Market-if-touched
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Related to Market-if-touched: open order, Discretionary order, Limit if Touched, Market Not Held Order
Market-if-touched (MIT)
A price order, below market if a buy or above market if a sell, that automatically becomes a market order if the specified price is reached.
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.