Order Types
Limit order, Bracket order and more
A Trigger Order (as good as a stop loss order) gets activated only when a specific price (called the trigger price) is reached. Once this price is hit, your order is sent to the exchange either as a Limit or a Market order.
Trigger Orders are mainly used for Stop Loss (SL) and are available in two types:
SL-Limit: After the trigger price is reached, the order is placed with a limit price.
SL-Market: After the trigger price is reached, the order is placed as a market order and gets executed at the best available price.
Example:
Let’s say SBIN is trading at ₹730. You place a Sell SL-Limit order with:
Trigger Price: ₹728
Limit Price: ₹727
Here, once the price reaches ₹728, your order will activate and get executed at ₹727 or better (but not below ₹727).
For Buy orders, the logic is similar, just in reverse.
For SL-Market, once ₹728 is hit, the order will execute immediately at the best price in the market.
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