STOP-LIMIT ORDER
31 May 2016 By PDSNETUsed by the trader who doesn't wish to be filled any worse than his stop price. Here, the stop and limit prices specified on the order are one and the same. This order becomes a straight limit order if, once the stop is elected, the broker is unable to execute the order at the stipulated price or better. Also, a stop limit order will be placed as a straight limit order if, when received by the exchange, the stop price already has been violated.
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