A stop-limit order requires setting two price points. These are the stop level or the start of the specified target price, and the limit level, which is the outside price target for the trade. In addition, the trader must also specify a timeframe during which the stop-limit order is considered to be executable. The benefit of this type of order is that it gives the trader precise control over the timing and price at which the order can be filled. There is also a downside to this type of order, which is that the trade will not be executed if the price of the asset fails to reach the stop price during the time period that was specified on the order.