Reliable way to place buy/sell order with limit & SLM order.

I want to always place SLM order with my buy/sell order with limit price.

For example,

Reliance current price = 2000

I want to short Reliance with a limit of 1998. And at the same time, I want to place SLM order of price 2010. How can I do that?

Currently, I am placing two orders via Python API

1.) Short reliance with limit price.
2.) if it is completed or partially filled, I place stop loss margin order with filled quantity.

But I don’t like this method because what If my Internet stops working or Kite API stops working after I place reliance short order with limit price. I will be unable to place stop loss order. Or for any other reason.

I was wondering if there is any better way to do this? I always want to place Stop Loss with my buy/short order.
  • rakeshr
    For market/limit buy/sell along with stop-loss, you can use CO order. Go through this article.
  • KamalChhirang
    KamalChhirang edited March 2021
    @rakeshr thanks a lot. I have one small question for which I cannot find the answer in the articles.

    Does CO has more blocked stocks than MIS or they are the same? (Like some stocks are blocked for MIS/CO and are cash only due to high volatility)

    And, is CO Stop loss limit always 10%?
  • KamalChhirang
    KamalChhirang edited March 2021
    Edit: nothing
  • muke5hy
    Have you got your Ans?
  • KamalChhirang
    KamalChhirang edited May 2021
    @muke5hy Yeah, I think cover order is the way to go. Tho, I would have preferred some other option without cover order limits.
  • muke5hy
    Can you please how you do cover order with the API? one sample example Please.
  • KamalChhirang
    Just set VARIETY to CO instead of regular, and also include a trigger price for stop loss.
  • sujith
    You can check out the example here.
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