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Place COVER order

A Cover Order represents a sophisticated intraday trading tool, characterized by its inherent risk management mechanism in the form of a compulsory Stop Loss Order. This strategic approach empowers users with the ability to proactively mitigate potential losses, effectively shielding themselves from unexpected market fluctuations. Cover Orders are available across various segments, including Equity Cash, Equity F&O, Commodity F&O, and Currency F&O, offering traders high leverage and enhanced risk control.

A Cover Order comprises two integral components:

  1. Limit/Market Order: Investors have the flexibility to enter trades at the best available market price or at a predefined limit price, optimizing their trade execution strategy based on prevailing market conditions.

  2. Stop Loss Order: In conjunction with the main order, a corresponding stop loss order is placed. If the market price approaches or reaches the specified stop loss price, the position is automatically squared off. It's worth noting that while the stop loss order can be adjusted to adapt to changing market dynamics, it cannot be outrightly canceled.

This strategic deployment of Cover Orders reflects a commitment to effective risk management and precision in trade execution, aligning seamlessly with industry best practices to safeguard trading interests.

Method: POST

{{SERVER_URL}}/api/V2/orders/CO

Headers

Content-Type Value
Authorization {{AUTH_TOKEN}}

Request Body: URL Encoded

Param Value
clientID Required in case of dealer
exchangeSegment The segment which represents cash, derivative, commodity, or currency market
exchangeInstrumentID The security id of the instrument
orderSide Possible Values : Buy or Sell
orderType Possible values : limit,stoplimit.
Order types in trading specify the instructions for executing a trade on the financial markets. They dictate how and when your buy or sell order should be executed.
stopPrice A stop loss price is a price in a stop order that triggers the creation of a market order. In the case of a Sell on Stop order, a market sell order is triggered when the market price reaches or falls below the stop price.
orderQuantity Order Quantity is the number of Sell or Buy orders
disclosedQuantity Disclosed quantity is a type of order used in financial markets, particularly in stock trading. It allows traders to disclose only a portion of the total order quantity to the public market while keeping the remaining quantity hidden
limitPrice The limit price is the specific price at which a trader is willing to buy or sell a financial instrument, such as a stock, bond, or commodity futures contract. It plays a crucial role in various types of orders, especially limit order
orderUniqueIdentifier It is a user-specific order unique identifier

Response: 200

{
    "code": 200,
    "description": "Request Sent",
    "result": {
        "AppOrderId": 2105100000,
        "ClientId": "CA492",
        "OrderUniqueIdentifier": "123abc"
    },
    "type": "success"
}