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Stop-limit order

A stop-limit order has two prices, a trigger and a limit. When price trades at the trigger, a limit order is sent, so it never fills worse than the limit, but it may not fill at all.

A sell stop-limit with a trigger at 97 and a limit at 96.50 sells only between 97 and 96.50. If price gaps from 97 straight to 95, nothing fills and the position stays open. It protects you from slippage, not from the move.

Learn more: types of orders.