Limit if Touched Orders
Description |
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Limit if Touched is an order to buy (or sell) a contract at a specified
price or better, below (or above) the market. This order is held in the system until the trigger price is touched. An LIT order is similar to a stop limit order, except that an LIT sell order is placed above the current market price, and a stop limit sell order is placed below.
Using a Limit if Touched order helps to ensure that, if the order does execute, the customer will
not receive an execution at a price less favorable than the
limit price.
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Exchanges |
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Simulated
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AMEX, ARCA, BRUT, BTRADE, Belfox, BondDesk, BOX, CBOE, CBOT, CFE, CME, DTB, E-CBOT, EUREXUS, FTA, FWB, GLOBEX, HKFE, IBIS, IDEAL PRO, IDEM, Inet, ISE, Liffe, LSE, Matif, ME, Meffrv, Monep, NYMEX, NYSE, ONE, OSE.JPN, PHLX, PSE, SGX, SNFE, SuperMontage, Soffex, SWB, SWX, TMBR,TSE, TSE.JPN, TSX, VIRTX, WINNER, XETRA |
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TWS
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For information on how to create LIT orders, please refer to
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| Example |
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XYZ shows an asking price of 24.50. You decide to buy 100
shares, but you don’t want to pay more than 24.35 and you don't want to enter the market until the price drops to 24.40. You
click the Ask price to create a BUY order, and select LIT
in the Type field to specify a limit if touched order. In the Lmt. Price
field, you enter your limit price of 24.35. In the Aux. Price field, you enter the trigger price of 24.40, and submit the
order. Your order will remain in the system until the trigger price is touched, and will than be submitted as a limit order. It will only execute at 24.35 or better. If
nobody is willing to sell for that price, your order will
not execute. |
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