Hello Ashish,
Mkt Prot = Market Protectiom.
Market Protection box is use while placing Market or Stop loss Market order.
When you place a order at a market price with market protection (%) and if the price of an assets moves dramatically after the order is placed, Market protection will convert the market order into limit order at the protection level.
Example : Suppose XYZ stocks is trading at ASK price of 1000,you have placed a buy order at a market price for 500 qty.
normally,it takes 2-3 execution to complete bulk orders,
In this case,suppose 100 qty gets executed at Rs 1000
150 qty gets executed at Rs 1000.50
150 qty gets executed at Rs 1000.70
100 qty gets executed at Rs 1001
so your average buy price is Rs 1000.55, that means Rs 0.55 * 500 = Rs 275 will be your impact cost.
if you would have placed the same order with the market protection of say 0.005%, it means 0.05 more than market price.
while execution if market price moves above 1000.05, it will convert this market order into a limit order with price of Rs 1000.05 with the pending quantity.
Market protection helps to reduce impact cost, but doesn't guarantee execution. So when you place an order with market protection, the order in a sense becomes like a limit with price 1000.05, so if price suddenly jumps it doesn't guarantee execution.
I think this should help you.