A stop limit + TTO order combines a buy stop limit order and a sell threshold triggered order. The threshold triggered order is only set in motion if and when the stop limit order is fulfilled.
By using limit + TTO orders, investors can specify the exact conditions under which they want assets to be bought and sold in a single order ahead of making the investment.
Stop limit + TTO orders combine a buy order made up of a buy stop order and a buy limit order with a threshold triggered sell order. This lets the investor specify the conditions under which they would be interested in buying assets (the buy stop order), the maximum price which they are willing to pay for the assets (the buy limit order), the price which they want to get for the shares when they sell them (the upper threshold which acts as a sell limit order) and the price at which they want shares to be sold if their price falls (the lower threshold which functions as a stop loss order).
Example: An investor wants their broker to buy 10,000 shares in a corporation, but only if and when the price of those shares climbs to at least 110 Swiss francs per share. They also know that they are not willing to pay more than 112 francs per share. If the broker can buy the shares at the rates they want, they plan to hold the shares until their price reaches 120 francs per share. To protect their investment, they want to make sure that the broker will sell their shares as quickly as possible should their price fall to 107 francs per share.
The investor can accomplish all of this in a single order by using a stop limit + TTO order. The broker only begins bidding for shares when their price rises to 110 francs, but does not bid more than 112 francs per share. When the price of the shares climbs to the upper sell threshold of 120 francs, the broker sells the shares at the best available bid. On the other hand, if the price of the shares falls to or below the lower sell threshold of 107 francs, the broker sells the shares at the best available bid to prevent further losses.
More on this topic:
Swiss stock broker comparison
Order types offered by Swiss brokers compared
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