Order types help you to place orders at your desired price. Ideally, there are 4 types of orders you can place in Fyers:
1. Market Order: If you want to Buy/Sell at the Market price, you can place a market order.
2. Limit Order: Limit orders are to be placed if you wish to Buy below the Current Market Price and Sell above the Current Market Price.
3. Stop: Stop orders, also known as Stop-Loss Market, are to be placed when you want to Buy above the Current Market Price and Sell below the Current Market Price.
As per the above image, Federal Bank is trading at ₹100, and you want to place an order at a price higher than the LTP, i.e., ₹105. Hence, You need to place a Stop order, a.k.a Stop Loss Market order, at ₹105.
Note: The price that you mention in stop is the trigger price. The order will be triggered and executed at the market as soon as the trigger price hits.
4. Stop Limit: Stop Limit Order is similar to a Stop Order where you can Buy above the market price and Sell below market price but with a specified range. Below is an example of a Stop-Limit Order: