What is a stop-loss trigger price?

The trigger price is the level that, once the market reaches it, activates your stop-loss order and sends it to the exchange for execution. It’s not the price you’ll necessarily get filled at, it’s the price that switches your pending stop-loss from dormant to live. For a stop-loss limit order, you set both a trigger price and a separate limit price, and the trigger price is usually set slightly better (closer to your current position) than the limit price, giving the order room to actually execute once it goes live. For a stop-loss market order, only the trigger price matters, since the order becomes a market order immediately after triggering. You set the trigger price based on how much loss you’re willing to accept on that position, then separately decide the order type (SL-M or SL-L) based on how much you prioritise guaranteed execution versus a guaranteed minimum price.