What is the difference between trigger price and limit price?

The trigger price is the level that activates your stop-loss order, switching it from a dormant, pending state into a live order sent to the exchange. The limit price, which only applies to a stop-loss limit (SL-L) order, is the worst price you’re willing to accept once that order goes live. They’re two separate settings working together: say you hold a stock at ₹500 and want to limit your loss, you might set a trigger price of ₹480 and a limit price of ₹478, so once the stock falls to ₹480, your sell order activates and will only execute at ₹478 or better. If the stock gaps straight through both levels quickly, the order may not fill at all, since the limit price is a hard floor, unlike a stop-loss market order which has no separate limit price and just executes at whatever price is available once triggered.