What is a stop limit order?

A stop limit order combines a stop trigger with a limit order. When the stop price is reached, a limit order is placed at a specified limit price.

When a stop limit order is triggered, it becomes a limit order that will only execute at the specified limit price or better. For example, if a stop limit sell order for Bitcoin is set with a stop price of $10,000 and a limit price of $9,500, the order is triggered when the market reaches $10,000 or lower. Once triggered, it becomes a limit sell order at $9,500, meaning it will only execute at $9,500 or higher.

Stop limit orders are often used by traders who want to define both a trigger price and an execution price. However, these orders may not be filled, particularly if market conditions move quickly or if there is insufficient liquidity at the specified limit price.
 

• Allows a user to set both a stop trigger price and a separate limit price.
• Provides control over execution by specifying the price at which the order may fill (or better).
• Can be used to define price conditions for buying or selling, subject to market conditions and liquidity.
   

• The order may not be filled if the market does not reach the specified limit price after triggering.
• In fast-moving markets, the order may be triggered but remain unfilled due to price gaps or limited liquidity.
   

Desktop

• Log in to Ndax and open the TRADE screen.
• Select your CRYPTOCURRENCY/CAD pair using the grey arrow in the upper-left area of the trade screen.
• Click BUY (green) or SELL (red).
• Open the order type options and select STOP LIMIT.
• Enter Order size.
• Enter Stop price (the price that triggers the order).
• Enter Limit price (the price the resulting limit order will use; the order will only fill at this price or better).
• Click Place buy/sell order.

To learn more about Stop-Limit Orders, check out our blog:
Advanced Trading: Bitcoin Stop-Limit Order