A buy stop limit order is placed above the current price and a sell stop limit order is placed below the current price. If the buy order were to be placed below the current price, it would be a buy limit and the stop would not be necessary.
Do not have a sell stop limit order for a stock with a stop of $200 and limit $200.01. This stop limit order can and most likely will be jumped and if you are in a losing trade, your loss could potentially run away from you.
The order is executed at all price levels between the trigger price and the limit price. A buy Stop Limit order must have a trigger price greater than the last traded price for the instrument. A sell Stop Limit order must have a trigger price lower ...
 See also: Technical Indicator, Loss, Indicators, Fill, Position
  
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