What is a Stop-Limit Order?

A stop limit order will be executed at a specified (or potentially better) price, after a given stop price has been reached. Once the stop price is reached, the stop-limit order is triggered and becomes a limit order to buy or sell at the limit price or better. Please note that you can only have 4 stop-limit orders open at any one time. 



What does all the jargon mean?
Stop price: If the current price reaches the given stop price, the stop-limit order is executed to BUY or SELL at the limit price or better.
Limit price: The price (or potentially better) that the stop limit order is executed at.
Amount {CURRENCY SYMBOL}: The amount to BUY or SELL in the stop limit order.

Example:
The last price bitcoin traded at is R100, and the resistance is around R110. If you think that the price will go higher after the price reaches the resistance, you can put a stop limit order to automatically buy more bitcoin. This way you won’t have to continuously watch market movements and no waiting for the price to reach your target price. When the price reaches R110 a BUY the limit order is placed for the amount you want, at a price between R110 and R120. If the price goes above R120 and your order is not yet filled it will stay open as a limit order at a price of R120.