They are similar to stop orders in two ways: 1) They are activated when the price reaches the order level; 2) They become market orders once they are activated; however, MIT orders are used differently from stop orders. A buy MIT order is placed below the current market price, and establishes a long position or closes a short position. A sell MIT order is placed above the current market price, and establishes a short position or closes a long position.
MARKET-IF-TOUCHED ORDER (MIT)
Meaning of MARKET-IF-TOUCHED ORDER (MIT) in English
A guide to futures and options market technology English dictionary. Английский словарь-руководство по фьючерсам и опционам рыночных технологий . 2012