A market limit stop and stop limit are two different order types used to manage risk in investing, though the second term is more commonly used.
Stop Limit Order (the standard term) combines two features: a stop price and a limit price. When the stock hits the stop price, the order is triggered and becomes a limit order—it will only execute at your specified limit price or better. For example, you might set a stop at $50 and a limit at $49, meaning if the stock drops to $50, it converts to a limit order that only sells at $49 or higher. The advantage is you control your execution price; the disadvantage is it may not fill at all if the price gaps past your limit.
Market Stop Order (sometimes called "stop market") triggers at a stop price but executes at the best available market price. If your stock hits $50, it immediately sells at whatever the current market price is—no price floor. This guarantees execution but leaves you vulnerable to slippage in volatile markets where prices can move dramatically between the stop trigger and actual sale.
The term "market limit stop" isn't standard terminology—it may be a confusion between these two concepts. If you encounter this phrase, clarify whether it means: (1) a stop order that becomes a market order, or (2) a stop limit order that functions like a market order in certain conditions.
In practice, stop limit is better for controlling price but risks no execution, while stop market ensures execution but at unpredictable prices, especially during gaps or high volatility.