Market-if-touched order (MIT)

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.