Moomoo AU Help Center-Market if touched order
English
Back
Download
Log in to access Online Inquiry
Back to the Top

Market if touched order

A Market if Touched (MIT) order is an instruction to submit a buy or sell market order when the client-specified trigger price is hit. A MIT order is not guaranteed a specific execution price and may execute significantly away from its trigger price. An MIT order is similar to a Stop market order, except that a sell MIT order is placed above the current market price, and a sell Stop market order is placed below.

A MIT order follows the "buy low and sell high" rule. The trigger price and the market price need to follow the rules: the buy trigger price needs to be lower than the current market price, and the sell trigger price needs to be higher than the current market price.

● A sell MIT order must be entered above the current market price to gain the profit of a long position.

● A buy MIT order must be entered below the current market price to gain the profit of a short position. 

 

1. Examples

1.1 Buy MIT order

Assuming you short sell stock XYZ at 30, you submit a buy MIT order with a trigger price of 15 when the market price is 40. If XYZ's market price falls to 15 or lower, a buy market order will be submitted automatically to the clearing broker and filled at the market price (the transaction price is not guaranteed). 

1.2 Sell MIT order

Assuming stock XYZ has a current price of 10, you submit a sell MIT order with a trigger price of 15. If XYZ's market price rises to 15 or higher, a sell market order will be submitted automatically to the clearing broker and filled at the market price (the transaction price is not guaranteed).

 

2. Order time 

Clients can place MIT orders at any time via the app. 

 

3. Time-in-force 

Clients can set a MIT order's time-in-force. If the order is not filled in full during the validity period, the unfilled portion will be cancelled automatically by the system. If the order fails to be executed due to risk management or other reasons, it will be in "Failed" status, and the system will not continue to place a market order.

 

4. Trigger time

If a MIT order meets the trigger condition during the preset trading period, the system will automatically submit a market order to the clearing broker. 

The MIT order will not be triggered if the trigger condition is met outside the preset trading period.

 

5. Explanations and notes

5.1 After a MIT order is triggered, there is no guarantee that a market order will be successfully placed due to reasons such as insufficient buying power or positions.

5.2 After a MIT order is triggered, the system will place a market order automatically. However, there is no guarantee that it will be filled. If the order is not filled during the time-in-force, it will be cancelled automatically by the system.

Please keep in mind that:

(1) After a MIT order is triggered, Moomoo Securities Australia Ltd will submit a market order to the Hong Kong Stock Exchange at the five best bid or ask prices according to the buy or sell instruction.

(2) A market order may be divided into several small orders for execution, and each small order may be filled at a different price.

(3) If the number of orders in the order book is small, a market order may not be fully filled. The unfilled part will be automatically cancelled and, after being cancelled, will be in "Cancelled" status.

(4) If the liquidity of a stock is poor or there is no order in the order book for the time being, a market order may not be filled and will be automatically cancelled. After being cancelled, it will be in "Cancelled" status.

(5) A market order is not guaranteed a better execution price. In particular, a market order may be filled at a higher or lower price when the market changes rapidly.

(6) During the trading hours after the Morning Session or the Afternoon Session has just opened, there may be a greater chance that transaction prices will deviate since orders that have accumulated before the market opens need to be processed.

(7) For the sake of risk management, the price of a pending market order is calculated as the current price * 1.2. Your buying power will be reduced accordingly. After the order is filled or cancelled, the frozen part of your buying power will be released.

5.3 After a MIT order is triggered, whether it is filled or not, the trigger conditions will not be effective again. Please place a new order if necessary.

5.4 After a MIT order is triggered, the system will place a market order. For clients' convenience, the order details will be displayed in the original MIT order.

5.5 After a MIT order is triggered, the system will submit a market order only when the client has enough maximum buying power or positions in the account. 

5.6 Orders cannot be executed in multiple directions at the same time. If the order quantity is greater than the current position, the order will not be executed.

5.7 A MIT order will only be triggered during the regular trading hours.

5.8 Advanced orders are simulated by Moomoo AU based on the basic orders and are irrelevant to those advanced orders provided by specific exchanges. Please refer to the corresponding order introduction page for more details..

Disclaimer

Market if Touched Order is an advanced order type provided by Moomoo AU for the client's convenience. While Moomoo AU endeavors to provide reliable trading services, there can be no guarantee to the absolute reliability of the order algorithm. Moomoo AU shall not be held liable for any loss or damage arising from any failure to execute an order due to network interruption, server abnormality, and other factors beyond its control.