Stop Limit Order

The stop limit order is same as the way you place the stop order. In this once you triggered rather than execute at the next available price it converts to the limit order at the pre-agreed price. This type of order gives the trader some protection from a fill much
worse than the stop price in a gapping or illiquid market.The stop-limit order will be executed at a specified price, or better, after a given stop price has been reached. Once the stop price is reached, the stop-limit order becomes a limit order to buy or sell at the limit price or better. This type of order is an available option with nearly every online broker.