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We see this question a lot. Market if touched orders are placed by investors to enter or exit contracts, The investor wants the order to be executed if the market trades at or through a set price. A MIT order becomes a market order to purchase or sell the contracts at the next available price if a quote appears that would allow for its execution. An MIT order to buy futures contracts would be entered below the market and would be elected if the futures contract trades at or through or is offered at the trigger price. When September wheat is trading at 1.54, an MIT order to buy futures may be entered as follows:
Buy 5 September wheat at 1.50 MIT
The above order will be executed at the market if September wheat trades at 1.50 or lower or if September wheat is simply offered at 1.50. A buy order entered as a market-if-touched order could be used by an investor who wishes to establish a long position or by an investor who is looking to offset a short position. An MIT order to sell futures contracts would be entered above the market and would be elected if the futures contract trades at or through or is bid at the trigger price. When September corn is trading at 4.65 An MIT order to sell futures may be entered as follows:
Sell 8 September corn at 4.75 MIT
The above order will be executed at the market if September corn trades at 4.75 or higher or if September corn is bid at 4.75. A sell order entered as a market-if-touched order could be used by an investor who wishes to establish a short position or by an investor who is looking to offset a long position. An order that is entered as a market-if-touched order is also known as a board order.