Definitions for "Stop Limit Order"
Keywords:  reached, better, limit, order, goes
Stop loss order Stop order (or stop)
An order that becomes a limit order once the contract trades at the designated stop price. (See elect). A stop limit is an order to buy or sell at a specific price or better, but only after a given stop price has been reached or passed. Buy stop limits are entered above the last trade price. If the price trades at or above the stop price, the order becomes a limit order, and may be executed at or lower than the stop limit price. Sell stops are entered below the current market price. If the price moves to or below the stop price, the order becomes a limit order, and may be executed at or higher than the stop limit price. Stop limit orders remain hidden (i.e. not shown on the order book) until the designated stop price has been reached and the order becomes a limit order.
Similar to the Stop Order with the exception that the order must be filled at the stop level or at better prices.