Definitions for "Market if Touched"
An order to buy or sell that becomes a market order if and when the specified price is reached.
An order that may be executed only if the market reaches a specified point. (NOTE: Not all exchanges accept MIT orders.)
they are the opposite of stop orders. Buy MIT’s are placed below the market and sell MIT’s are placed above the market. It is usually used to enter the market or initiate a trade. It becomes a market order once the limit price is touched or passed through. An execution may be at, above or below the originally specified price.