Short answer

You can use cover orders (CO) for intraday trading with built-in risk protection. A cover order combines your main order with a mandatory stop loss, automatically limiting your losses if the trade moves against you.

When you place a cover order, you place either a market or limit order alongside a compulsory stop loss order within a specified range.

How cover orders work

For buy cover orders: Set your limit price higher than the stop-loss trigger price.

For sell cover orders: Set your limit price lower than the stop-loss trigger price.

You can set your stop-loss trigger price within a 10% range when placing cover orders. Cover orders have specific limitations:

You can only use them for intraday trading

They are not available on BSE or F&O segments

You cannot cancel the stop loss once placed

You can only exit cover orders from the order book

iRage may square off your open positions if you don’t close them before the scheduled auto-square off timings.

If either part of your cover order gets rejected or cancelled, contact iRage’s support team at 080 4718 1888 / 080 4719 1999 from 9:00 AM to 3:30 PM on trading days to square off your position.