Under.
FWIW, I've always thought that blokes in leg warmers looked like they were wearing stockings.
But then, I did once have a very traumatic incident on Spanker's Hill in Richmond Park when one Mr H. Ummerstone of this parish jumped out from behind a tree at me, clad only in a pair of leopard print pants and the aforementioned leg warmers, held up with ladies' suspenders.
*shudders*