Stop Limit
A Stop Limit order is similar to a stop order in that a stop price will activate the order. However, unlike the stop order, which is submitted as a market order when elected, the stop limit order is submitted as a limit order. Use the Lmt Price and Aux. Price fields on the trading screen to enter orders requiring multiple prices or values.
To enter a Stop Limit order
- Click in the Ask Price field to initiate a BUY order, or the Bid Price field to initiate a SELL order.
- Click in the Type field and select STP LMT as the order type.
- Enter the Limit price in the Lmt Price field.
- Enter the Stop Election price in the Aux. Price field.
You can enable the system to automatically adjust the limit price if you change the stop price. To activate this feature, on the Edit menu select Global Configuration and then select Order in the left pane. Check Auto-adjust limit price for STP LMT and LIT orders. The limit price will move based on the offset implied when you set the original limit and stop election prices.