What Are Order Types in Trading?

LAST UPDATED APRIL 30, 2025

In trading, choosing the right order type is essential for controlling how your trade is executed—whether you're aiming to catch the perfect price with a Limit Order or protect your capital using a Stop-Loss Order. OptionX simplifies this process by offering powerful tools like Single Orders, OCO Bracket Orders, and Cover Orders—all designed to help you minimize slippage, manage risk, and execute with precision.

OptionX offers placing these powerful order types with just a Single Click, thanks to our intuitive interface and real-time Price Ladder.

1. Single Orders

A Single Order is the most basic form of order where you simply decide to Buy or Sell a contract at a specific price.

Single orders are ideal when:

  • You want full control over entry price.
  • You're manually managing your stop-loss and profit targets.
  • You're testing or experimenting with simple trades.
  • You can place Limit Orders (to control your entry price) or Stop-Loss (SL) Orders (to enter when price crosses a level).

How to Place a Single Limit Order on OptionX:

Step 1: Navigate to the Price Ladder.

Step 2: Select Single and choose Limit in Order Type inside the Entry Panel.

Single-Limit-Select.png

Step 3: Click on the Bid column below the LTP price to place Buy order.

single-limit-buy-order-1.png

Step 4: Click on the Offer column above the LTP price to place Sell order.

single-limit-sell-order.png

How to Place a Single Stop Loss Order on OptionX:

Step 1: Navigate to the Price Ladder.

Step 2: Select Single and SL in Order Type inside the Entry Panel.

Single-SL-Select.png

Step 3: Click on the Bid column above the LTP price to place Buy order.

single-SL-buy-order.png

Step 4: Click on the Offer column below the LTP price to place Sell order.

single-SL-sell-order.png

2. Bracket Orders (OCO - One Cancels the Other)

Bracket Orders allow you to set entry, stop-loss, and target in a single trade. Once either the stop-loss or target is hit, the other leg is automatically cancelled.

Why Use Bracket Orders?

  • Great for automated risk management.
  • You don’t need to manually monitor trades.
  • Both your downside and upside are covered.

This is also known as an OCO Order, where either your profit or loss condition will trigger first—and cancels the other.

How to Place a Bracket Limit Order on OptionX:

Step 1: Navigate to the Price Ladder.

Step 2: Select Bracket and Limit in Order Type inside the Entry Panel.

Bracket-limit-Select.png

Step 3: Enter:

  • Target Points (How much above the entry price you want to book profits)
  • Stop-Loss Points (How much below the entry price you want to exit)
Bracket-limit-enter-sl-tgt.png

Step 4: Click on the Bid column below the LTP price to place Buy order.

Bracket-limit-buy-order.png

Step 5: Click on the Offer column above the LTP price to place Sell order.

Bracket-limit-sell-order.png

How to Place a Bracket Stop Loss Order on OptionX:

Step 1: Navigate to the Price Ladder.

Step 2: Select Bracket and SL in Order Type inside the Entry Panel.

Bracket-SL-Select.png

Step 3: Enter:

  • Target Points (How much above the entry price you want to book profits)
  • Stop-Loss Points (How much below the entry price you want to exit)
Bracket-SL-enter-sl-tgt.png

Step 4: Click on the Bid column above the LTP price to place Buy order.

Bracket-SL-buy-order.png

Step 5: Click on the Offer column below the LTP price to place Sell order.

Bracket-SL-sell-order.png

3. Cover Orders

A Cover Order is a fast-execution order with a compulsory stop-loss. You enter a trade with a built-in SL, which helps limit your risk from the moment the order is placed.

Why Use Cover Orders?

  • Extremely useful for scalping and high-speed trades.
  • Protects capital by forcing a stop-loss.
  • Requires lower margin, as risk is predefined.

You cannot place a Cover Order without specifying a stop-loss, making it an excellent tool for disciplined trading.

How to Place a Cover Limit Order on OptionX:

Step 1: Navigate to the Price Ladder.

Step 2: Select Cover and Limit in Order Type inside the Entry Panel.

Cover-limit-Select.png

Step 3: Enter Stop-Loss Points (How much below the entry price you want to exit)

Cover-limit-enter-sl.png

Step 4: Click on the Bid column below the LTP price to place Buy order.

Cover-limit-buy-order.png

Step 5: Click on the Offer column above the LTP price to place Sell order.

Cover-limit-sell-order.png

How to Place a Cover Stop Loss Order on OptionX:

Step 1: Navigate to the Price Ladder.

Step 2: Select Cover and Limit in Order Type inside the Entry Panel.

Cover-SL-Select.png

Step 3: Enter Stop-Loss Points (How much below the entry price you want to exit)

Cover-sl-enter-sl.png

Step 4: Click on the Bid column above the LTP price to place Buy order.

Cover-SL-buy-order.png

Step 5: Click on the Offer column below the LTP price to place Sell order.

Cover-SL-sell-order.png