I understand what MIT is and the basics of how exchanges work and what the different order types are.
When an NT8 user has an MIT profit trigger active, but the price hasn't been touched yet, do they have an active limit order at the exchange? Or is the whole thing done synthetically?
In other words, there appears to be two ways one could make MIT work. You could have a limit order standing at your target so if prices blow through you get filled then and there, but then have either the platform software or the brokerage's software kill the limit order and fire a market order if prices touch then reverse. I can see that this way, there could be upside against latency sometimes, but other times latency would result in both the limit order filling and the market order also filling, resulting effectively in a position reversal you didn't want.
The other way to do it is have no standing take profit order and do it all in software, hence no risk of double orders.
What way does NT use? If it all depends on the brokerage and exchange in question, is there a way to tell? If I was in a situation where I wanted to use MIT but also had some latency concerns about my internet connection, is there a way to tell in advance whether the market order is getting fired from my computer or from the brokerage?
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