Market-if-Touched Order (MIT)

A market-if-touched order, or MIT, is a pending instruction that turns into a market order as soon as price trades at a chosen trigger level. It differs from a limit order because it does not guarantee the trigger price: once touched, the resulting market order fills at whatever price is then available, so slippage is possible. It also differs from a stop order in direction — an MIT buy is normally placed below the current market to catch a dip, whereas a buy stop sits above it to catch a breakout. Traders use MIT orders when taking part in the move matters more than the exact entry price. Platform support for this order type varies between brokers.