A Stop-Limit order will be executed at a specified (or potentially better) price after a pre-set stop price has been reached. Once the stop price is reached, the Stop-Limit order turns into a Limit order to buy or sell at the limit price or better.
Example: The latest traded price of ETH/DAI is 180 DAI while the resistance is around 184 DAI. In case you believe that ETH will go higher and break the resistance level, you can set a Stop-Limit order that that will automatically trigger once the resistance level is reached. Hence, you set a Stop Rate at 185 DAI and the Limit at 187 DAI.
How to place a Stop-Limit Order:
In the Markets section on the left, chose the pair you want to trade (e.g. ETH/DAI).
In the order section below, click the green BUY button if you want to execute a BUY order, and the red SELL button to execute a SELL order. Next, you select “Stop-Limit Order” in the order type dropdown.
Now, set the order amount, the Stop Rate and the DAI rate that you want to trade at.
Use the blue slide-bar to granularly control the amount you are trading. Click the blue Place Order Button below to submit your order and sign the transaction.
When placing a Stop-Limit Order you have the option to set it as Post-Only, Hidden, and specify an Expiry.
Post-Only: Post-Only means that your order will always be posted as a maker order.
Hidden: The Hidden option makes your order invisible for other market participants.
Expiry: Setting an Expiry for your order allows you to specify a time until which your order remains valid in the order book. In case your order has not been matched by the expiry date, your order will be canceled.