market if touched(redirected from Market If Touched Order)
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Market If Touched
An order to a broker to buy or sell a security at a certain price when that price becomes available. MITs are common in futures markets, and often come from technical analysis. An MIT may be a day order or a GTC order, but not an immediate or cancel order. For example, if shares are trading at $10 and an MIT is made to buy at $11, the broker buys no securities until the price is actually $11 per share.
market if touched (MIT)
An order to buy or sell that becomes a market order as soon as a specified price has been reached. Execution does not have to occur at the specified price but at the first available price once the specified price has been touched. Market if touched orders are most frequently used in commodities trading.