Good till cancelled order
Family II · Orders
Not to be confused with good till cancelled.
Good till cancelled order (GTC) is an order time-in-force instruction that keeps an order working across multiple trading sessions until it is filled or cancelled. Unlike a day order, which expires at the close of the session in which it was entered, a GTC order persists indefinitely unless the trader or broker terminates it. Many brokers impose a maximum lifespan on GTC orders, such as 30, 60, or 90 days, after which the order is automatically cancelled.
How a GTC order works
A GTC order is typically used with limit orders and stop orders, where the trader wants the order to remain in the market beyond the current day. The order sits in the broker's system and is eligible for execution whenever the market reaches the specified price. If the order is partially filled, the remaining quantity usually stays active under the same GTC instruction, though this depends on the broker's policies.
Brokers often set a maximum duration for GTC orders. Common maximums include 30, 60, or 90 calendar days, but these limits vary by broker and market. Some brokers also cancel GTC orders automatically at the end of a quarter or year. Traders should check their broker's specific rules, as well as any exchange-level restrictions on order duration.
Worked example
A trader wants to buy 100 shares of a stock that is currently trading at $50. They place a GTC limit order to buy at $48. The order remains active for 60 days, the maximum allowed by their broker. After 45 days, the stock price falls to $48 and the order is filled.
GTC vs. day orders
A day order is only valid for the trading session in which it is placed. If it is not filled by the close, it expires. A GTC order avoids the need to re-enter the order each day, but it also requires monitoring because it can remain active for an extended period. Traders should review open GTC orders regularly and cancel any that are no longer wanted, especially if market conditions have changed.
Often confused with
- good till cancelled
- A time-in-force instruction that keeps an order active in the market until it is either filled or explicitly cancelled by the trader, with no preset expiry date.