Good till cancelled
Family XII · Other terms
Not to be confused with good till date, good till cancelled order.
Good till cancelled (GTC) is a time-in-force instruction that leaves an order working in the order book indefinitely until it is filled or cancelled. Unlike a day order, a GTC order does not expire at the end of the trading session. Brokers and exchanges may impose their own maximum lifespan on GTC orders, so the effective duration varies by venue.
How it works in practice
When a trader submits an order marked GTC, the order remains active across trading sessions. It can be partially filled, and the unfilled remainder continues to rest in the book. The trader must actively cancel the order to remove it; otherwise it stays live until the broker's maximum allowed period elapses.
Many brokers treat GTC orders as valid for a set number of days or until a specified date, after which they are automatically cancelled. The exact maximum duration is not universal and depends on the broker, exchange, or regulator. Some venues also cancel GTC orders at the end of a calendar quarter or year.
Worked example
A trader places a GTC limit order to buy 100 shares at $50.00. The order rests in the book for several days. On day three, the market price falls to $50.00 and 40 shares are executed, leaving 60 shares unfilled. The remaining 60 shares stay active as a GTC order until the trader cancels it or the broker's maximum GTC period expires.
Venue-specific limits
The maximum life of a GTC order is not standardised. Some brokers allow GTC orders to remain open for up to 90 days, while others may cancel them at the end of each month or quarter. Exchanges may also impose their own cut-off rules. Traders should check the specific terms of their broker or venue to know when an unexecuted GTC order will be purged.
Often confused with
- good till date
- A good till date order expires automatically at a specified date or time, whereas a good till cancelled order has no preset expiry and remains active until cancelled; the visible sign is the presence of a fixed expiry date in the order ticket.
- good till cancelled order
- A good till cancelled order is the actual order instruction submitted with a GTC time-in-force, while good till cancelled is the time-in-force policy itself; the visible sign is whether the term describes the order object or the duration rule.