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 becomes a limit order to buy or sell at the limit price or better.
Explanation of Terms:
Stop price: When 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.
Quantity: The quantity to buy or sell in the stop-limit order.
To show an Example:
The last traded price of 1 BTC is 200.000.000 VND, and the resistance is around 220.000.000 VND. 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 BTC at the price of 230.000.000 VND. This way you won’t have to continuously watch market movements waiting for the price to reach your target price.
Approach: Select “Stop-Limit” order, then specify the stop price to be 220.000.000 VND and the limit price to be 230.000.000 VND, with quantity as 10. Then click the button “Buy BTC” to submit the order.
When orders are executed or discarded, your stop-limit order history can be found in “Order History”.