Trading Platforms

Introducing Cover Orders

As you all know that we have launched cover orders recently. It took me a while to write this post but here it is finally. Today, I will explain everything you need to know about Cover Orders, how to use it on our platforms. So let’s begin.

What is a cover order?

A cover order is an intraday order which can be either placed in a market or a limit order type with a mandatory Stop-loss order. Here’s a simple explanation of some of its features:

1. Compulsory Stop-loss order

As explained earlier, a cover order needs to be placed with a compulsory stop-loss order. This stop-loss order is a market order and must be placed within a given range. The stop-loss order is modifiable.

2. Higher Leverage

Since a cover order is placed with a stop-loss order, it locks the losses to a certain limit and minimizes the trading risk. Because of a pre-defined stop loss, it helps us as a broker provide extra leverage on cover orders. The leverage provided for a stock/scrip depends on the volatility, liquidity and overall risk. Also, scrips can be allowed/disallowed depending on the underlying circumstances for the purpose of safe risk management. Hence, it is subject to change from time to time. You can calculate the margin required for cover orders with our Margin Calculator.

3. Auto Square Off

As mentioned earlier, the cover orders are an intraday time frame, therefore they automatically get squared off at around 3:20 PM as per our risk management policies.

How to place a Cover Order?

The order placement functionality is slightly different on each of our platforms. To help you with it, I will explain how it works on each one of them separately.

1. Order placement on Fyers One:

To place a cover order on Fyers One, choose the scrip you want to Buy/Sell and then press “F1” (for Buy) or “F2” (for Sell). You can refer this post to learn order placement on Fyers One.
Once you press it, an order entry window will pop up on the screen. Please refer to the image below:

Cover orders 1

Once you fill up all the details in the order entry form, you can click “Submit” to place the order.

2. Order placement on Fyers Web:

To place a Cover Order on Fyers Web, choose a scrip from the watchlist and press BUY or “SHIFT+B” to buy or SELL or “SHIFT+S” to sell. In fact, there are several ways to place an order on Fyers Web. You can watch this video to learn more. Once you click it, you will see an order entry window on the screen. Please refer the image below:

Cover Orders Fyers Web

3. Order placement on Fyers Markets:

You can place a cover order using our Mobile App – Fyers Markets. In this section, we will go through a step-by-step process to place a cover order on Fyers Markets.

a. Upon login to Fyers Markets, you will see a Dashboard panel on the screen. Click on the “Blue icon” to search a scrip. Refer the image below:

Cover ORders 3

b. Type in a name of a scrip in the search box and choose a scrip you wish to trade. You can also search across various segments such as Equity, FNO, Currencies etc.
Follow the process shown in the image below:

Cover Orders 4

c. Once you are redirected to the order entry window, you can follow a simple process to place a cover order on Fyers Markets.

Once you fill up all the details in the order entry form, you can click “Submit” to place the order.

Cover Order Modification

If you have already entered the trade, then you will only be able to modify the stop loss of the cover order. However, if your initial trade has not yet been executed, then you can modify both the order as per your preferences.

Cover Order Exit

It is important to note that cover orders are designed to exit via market orders and stop loss market orders for stop loss. One cannot exit via limit orders. Please note that if cover orders are not exited before the closing hours of the market as per our risk management policies, the position will be automatically squared off by our team before the market closes. Cover orders are essentially intraday orders which cannot be carried forward to the next day.

Feel free to ask questions and get clarifications about cover orders in the comment section below. We will provide you with the answers as soon as possible. Happy trading!

Tejas Khoday

Tejas Khoday

Tejas is the Co-Founder & CEO at FYERS, the youngest team to get NSE’s broker license. He has a specialization in finance and has over 10 years of work experience spanning across proprietary trading, risk management, and broking. Tejas & his team started FYERS, a technology-focused brokerage as a mission to transform the trading/investment landscape in India.


  • Shiva says:

    How much margin on CO in mcx?

  • FSzerosixninetwo says:

    Hi Tejas,

    Today (171018) I bought India bulls housing finance futures (1 lot = 500) at 812.85 at 9:54:17 and I clearly remember that I had placed my stop loss at 807. My position got squared off at 787.6 at 10:00:29.

    Please answer to my queries,
    1) If the stop loss is 807 then it should get squared off at or around 807 and not at 787.6, I can understand if the volume is less, it makes sense, in this stock the trading volume is good around this time. I called the support team and they said since position was going more than 75% down they squared off my position. The price reached 787 and went below and low was 777.05 at 9:56:00, why didn’t you square off my position at this time (9:56:00) or latest 9:57:00? The price bounced back and started to increase from 9:57:00. At the moment the price is ~830.

    First question is why is your stop loss didn’t work at 807? (Please don’t say that it is the problem with the exchange).

    Second question, if it was the problem with the exchange then why your system didn’t square off my position at 9:56:00 when the price was 787 earlier than 10:00:29.

    Third question, If you strictly follow 75% rule (automatic square off position if the loss is 75% of capital) then why don’t you follow it always? I remember other days when you didn’t follow 75% rule and made me to incur more loss. I can dig it and get more information if you would need.

    We are dealing with money here and you should have your system fine tuned, if not it can ruin your clients and bad reputation for Fyers.

    I hope you will resolve this issue, if not I am going to complain to SEBI and I might sue you in the future when I am in a good position.

    I look forward to hearing from you.


  • Jith says:

    let me know Fyers web platform cover order is enable in future segment?

  • Kumar says:

    What is the max leverage on Cover Orders?

  • Sandip Trivedi says:

    Dear Sir

    When will you introduce BO

  • SRINIVASAN says:

    R u introducing BO order in the month of AUG??

  • md amjad hussain says:

    its is possible take cover order in after market order and brokerage will be same?

  • SRINIVASAN says:

    is the feature for stop limit buy order in NEW BO order type available??

    Srinivasan K

  • Raghavendra Rao G S says:

    Hello! Tejas

    Everything is superb in Fyers Platform. Only lagging is “Pivot Point & Bracket Order”, kindly implement it at the earliest.

    • Tejas Khoday Tejas Khoday says:

      Hi Mr. Raghavendra Rao, Thank you! Yes, we are working on pivot points. This component requires a release from TradingView. Apart from that, Bracket Order is in it’s final stages.

  • Ujwal Sandeep says:

    So how long for the BO still?

    • Tejas Khoday Tejas Khoday says:

      Bracket Orders are in the final phases. We are already in the process of increasing our BMC and other things are almost done.


    sir pls clarify my doubt.
    why candles in 5 min chart does not form for last 5 min (from 3.25 to 3.30) and in 30 min chart there is no candle for for the last 15 min, candles are only present till 3.15?
    i have also checked my other broker account but even they dont show that candle. Is there any technical reason behind it?


    can you please introduce hot keys for buy and sell on fyers web..its irritating 1st open chat then place order.i miss some opportunity mainly when trading with option.and please introduce BO,PIVOT POINT.your all terminal is best in the industry but some point disappointing.


    Sir, after placing the Cover Order, If only one part of the Cover Order is accepted and other part of the Cover Order is rejected due to technical problem, Is there any way to Square Off the executed order?

    • Tejas Khoday Tejas Khoday says:

      Hi Shivaprasad, It is quite unlikely that this can happen. In such a rare case, you can square off the order by calling our dealing team on 080-46251111.


      you can exit through mobile platform. it has exit option to square-off the position. i have also faced the same issue.

  • md amjad hussain says:

    please enable quantity and risk management feature in fyers web,its not enable,how can a trader can trade with out knowing proper risk

    • Tejas Khoday Tejas Khoday says:

      Hi Amjad Hussain, quantity and risk management feature? Could you elaborate on what you mean exactly?

      • md amjad hussain says:

        percentage risk feature is not enable is while selecting quantity in cover order ,i hope u understand question,my English is not good

      • Tejas Khoday Tejas Khoday says:

        Amjad Hussein, actually the reason that button is there is because it was a default icon by TradingView. It will be removed from there as it is not applicable while placing quantity. Hope you understand the context. Thanks.

      • md amjad hussain says:

        their is 2 options 1 is manual other is risk,manual is enabled but risk is not enable

      • Tejas Khoday Tejas Khoday says:

        It’s actually not applicable. In the next update, we will remove it.

      • md amjad hussain says:

        its good feature ,i traded demo with that feature ,u can trade any percentage risk without going whole calculating process,please dont remove it ,if u want u 2% risk of ur total capital u can do it easy,how hope u understand it ,please try in demo then decide

      • Tejas Khoday Tejas Khoday says:

        Correct, but in derivatives the lot sizes are fixed. This is actually more useful for placing stop loss orders than quantity.

    • md amjad hussain says:

      yes ,it will auto select quantity on given percentage risk ,

  • salman says:

    sir,what is minimum size (pips) stoploss is allowed is cover order?

    • Tejas Khoday Tejas Khoday says:

      A pip is the smallest price move that a given exchange allows a scrip to move by. For instance, pip size of Nifty futures is 0.5 rupees. That’s the minimum movement. There are no minimum pips as such to place cover orders in FYERS. We will be blocking a minimum amount even if your stop loss is very narrow. You can get calculations of this in the margin calculators.

  • Deepak says:

    Hello, Tejas sir. I hope you are doing well.

    I’m sorry i’m asking this question again and again and that is, when will you launch MCX? Please don’t get me wrong, I know introducing MCX is much more important to you as a business than it is for me but can you please provide me with an exact date?

    Thank you.

    • Tejas Khoday Tejas Khoday says:

      Hello Deepak, Unfortunately, I am not license issuing authority, I would’ve definitely given a date. We are the seekers of the license:-). We have been approved by the Membership committee and we will have to begin the enablement procedures which includes a tedious documentation process and setting up with the required infrastructure which includes dedicated servers & leased lines with backups, system testing & approvals, changing our account opening documents accordingly, etc.

      Hence, we cannot put a finger on a date and declare that we will surely have the membership that day. I understand how you feel because any normal person would expect us to have it a few months ago but the reality of the situation is very different. The membership got delayed because the many bank’s securities divisions were applying for MCX licenses simultaneously so the membership department’s table was overloaded with applications.

  • ASHOK PAL says:

    hiii tejas. why you are taking so much time to provide simple pivot points indicator. i think its basic need . everyone is providing except fyers. plzzz provide asap. thanks

    • Tejas Khoday Tejas Khoday says:

      Manish, as I have mentioned before this is a feature which we are dependent on TradingView and hence there is a delay. We will get this done at the earliest.

  • tarak says:

    Once CO order is executed, how to place the target order for this executed CO order? Is it a separate order or EXIT is the only way (which means getting triggered at Market)

    • Tejas Khoday Tejas Khoday says:

      CO orders have to be exited at the market. If you want to place exit orders, I suggest you place normal orders.

  • Tejas Pawaskar says:

    When will the Fyers have Trailing Stop Loss and Target Profit option in the Cover or Bracket Order

    • Tejas Khoday Tejas Khoday says:

      Hi Tejas, It’ll take a while. We just finished working on cover orders. Will look at other developments more seriously now.

  • Ashmit Kumar says:

    It’s good to know that you guys provide limit cover orders because I feel others provide only market cover orders.

    • tarak says:

      Based on my knowledge mostly people give limit entry cover order. Recently “the” other discount broker has started based on the SL-L entry also. I think FYers should also provide BO and CO with SL-L entries.

  • Ajinkya says:

    If I have bought 2 lot. Can I modify stop loss differently for both lots?

  • Ganesh@TS says:

    stop-loss limit or stop-loss market order.

  • Vijay says:

    Can I modify stop loss above my buy price?

  • Himanshu says:

    We are happy to trade with FYERS thank you for introducing cover order.

  • Shilpam123 says:

    gudd!! how long will ac open? i have given my number now

    • Tejas Khoday Tejas Khoday says:

      Our team will get in touch with you today.

      • Ujwal says:

        Am waiting for past 3 days… No sales person came in touch with me as promised by the customer care people.

      • Tejas Khoday Tejas Khoday says:

        Hi, as per our system the status is currently “waiting for courier” from your end. In any case, I have asked the concerned person to call you back today. 🙂

  • Hitesh says:

    Is stop loss limit possible???

    • Tejas Khoday Tejas Khoday says:

      The cover order functionality only allows for Stop loss market orders. That’s how it is designed to be. SL-L orders have an inherent risk of non-execution and hence it is not made available for the purpose of risk management.

  • Vivek says:

    Cn u give more margins for nifty?

  • Danish says:

    After trade execution can i change the SL order as my target and exit the trade?

  • Mehaan says:

    My query on CO: I place a CO for NIFTY 2 lots, after a certain time I want to sell 1 lot Nifty. Is this allowed?

    • Tejas Khoday Tejas Khoday says:

      The way a cover order works, is that you will have to exit using market orders and the quantity cannot be changed. Hence, you can’t do that. If you really want to have partial exits, it is better to place multiple cover orders.

  • Shekhar Tyagi says:

    This a what we’ve been waiting so long Fyers. Much needed feature for now. I am waiting for the Bracket orders update. Hope we’ll get soon.

    • Tejas Khoday Tejas Khoday says:

      Hello Shekhar, This was implemented a few weeks ago. Just hadn’t found the time to write this post. Yeah, so our priority has been to ensure the successful launch of Cover Orders. Now that it has been done we will start working on Bracket Orders. Do feel free to reach out if you have any more doubts.

      • With reference to Cover orders in Fyre one , once a limit order is placed and executed, is it necessary to wait till 1520 Hrs? If Some one desires to exit with some profit much before the stipulated time , what is the way ?

      • Tejas Khoday Tejas Khoday says:

        No, you can square of your trades at anytime you wish before 1520 Hrs. All you need to do is open your order book and click on the close ‘x’ button beside the scrip. Upon clicking it, the order will get squared off at the market price and the pending SL order will get automatically canceled. If you have any doubts, you can call us on 080-46251111 or write to us on

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