---
title: "How to use Stoploss-limit(SL) order like a Stoploss-Market(SLM) order?"
description: "You can use a stoploss-limit (SL) order to function like a stoploss-market (SLM) order by setting your limit price significantly above or below the…"
category: arrow
subcategory: charts-and-orders
slug: how-to-use-stoploss-limit-sl-order-like-a-stoploss-market-slm-order
canonical: https://support.arrow.trade/arrow/charts-and-orders/how-to-use-stoploss-limit-sl-order-like-a-stoploss-market-slm-order/
---

# How to use Stoploss-limit(SL) order like a Stoploss-Market(SLM) order?

> You can use a stoploss-limit (SL) order to function like a stoploss-market (SLM) order by setting your limit price significantly above or below the…

## Short answer

You can use a stoploss-limit (SL) order to function like a stoploss-market (SLM) order by setting your limit price significantly above or below the trigger price. This gives you market order-like execution whilst protecting against freak trades.

## Understanding freak trades

A freak trade occurs when your order executes at a price significantly different from the current market price. These trades happen due to shallow market depth or when your order coincides with a large market order.

Market orders risk freak trades, whilst limit orders protect against unexpected price movements but may not execute.

## How stoploss orders work

Stoploss orders trigger at a specified price within the exchange system. When the market reaches your trigger price, the exchange places either a limit order or market order.

You can make an SL-L (stoploss limit) order behave like an SL-M (stoploss market) order by setting your limit price higher (for buy orders) or lower (for sell orders) than the trigger price.

## Using SL-L as SL-M for short positions

## Example scenario:

Stock: ITC

Position: Short

Short price: ₹245

Current market price (CMP): ₹241

SL trigger: ₹248

SL limit: ₹258

When the market price reaches ₹248, the exchange places your SL limit buy order at ₹258. Since ₹258 is significantly higher than the current price, your order will execute immediately between ₹248 and ₹258.

If a large market order coincides with yours, the ₹258 limit price protects you from a freak trade.

## Using SL-L as SL-M for long positions

## Example scenario:

You hold a long position on Nifty 17500 CE at ₹185.

You place an SL limit sell order at ₹170, triggered at ₹180.

When the market hits ₹180, your order executes immediately since ₹170 is below the current price.

Your position sells for up to ₹170, protecting you from selling lower if a freak trade occurs.

You can also use limit order like a market order.

Did you know? NSE has stopped supporting SL-M order type for options from Sep 27th 2021.

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Source: https://support.arrow.trade/arrow/charts-and-orders/how-to-use-stoploss-limit-sl-order-like-a-stoploss-market-slm-order/
Publisher: Arrow / iRage Broking Services LLP