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If Touched (IT) orders enter the market at a certain price or a set number of ticks away from the inside market. If the market touches the price level on the order (it does not have to trade through the price), the order is activated. If Touched can be:
- Limit IT (LIT)
- Market IT (MIT)
- Market to Limit IT (MTL-IT; Available on TOCOM and SGX)
- Since IT orders are synthetic, their use is restricted to exchanges that natively support them.
- Since TOCOM does not send a last traded price for spreads, you can not enter IT orders in spreads when trading TOCOM.
In the Market Grid, you set IT orders on the Order Pane and designate a price the market must touch in order to send your order.
You can also set further restrictions (such as Limit, Market, or Market to Limit), and Time in Force (such as GTD). If you want a natively supported If Touched order to be managed by the Synthetic Strategy Engine, click Override Native.
Note: If you are sending a Limit IT order, you must enter a price.
In MD Trader, you set LIT or MIT orders from the MD Trading tab on the Properties menu and designate a set number of ticks away from the inside market that your order will rest until touched.
In MD Trader you must enter Buy IT orders below the current inside market and Sell IT orders above the current inside market. If you try to enter an IT order incorrectly, a red a circle with a slash through it appears.