> The whole point of a stop-loss order like that is to fire immediately, because it's meant to protect you against crashes. Stop losses are meant to exit you f

> The whole point of a stop-loss order like that is to fire immediately, because it's meant to protect you against crashes. Stop losses are meant to exit you from a position, not just protect you from a crash, so it's not at all equivalent to getting a put. People use stops for profit taken when the trade is over or for cutting losses when the trade didn't go their way. It has nothing to do with getting something for free.