Market-If-Touched

FIX OrdType <40>=J (Market If Touched)

A Market-If-Touched order is a conditional order which once triggered will immediately place a Market order. This order type is often used to enter a new position on a stop price, or to take profits for an existing position, either as a SELL order against LONG positions, or as a BUY order against SHORT positions.

Use cases

Use a Market-If-Touched order to act with execution certainty when a target price is touched, such as entering on a pullback to a level or taking profit at a target. It behaves like a stop in the opposite direction (buying below or selling above the current market) and converts to a Market order on trigger. The tradeoff matches any market execution: the touch price is not the fill price, and the fill can slip in fast markets.

Example

In the following example we create a Market-If-Touched order on the Binance Futures exchange to SELL 10 ETHUSDT-PERP Perpetual Futures contracts at a trigger price of 10,000 USDT, active until further notice:

use nautilus_model::{
    enums::{OrderSide, TimeInForce, TriggerType},
    identifiers::InstrumentId,
    types::{Price, Quantity},
};
use ustr::Ustr;

let order = self.core.order_factory().market_if_touched(
    InstrumentId::from("ETHUSDT-PERP.BINANCE"),
    OrderSide::Sell,
    Quantity::from(10),
    Price::from("10000.00"),
    Some(TriggerType::LastPrice),    // optional (default DEFAULT)
    Some(TimeInForce::Gtc),          // optional (default GTC)
    None,                            // expire_time
    Some(false),                     // reduce_only (default false)
    None,                            // quote_quantity (default false)
    None,                            // emulation_trigger
    None,                            // trigger_instrument_id
    None,                            // exec_algorithm_id
    None,                            // exec_algorithm_params
    Some(vec![Ustr::from("ENTRY")]), // tags
    None,                            // client_order_id
);

See the MarketIfTouchedOrder 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.