What is meant by ‘squaring off ‘ a position? What is a cover order?

Squaring off a position means closing out a futures position. For example, if you have futures buy position of 500 Reliance expiring on 27th Feb 2002, squaring off this position would mean taking sell position in 500 Reliance expiring on 27th Feb 2002 on or prior to 27th Feb 2002. The order placed for squaring off an open position is called a cover order.


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