What It Means
A Bracket Order (BO) bundles an entry order with a preset target and stop-loss into a single order, so both exit legs sit ready on the exchange the moment your entry fills — no manual placing of a second order required.
How It Works
Once the entry executes, the target and stop-loss become a One-Cancels-the-Other (OCO) pair: whichever one is hit first executes and automatically cancels the other. BOs used to also carry extra intraday leverage on top of this structure.
Warning
Most Indian brokers, including Zerodha, discontinued Bracket Orders around 2020 — partly over execution risk in volatile markets, partly because SEBI's peak margin rules removed the extra leverage that made BO attractive in the first place. Check whether your broker still offers it before relying on the feature.
Common Variants
Brokers that dropped BO generally point traders to a GTT order with an OCO-style target and stop-loss instead, to get the same "set both exits and walk away" behavior without the bundled leverage.