A market if touched (MIT) is an order to buy or sell below (or above)…
What is a stop order?
A stop order is an instruction to submit a buy or sell market order if and when the user-specified stop price is reached or goes through the price. A stop order does not guarantee the price as the order becomes a market order and may fill at a higher or lower price than the displayed current bid/ask. A sell stop order is always placed below the current market price and is typically used to limit a loss or protect a profit on a long stock position. A buy Stop order is always placed above the current market price. It is typically used to limit a loss or help protect a profit on a short sale.
For stop orders simulated by ToledoTrade, clients may use ToledoTrade’s default trigger methodology or configure their own customized trigger methodology. Clients should be aware that ToledoTrade’s default trigger method for stop orders can differ depending on the type of product (e.g., stocks, options, futures, etc.).