A conditional order is a type of order where, unlike a market order, it will only be executed if certain criteria in the market is met. Examples include limit and stop orders.
TSLA is trading at $1,000 but you only want to buy if it drops to $950. So you would place a Limit Order (Buy) for $950 and if it drops to the target price or lower, the order will get executed. We aim to get the best available price!