SLoBS and BLiSS (order mnemonics)

SLoBS and BLiSS are mnemonics that securities exam students use to remember where the four main price-triggered order types are placed relative to a stock's current market price. SLoBS stands for Sell Limits or Buy Stops — orders placed above the market. BLiSS stands for Buy Limits or Sell Stops — orders placed below the market.

The placements follow from what each order does. A sell limit says "sell, but only at my price or better," so it only makes sense above the current price. A buy stop triggers a purchase once the stock rises to the stop price — often used to protect a short position — so it also sits above the market. A buy limit seeks to buy at a lower price, and a sell stop triggers a protective sale as the stock falls, so both live below the market.

The mnemonics earn their keep on questions about which orders execute after a series of trades, and which orders are adjusted downward on the ex-dividend date. Orders placed below the market (BLiSS orders) are reduced by the dividend amount on ex-date unless marked do-not-reduce (DNR), while orders above the market are not adjusted.

If a question gives a current market price and asks which orders could be triggered or filled at various prices, sorting each order into SLoBS or BLiSS is the fastest first step. Both the SIE and Series 7 exams test these order placements in their customer order material, and Achievable's courses teach SLoBS and BLiSS as the go-to shortcut.