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A Stop Limit order instruct the system to submit a buy or sell limit order when the user-specified stop trigger price is hit. The order has two components: the stop price and the limit price. When a trade has occurred at or through the stop price, the order becomes executable and enters the market as a limit order, which is an order to buy or sell at a specified price or better. |
A Stop Limit eliminates the price risk associated with a stop order where the execution price cannot be guaranteed, but exposes the investor to the risk that the order may never fill even if the stop price is reached. The investor could "miss the market" altogether. |
Order Type In Depth - Stop Limit Sell Order
Step 1 – Enter a Stop Limit Sell Order
You're long 200 shares of XYZ stock at an Average Price of 14.95 (your entry price). You want to sell those 200 shares but you want to limit your loss to $190.00, so you create a Stop Limit order with a Stop Price of 14.10 and a Limit Price of 14.00. If the price of XYZ falls to 14.10, a limit order to sell 200 shares at 14.00 will be triggered at that price.
Assumptions Avg Price 14.95 Action SELL Qty 200 Order Type STP LMT Market Price (Bid Price) 14.20 Stop Price 14.10 Limit Price 14.00 
Order Type In Depth - Stop Limit Sell Order
Step 2 – Order Transmitted
You've transmitted your Stop Limit sell order. If the price of XYZ falls to your Stop Price of 14.10, a limit order to sell 200 shares at a limit price of 14.00 will be submitted.
Assumptions Avg Price 14.95 Action SELL Qty 200 Order Type STP LMT Market Price 14.20 Stop Price 14.10 Limit Price 14.00 
Order Type In Depth - Stop Limit Sell Order
Step 3 – Market Price Falls to Stop Price, Limit Order Triggered
The price of XYZ falls and touches your Stop Price of 14.10. A limit order to sell 200 shares at 14.00 or better is immediately submitted. In a fast-moving market, the price of XYZ could fall quickly to your limit price of 14.00 and fill at that price. In a slower-moving market, the order could fill at 14.10, your stop price, because that price is better than 14.00.
Assumptions Avg Price 14.95 Action SELL Qty 200 Order Type STP LMT Market Price 14.10 Stop Price 14.10 Limit Price 14.00
Any stock or option symbols displayed are for illustrative purposes only and are not intended to portray a recommendation.
The Reference Table at the top of the page provides a general summary of the order type characteristics. The checked features are applicable in some combination, but do not necessarily work in conjunction with all other checked features. For example, if Options and Stocks, US and Non-US, and Smart and Directed are all checked, it does not follow that all US and Non-US Smart and direct-routed stocks support the order type. It may be the case that only Smart-routed US Stocks, direct-routed Non-US stocks and Smart-routed US Options are supported.