What Is Time in Force?
Time in force is the setting that tells your broker how long an order should stay active. Every order has one, even if you never change it from the default. It answers a simple question: if the order doesn't fill right away, what happens to it?
The Two Jobs of an Order
An order says what you want (price, quantity, type) and how long to keep trying. Time in force is the 'how long.'
Day Orders
A day order is the most common default. It stays active until the market closes that day. If it hasn't filled by the close, it's automatically cancelled, you start fresh tomorrow. Nothing carries over silently.
Why use it: day orders are the right default when you're acting on today's information. If the trade idea still makes sense tomorrow, you'll place a fresh order tomorrow — no chance of a stale order firing days later when conditions have changed.
Good-Til-Canceled (GTC)
A good-til-canceled order keeps working across multiple days, often up to 60 or 90 days, depending on the broker — until it fills or you cancel it. The 60–90 day cap is a broker policy combined with exchange housekeeping rules; it isn't arbitrary, just standard practice.
Why use it: GTC fits a limit order at a target price the stock hasn't reached yet. You define the trade you'd happily take and walk away. The catch is also the feature, the order outlives your attention.
GTC Can Surprise You
Because a GTC order lingers, it can fill days later on a brief price spike you've forgotten about, sometimes during volatile moments. Knowing your open GTC orders matters; a stale one can execute when you least expect it.
Immediate-or-Cancel & Fill-or-Kill
Two settings demand speed. Immediate-or-cancel (IOC) fills whatever it can right now and cancels the rest — partial fills allowed. Fill-or-kill (FOK) is stricter: fill the entire order instantly or cancel all of it — no partials.
Why use IOC: it's a 'grab what you can, don't leave anything resting' instruction. Active traders use it when they want to sweep available liquidity at a price without leaving a remainder order visible on the book. Why use FOK: it suits larger orders where a partial fill creates a leftover position the trader doesn't want, like an institution that needs all 10,000 shares to complete a hedge.
Immediate-or-Cancel (IOC)
- Fills what it can immediately
- Cancels the unfilled remainder
- Partial fills allowed
Fill-or-Kill (FOK)
- Must fill in full, instantly
- Otherwise cancels entirely
- No partial fills
All-or-None (AON)
A related setting, all-or-none (AON), says 'only fill if you can fill every share', but unlike FOK it can keep waiting rather than cancelling instantly. It's a way to avoid a partial fill when you want the whole position or nothing. Why use it: AON suits traders who specifically need a round-lot fill — for tax-lot accounting reasons, for a paired hedge, or when partial coverage would defeat the trade's purpose.
| Setting | Lifespan | Partial fills? |
|---|---|---|
| Day | Until today's close | Yes |
| GTC | Days to months | Yes |
| IOC | Instant | Yes — keeps what fills |
| FOK | Instant | No — all or cancel |
| AON | Waits until fully fillable | No |
How each setting handles time and leftovers.
Educational use only
For learning, not advice. StockCram is independent of any brokerage referenced here.