Market-If-Touched

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

A Market‑If‑Touched order releases a Market order when its trigger price is reached. Traders often use it to enter on a pullback or take profit: a SELL order against a LONG position or a BUY order against a SHORT position.

Use cases

Use a Market‑If‑Touched order to prioritize execution when a target price is touched. It triggers in the opposite market direction from a stop order, such as buying below or selling above the current market. The touch price is not a guaranteed fill price, and the released Market order can slip, be rejected, or remain unfilled.

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.order().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.