A market + TTO order is an order accepted by some securities brokers which combines a market order with a threshold triggered order. If and when the market order is fulfilled, a threshold triggered order is set in motion.
Example: An investor wants to buy shares in a company’s stock immediately at the best available offer – in this case 25 Swiss francs per share. They want the shares which they buy to be sold should their price reach 28 francs per share or higher (a limit order). They also want to protect their investment with a stop loss threshold in case the price of the shares goes down. In this case they want their shares to be sold if their value falls to 23 francs per share.
Using a market + TTO order, the investor orders their broker to buy the shares at the best available offer and also specifies the upper threshold (the limit) and the lower threshold (the stop loss) at which the shares they are buying should be sold.
There are many different kinds of threshold triggered (TT) orders, including TT stop orders, TT if-touched orders, TT bracket orders, TT trailing limit orders, TT timed orders, TT iceberg orders, TT one-cancels-other orders, and TT retry orders. This provides for a great deal of flexibility in specifying when and how assets purchased using a market + TTO order should be sold.
Market + TTO orders combined a market buy order with a sell limit order and a stop loss order, and thus save investors the work of having to place a market order and then place a sell order with limit and stop loss thresholds. However, this order type is not offered by all brokers.
More on this topic:
Swiss stock broker comparison
Order types offered by Swiss brokers compared
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