Stop-limit orders
A stop-limit stays invisible until the trigger price is crossed, then it becomes a normal limit.
Two prices
- Trigger — when the live/oracle price crosses this, the order wakes up.
- Limit — the price it will rest/take as an ordinary limit after the trigger.
Until trigger, it is pending_trigger: not in the book, not filling. The funds it will need are still reserved so it can fire.
Why people use it
“If BTC trades down to X, sell, but not worse than Y.” It is not a guaranteed stop-market. If the market gaps through your limit, you may not fill.
Invalid inputs
Empty trigger, trigger that does not make sense with side/limit, or no funds — the terminal will reject with a clear error.