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Cover Order includes two components:

1. Entry Order (Leg 1): This is your main order to enter the trade.
2. Stop Loss Order (Leg 2): This sets a limit on the maximum loss you might face if the trade goes against you.

In case the entry leg is a sell order, the Stop Loss leg will be a buy order. 

A Cover Order ensures that the Stop Loss order is automatically triggered if the price reaches a specified limit, offering better risk management and faster execution.

Intraday Square off Time :

Cover orders (Equity and F&O) are always intraday, meaning they must be squared off on or before 3:15 PM. This ensures that positions are not carried into the next trading day, aligning with short-term trading strategies.