So now let’s talk about how to place a Cover Order in Zerodha pi. Placing a cover order is very easy task. In this tutorial I provide you step by step guide how to place a cover order in Zerodha pi. So let’s get started by understanding what is Cover Order.
Cover Order: In basic buying or selling order we can only place a one order at a time. It will either a buying or selling order. If we want to place a stop-loss order on that buying order than we have to open a another selling window enter our stop-loss trigger price & then our stop-loss order got placed. This normal buying & selling order also works fine but it will take little extra time to get things done. Now imagine what if we have a special type of order window in which we can place a our buying or selling order as well as with our stop-loss order. It will save our time and make things little easier to do as compare to normal orders. In these type of scenario cover order become handy. Basically in cover order I will able to place my buying or selling order as well as with my stop-loss order in one single window. In simple words in cover order you can place your both buying & stop-loss order in a same window. So let me show you how to place a cover order in Zerodha pi.
Placing a Cover Order:
- So the first thing you have to do is login in your Zerodha pi. After login select your scrip in which you want to place a cover order. Right click on it & then select the cover order either for buying & selling order. You can also do the same by pressing Shift+F1 for buying & Shift+F2 for selling on your keyboard.
- In this example I’m going to place a buying cover order on HDFC. So after clicking on the buy cover order button a new order window will pop-up. Now first you have to select a order type it will either a limit order or market order.
If you don’t know what is Limit or Market order then you can read my article on it. How to Place Limit, Market, SL and SL-M Order in Stock Market.
- After selecting the order type enter your stop-loss price in trigger price box. In this example I’m placing a cover order on HDFC. So the current price of HDFC is 1684.55 my order type is market order. I want to place a stop-loss order on 1680 price value. So all I have to do is enter the 1680 in the trigger price box & hit the submit button.
- So now what happened next If my order is market order than it’s got executed immediately along with stop-loss order. If my order is limit order than whenever the market price reached at the your limit price than it’s got executed otherwise its remained in the system & waiting for the price reached at your limit price. In this example my order is market order & it’s got executed immediately along with my stop-loss order after hitting the submit order button.
- Keep in mind your triggered price value must be in the range of given trigger price range that decided by zerodha. In my case trigger price range is 1625-1684. So if I tried to enter the trigger price value outside the given price range than I got the error like this.
- After placing a cover order you don’t have to wait until your stop-loss got hit. You can exit from your order anytime you want. All you have to do is open your order window & than hit the exit button to exit.
- All cover order that you place is MIS (Intraday) order.
- You can also read my article on how to place a Bracket Order in Zerodha pi.
So this is from me in this tutorial. If you like it than don’t forgot to share this article on any one social media platform.