Stop-Limit orders are a type of order used to set limits for buying or selling futures contracts once the Mark Price reaches a specific Stop Price that you designate. These orders are conditional and only come into effect when the Stop Price is reached. Once the Stop Price is reached, a limit buy or sell order is triggered based on the precise parameters you've provided. To fully define a Stop-Limit order, you need to specify three key elements: the Stop Price, the order quantity, and the order limit price. It's important to note that the Trigger Price for a stop order can only be set using the Mark Price. For a Buy stop order, the Stop Price must be set below the current Mark Price, while for a Sell stop order, the Stop Price must be set above the current Mark Price. A stop order goes through three stages:

1. Untriggered: This state occurs when the market has not yet reached the Trigger Price.

2. Triggered: When the market reaches the Trigger Price, the stop order becomes active and enters the order book.

3. Filled: After activation, the stop order is executed.

Here's an example to illustrate how it works: Let's say the current price is $100. Using a Stop-Limit order, you can establish a Stop Buy Price at $95. If and when the price hits $95, a limit order is placed on the order book at your specified price and quantity. If the price doesn't reach $95, the order remains active but unexecuted. 

For information on further order types, visit Delta Order Types. For video demonstrations, visit the Delta Youtube channel.