More Types of Orders
Stop limit orders are an attempt to get more control over the price where your stop is filled. They list two prices. The first part of the order is like a stop order. The second part lists a specific limit price which means that once your stop is triggered you don't want the order to be filled past the limit price.In stop close orders(SCO) the stop price is only triggered when the market touches the stop at the close of trading. If there is a fast market in the last several minutes of trading it could cause your order to be filled at a price you're not happy with. On the other hand stop close orders may protect your order from getting filled during adverse price fluctuations throughout the day.
Market if touched orders(MIT) are the opposite of stop orders. A "buy" market if touched order is placed below the market and a "sell" market if touched order is placed above the market. These types of orders are usually placed to enter the market or to initiate a trade. You would place a specific price on the order, however a market if touched orders is a market order once the limit price is touched or passed through. The execution may be at, above or below the originally specified price, but it will not be executed if the market does not touch the specific price of the market if touched order.
