“M.i.t.” is the abbreviation of “Market if touched”. StereoTrader deals with synthetic MIT orders, as well as with normal orders. The MIT orders are only managed by StereoTrader and are not sent to the broker’s server.
MIT orders may be used for limit orders, stop orders, take profit and stop loss. For you as a trader this makes no difference in view of handling, but MIT orders are intelligent orders which offer much more functionalities:
- Spread control – filled only if spread is below a specific value
- Chaining – takes care that only one order is filled in case of there are multiple orders in a row/grid
- Pullback control – allows exceedance of limit orders and fills them only after a pullback (see Limit Pullback Order)
- No limitations in view of distance to the price