A limit-if-touched (LIT) order is a trading order type which combines a trigger (in this case a threshold) with a limit order.
Investors can specify a threshold price above or below the going market rate which, if reached or exceeded, triggers a limit order. The investor specifies both the trigger threshold and the limit for the limit order when they place the LIT order. Assets will only be bought or sold if the market rate matches the limit at which they want their broker to buy or sell the assets.
LIT orders let investors control the price at which their assets are bought and sold. This sets them apart from market-if-touched (MIT) orders, which instruct brokers to buy or sell assets at the best available bid or offer once rates cross the trigger threshold, but do not specify a minimum price you want to receive for your assets or a maximum price you are willing to pay for assets.