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The Stop order type is an order which, when accepted, does not immediately go on the book, but must be "triggered" by a trade in the market the price level submitted with the order. There are two types of Stop order: the Stop-Limit, which goes on the book as a Limit order when activated, and the Stop with Protection, which goes on the book as a Market order.

Stop Order Notes
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  • The stop order's trigger price is validated differently depending on the market state. 
  • During the Continuous market state, a Buy stop order must be > last trade price and a Sell stop order must be < last trade price. Absent a last trade price, the settlement price is used.
  • During the Pre-Open and No Cancel market states, a Buy stop order must be > settlement price and a Sell stop order must be < settlement price.

Stop-Limit Order

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Stop-limit orders are activated when an order's trigger price is traded in the market.

  • For a bid order, the trigger price must be higher than the last traded price.
  • For a sell order, the trigger price must be lower than the last traded price.

After the trigger price is traded in the market, the order enters the order book as a limit order at the order limit price. The limit price is the highest/lowest price at which the stop order can be filled. The order can be filled at all price levels between the trigger price and the limit price. If any quantity remains unfilled, it remains on the order book as a limit order at the limit price.

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