What is Time-In-Force?
Day, GTC, and GTD orders are designations that dictate the amount of time an order will keep working before it cancels. The TIF, or Time-in-Force, you select for an order will determine how long the order will continue working before expiring if it does not get filled. Below are examples of each TIF and how you use them.
To learn more about extended hours trading, or an "EXT" order, please click here.
To learn how to set a default TIF during order entry, please click here.
Currently, GTD orders are not available for futures or options on futures orders. Also, since cryptocurrencies trade 24/7/365, all working cryptocurrency orders are inherently GTC orders as there is no regular "Day" session.
A Day TIF will work until the end of the current trading day. If a day order is placed outside of market hours, it will work until the end of the next trading day.
A GTC (Good 'til Canceled) TIF will work indefinitely until the order is filled or canceled. Additionally, for options orders, a “GTC” order will expire after the expiration of any of the option legs.
A GTD (Good 'til Date) TIF will expire at the end of trading on the date you select.