market if touched

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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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
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An MIT order is usually used to enter the market or initiate a trade.