I see everywhere explanations of "sell-stop-limit" (to sell your stocks) and I found an explanation of "buy-stop-limit" for when you want to buy stocks once the value starts rising. However I don't understand how to use it when I'm looking to buy after the price went down.
For example, let's say a stock valued at 102$ on the market that I want to buy when it reaches 100$. My bank requires both "stop" AND "limit" values when I use the buy-stop function. So I suppose I should set stop=98$ but I don't know what impact will the limit value have.
With stop=100$ and limit=101$
Will it trigger once it goes below 100$ but not buy if it goes back up above 101$ when order passes ?
With stop=100$ and limit=98$
Will it trigger once it goes below 100$ but not buy if it reached less than 98$ when order passes ?
Or am I completely wrong and a buy-stop value only trigger on the way up (from 99.99$ to 100$, but not from 100.01$ to 100$)?