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What is a market if touched order

A Market if Touched (MIT) is an order to buy (or sell) below (or above) the market.

An MIT order is not guaranteed a specific execution price and may execute significantly away from its stop trigger price. An MIT order is similar to a stop order, except that an MIT sell order is placed above the current market price, and a stop sell order is placed below.

The 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. Example

● 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.

● 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, a sell market order will be submitted automatically to the clearing broker and filled at the market price.

 

2. Order time 

Clients can place orders at any time via the app. 

 

3. Time-in-force     

Clients can set the order's Time-in-force. If the order is not filled in full, the unfilled portion will be canceled automatically by the system. If the order fails to be executed due to risk management or other reasons, the order status will update to "failed," and the system will not continue to place the order.

 

4. Trigger time

If the order reaches the trigger condition during the continuous trading session, the system will automatically submit the order to the clearing broker.

The stop-limit order will not be triggered if the trigger condition is met outside the continuous trading session.

 

5. Notes

5.1 After the MIT order is triggered, there is no guarantee that the order will be successfully placed. Reasons such as insufficient buying power and positions will cause a failure to place the order.

5.2 After the MIT order is triggered, the system will place a market order automatically when the trigger price is touched. However, there is no guarantee that the order will be filled. If the order is not filled during the Time-in-force, it will be canceled automatically by the system.

5.3 After the 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 the 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 the MIT order is triggered, the system will submit the order only when the client has enough maximum buying power on the account, and financing may be applied.

5.6 Orders cannot be executed in multiple directions at the same time. As the client chooses to buy or sell, the risk control system will determine the final trade direction by judging the number of order positions and the trade direction after the order reaches the price trigger. If the order quantity is higher than the executable position of the underlying at the time of the trigger, the order will not be executed. For example, if the client has a short position of 100 shares of FUTU, but his stop loss order is to buy 150 shares, the system cannot split the direction to buy 100 shares to close the position (buy to close) plus buy 50 shares to open the position (buy to open) at the time of trigger.

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

5.8 If short selling of the underlying asset is supported, clients can short sell the underlying. If the account does not hold any long position when the order is triggered, short selling of the underlying will be executed.