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Can we use cover order second leg as exit or profit taking order?
edited May 14
say I have place cover order for Limit 100 and SL for 98. My stock goes to 110. Can i modify or exit the CO order the second leg to 110 and exit? will this work?
Once you think you want to book a profit, you need to exit the cover order. It is similar to the bracket order exit.
You can check out the documentation
But it place the order a market value. Can we pass price and place?
Cover Order will always be executed at Market price, You need to use Bracket order to exit at a LIMIT Price.
Yes I think that is possible to change the sl to 110 once it reaches nr that price, it detects 110 as your sl. the only problem here if the price movement is very fast.
Your order 110 limit co sl 100
Price reaches 110
Modify cover sl trigger to 110
Two scenarios can happen here
1. Once you change the co sl and price still remains above 110, it will get executed.
2. LTP moves to 109 before you submitted the modification request, Order gets rejected because you are trying to put a sl which is higher than current price.
I hope you get it
got it... Thanks