Market If Touched (MIT)

A Market If Touched (MIT) order is a type of conditional order that becomes a market order once a specified price is reached or "touched." Unlike a limit order, which guarantees a specific price, an MIT order guarantees execution at the next available price once the trigger price is met. Traders use MIT orders to take advantage of price movements and ensure that their orders are executed when the market reaches their desired price level.

Example

A trader sets a Market If Touched order to buy a stock at $100. Once the stock price reaches $100, the order is triggered, and the stock is purchased at the next available market price.