A Stop-Limit Order comprises two prices: trigger price and order price. The trigger price triggers the limit order, and the order price is the price at which the order is placed on the order book. Once the trigger price is reached, the limit order is immediately placed on the order book. It is recommended to set the trigger price higher than the order price for sell orders and lower than the order price for buy orders. This increases the chances of getting the limit order filled.

A Stop-Market Order also uses a stop price to trigger the trade. However, when the price is reached, it triggers a market order instead of a limit order. It is important to note that due to market fluctuations, the executed price of a market order may be higher or lower than the last traded price.

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