Time-variable phenomena such as transiting exoplanets will be a major science theme for the James Webb Space Telescope (JWST). For Guaranteed Time and Early Release Science Observations, over 500 hours of JWST time have been allocated to time series observations (TSOs) of transiting exoplanets. Several dedicated observing modes are available in the instrument suite, whose operations are specifically tailored to these challenging ob- servations. MIRI, the only JWST instrument covering the wavelength range longwards of 5 µm on JWST, will offer TSOs in two of its modes: the low resolution spectrometer, and the imager. In this paper we will describe these modes for MIRI, and discuss how they differ operationally from regular (non-TSO) observations. We will show performance estimates based on ground testing and modeling, discuss the most relevant detector effects for high precision (spectro-)photometry, and provide some guidelines for planning MIRI TSOs.