Market If Touched (MIT)
A conditional order that becomes a market order when a security reaches a specified price. When using a buy market-if-touched order, a broker will wait until the security falls to a certain level before purchasing the asset. A sell market-if-touched order will activate when the price of a security rises to the specified level.

Also referred to as a "board order".

Investopedia Says:
A MIT order allows investors to purchase or sell a security at a desired value, without actively monitoring the market. This order is similar to a stop order, however, the buy and sell actions are inverse. For example, a buy MIT order looks for the price of an asset to fall, while a buy stop order activates when the market value of the security increases past a specified level.

Related Terms:
All or None Order
Broker
Buy Stop Order
Good This Week - GTW
Immediate or Cancel Order
Limit Order
Market Order
Stop Order

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