The difference between the expected price and the actual fill. Stop orders become market orders when triggered and can fill worse than the stop, especially in fast markets.
How traders use it: Budget for it in risk per unit, especially around obvious levels where many stops trigger together.
Common mistake: Assuming the stop price is the exit price.
Related: Stop-loss (stop) · Gap · Liquidity sweep
Used in: Position sizing from first principles, Risk, invalidation, and the stop, Stops, slippage, and gaps: why real losses run larger
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Concepts only. Education only, not financial advice. No pattern on this site has a published win rate.