Does anybody use Market If Touched orders? Do you find it helps, or do the standard market or limit order options work well enough for you?
You can use MIT orders in the event that you just want take get filled around your target yet not sure that your limit would be filled, essentially they(MIT) are market orders. You can place Buy MIT or Sell MIT. Also, some programming could specify MIT Bid or MIT offer.
Clearly market orders have their limitations, but in lieu of the system/method you are trading you have to decide what is the best way to get filled.
Thank you! This makes sense now. If one goes about programming you can also get MIT between the Bid/Offer as well?
Also, if MIT becomes a market order you can also get slippage. Correct?
You can get very creative with programming but it is important to also see what are the native features of every given application.
Maybe you can seek amongst our platforms that that can apply an MIT+LMT, so when an MIT level hit a LMT order goes out.
Just a thought to consider as you explore programming as well.