Cover orders give you higher leverage by ensuring that you place a stop loss. This is beneficial only for intraday traders. Generally the cover order (CO) gives you more leverage than MIS (intraday) product type and you require 50% less margins for trading.
> What is Cover Order Product (CO) ?
A cover order is a special order type which allows traders to place both the main order as well as the stop-loss order in a single click. This can save a lot of time which is spent placing separate orders. For example if one wants to place a buy market order and the maximum loss that one is willing to take is 2% then one could use the cover order to place the market order with a 2% “built-in” stop loss.
More stock added for Cover Order for Equity Cash & Futures Segment
> What are the stocks, currencies & Commodities available for Cover orders (CO)?
Segment
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Availability
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Equity
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All stocks trading in F&O
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Futures
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Nifty Index futures (NIFTY, CNX IT Index and Bank Nifty) and Stock Futures ( All Future Stocks)
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Commodity
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All commodities
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> What is the Margin requirement for Cover Order ?
Equity Segment - 3%
Futures - 3 %
Commodity Segment - SPAN/4
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