Conditional Order
A type of order that will be submitted or canceled if set criteria are met, which are defined by the trader/investor entering the order. This allows for a greater customization of the order, thereby meeting the specific needs of the investor.
Investopedia Commentary
For example, say an investor enters a limit order to buy shares at $45 only once the shares have first reached $50 (confirming a breakout). The limit order at $45 will be submitted to the brokerage firm only once the shares have reached the $50 price. Conditional orders allow the trader to enter into the trade without having to constantly monitor the market, which allows the trader to be as fast as the market.
Related Links
The Basics Of Order Entry
See also: Breakout, Broker, Buy Stop Order, Limit Order, Market Order, Stop Order, Stop-Loss Order