A conditional market order, also called Stop Loss Market (SLM) order, is an order that gets executed at the next best available price once the trigger price gets hit. A conditional market order becomes a market order once the current market price hits the trigger price.

For example, if you’re placing a Conditional Market Order to buy a stock which is currently trading at ₹100, with a trigger price of ₹105, the order gets activated when the stock price hits ₹105 and will be executed at the next best available price.