How should one place a buy/sell order at a higher/lower price than the current price of any script? How will the orders get executed? What about Stoploss and Limit orders? Need some Clarification

General
2

Yes, you'll have to use SL orders if you want to:

* Buy higher than what its trading at

* Sell lower than what its trading at

I read more on the Zerodha blog. Maybe this link will help you: http://zerodha.com/z-connect/tradezerodha/zerodha-trader-software-version/stop-loss-orders-limit-market

Quote from the blog 

"Traders,

Assume Nifty 5700 puts is trading at Rs 25. You want to buy this option only when it goes to 26, how do you do this? Because if you put an order to buy at 26 it will get executed at the market price which is lower than 26. In such a scenario you can use SL orders to enter a fresh position. So what you could do is to put a buying SL/SL-M with a trigger price of 25. What happens now is that only when the put option goes above 25, will your trade get executed. This feature can be used by people who like to take trades only when a particular stock/contract moves in your direction."

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Thanks a lot…that helped.