3:34:36 PM
SAS Online has bracket order with trailing SL for Options.
5. Hemant   I Like It. | Report Abuse |   Link | Feb 22, 2022 10:01:54 AM Reply
If there is no bracket and cover order in NSE OPTIONS, then it clearly shows ll brokers are there just to loot traders and deceive traders.
4. Mugen   I Like It. | Report Abuse |   Link | May 10, 2021 11:40:21 AM Reply
Zerodha sux big time. These MCs have removed the bracket order so that retail traders waste their money and they can make all the money via brokerage. They can easily be sued with a class action lawsuit for this malpractice.
4.1. Nilaykumar   I Like It. | Report Abuse |   Link | Jan 8, 2022 7:25:39 PM
True , they are planned to not profit retailer , Making it tough so we loose our money and big trader become rich easily
3. Alok   I Like It. | Report Abuse |   Link | Aug 22, 2021 1:54:13 AM Reply
Which broker currently allows bracket order.As Zerodha doesn’t
2. Puneet   I Like It. | Report Abuse |   Link | Oct 29, 2020 8:19:41 AM Reply
Any broker offering Bracket order after the market closes?
2.1. Chetan   I Like It. | Report Abuse |   Link | Aug 15, 2021 1:00:23 PM
You can place bracket orders for Intraday as well as delivery after market with
Sharekhan.
1. Surendrakumar Sadashiv Shete   I Like It. | Report Abuse |   Link | Jun 2, 2021 10:43:51 PM Reply
Nice