Limit-If-Touched
FIX OrdType <40> no dedicated value (commonly 4 Stop Limit with a favorable trigger)
A Limit-If-Touched order is a conditional order which once triggered will immediately place a Limit order at the specified price.
Use cases
Use a Limit-If-Touched order to arm a price-protected order only once a trigger is touched, for example activating a take-profit Limit as price approaches a target rather than resting it early. The advantage is conditional activation combined with a capped fill price. The tradeoff, as with a Stop-Limit, is that the order may not fill if price moves through the limit after the trigger.
Example
In the following example we create a Limit-If-Touched order to BUY 5 BTCUSDT-PERP Perpetual Futures contracts on the Binance Futures exchange at a limit price of 30,100 USDT (once the market hits the trigger price of 30,150 USDT), active until midday 6th June, 2022 (UTC):
use nautilus_core::UnixNanos;
use nautilus_model::{
enums::{OrderSide, TimeInForce, TriggerType},
identifiers::InstrumentId,
types::{Price, Quantity},
};
use ustr::Ustr;
let order = self.core.order_factory().limit_if_touched(
InstrumentId::from("BTCUSDT-PERP.BINANCE"),
OrderSide::Buy,
Quantity::from(5),
Price::from("30100"),
Price::from("30150"),
Some(TriggerType::LastPrice), // optional (default DEFAULT)
Some(TimeInForce::Gtd), // optional (default GTC)
Some(UnixNanos::from(1_654_516_800_000_000_000_u64)), // 2022-06-06T12:00:00 UTC
Some(true), // post_only (default false)
Some(false), // reduce_only (default false)
None, // quote_quantity (default false)
None, // display_qty
None, // emulation_trigger
None, // trigger_instrument_id
None, // exec_algorithm_id
None, // exec_algorithm_params
Some(vec![Ustr::from("TAKE_PROFIT")]), // tags
None, // client_order_id
);See the LimitIfTouchedOrder API Reference for further details.
Related guides
- Orders - Trigger types and other execution instructions.
- Emulated orders - Emulating conditional orders on venues without native support.
- Execution - How orders reach the venue and fills are handled.