@PravinJ@Poornima
I found issue in cover order provided by Dhan app as well as Dhan web.
If we took entry by using cover order we can set stop loss along with entry.
But main issue is we can not trail stop loss above buying price which you set at the time of entry.
Example :- In Banknifty option I took entry in 52000 CE at 100 and SL set as 90.
Now current market price is 120. I want to trail my stop loss to 110.
At this moment Dhan not allow me to trail my stop loss above 100 which is my buying price.
Finally price came down and my SL hit which was set at 90 at the time of entry.
Eventhough I sucessed to trail my stop loss to buying price. Finally I made loss, because I need to pay brokarage and other charges also.
It means cover order in Dhan is 100% loss making order.
I know that I can cancel the cover order on the chart to get exit at curent market price. But we can’t seat in front of system in whole day in market hours.
I already send email to custome care regarding modification required in cover order. Cover order should be trail anywhere below current market price as per user requirement. But still there is no improvement.
I am also using Fyers account for trading. Here I can trail my cover order SL anywhere below current market price. Cover order is best option to maximise profit by trailing SL.
I love Dhan UI and want to trade in Dhan by using cover order.
But due to cover order issue, now I stopped using Dhan for trading.
If you resolve cover order issue, then I can again start trading in Dhan.
Request you to solve cover order issue on priority.
Hi @Vikram Well, this is an incorrect assessment of Order Types.
Cover Orders and Bracket Orders are exchange defined orders, and it seems you are comparing the same with GTT or Forever orders.
When placing a Cover Order, you have a choice of adding Entry Leg and cover that with a Stop Loss Trigger Price. In Bracket Order, you have Target as well as Stop Loss price. In these situations when you are placing an order via Dhan - all these legs are sent to exchange simultaneously and they are in the exchange trade book.
In case for GTT or Forever orders - these legs are with the Broker and are triggered on a certain price that you define. Only when this price is reached, they are sent to exchange or execution. You can set Forever orders on Dhan.
Hope this clarifies. There is no issue here, these are orders that are defined by exchanges and we use the same norms.
