Stop Limit Order
A stop limit is a stop order that triggers at one price, but will only fill above a limit price. For example, if EUO is trading at $21.83 and you want to exit the trade if it drops below $21.49 you could place a Stop Limit order with the stop price at $21.49, and the stop limit price at $21.45. What this does is allows a couple cents wiggle room in case the etf is dropping quickly. In this case when $21.49 is triggered, your brokerage issues a “sell limit” order. Essentially it enters a sell order at $21.45. You will only get filled at $21.45 or higher. The risk in a Stop Limit order is if the etf shoots past your limit before you are filled. Maybe it drops quickly, trades at $21.51, but then doesn’t trade again until $21.43. In this case you wouldn’t get filled, and the etf could continue lower with you still in it.