Limit order
A limit order is an order to buy or sell at a set price or better. It rests in the order book until someone trades with it, so it may fill later or never.
A limit buy below the current price joins the bids and waits; a limit sell above it joins the asks. Because a resting limit order adds liquidity, the trader who places it is the maker, and exchanges usually charge makers a lower fee. Limit orders are the static orders that build levels.
Learn more: bid and ask explained and types of orders.