An order that combines features of a stop order and a limit order. Once the stop price is reached, the order becomes a limit order to buy or sell at the specified limit price or better, providing price protection but not guaranteeing execution.
Example
“He set a stop-limit order with a stop at $48 and a limit at $47.50, ensuring that if the stock fell to $48 his sell order would only execute at $47.50 or better.”