Good-Til-Canceled (GTC) Order¶
OVERVIEW¶
A good-til-canceled (GTC) order is a resting limit or stop order that stays open across multiple trading sessions until one of three things happens: the order fills, the trader cancels it, or the broker's maximum duration expires. Unlike a day order — which is automatically canceled at the closing bell of the day it was placed — a GTC persists overnight, through weekends, and across holidays. Most U.S. retail brokers cap GTC duration at 60 calendar days; Fidelity allows 180, Schwab and E*TRADE default to 60, Interactive Brokers permits up to 90.
Broker Duration Limits
GTC orders are not truly perpetual. Every broker enforces a maximum lifetime. Expired orders do not notify you by default on all platforms — verify your open orders regularly.
| Broker | GTC Maximum Duration |
|---|---|
| Fidelity | 180 calendar days |
| Interactive Brokers | 90 calendar days |
| Schwab | 60 calendar days |
| E*TRADE | 60 calendar days |
HOW IT WORKS¶
A GTC is a time-in-force (TIF) instruction, not an order type itself. It attaches to:
- Limit orders — most common: "buy 100 AAPL at $180 GTC."
- Stop orders — protective stops kept active across sessions.
- Stop-limit orders — both a stop trigger and limit price, held until filled or expired.
The order sits on the broker's order book (most brokers no longer route GTCs directly to exchanges, which only accept day orders; instead they re-submit the order each morning as a day order). Each morning at market open, the broker resubmits the GTC. If a corporate action — dividend, split, spinoff, merger — affects the underlying, brokers typically cancel or adjust the GTC automatically. The order status checks: still open → resubmit; filled → settle; canceled → notify; expired → notify.
Exchange Routing
Most retail brokers do not route GTC orders directly to exchanges. Exchanges only accept day orders. The broker manages the GTC on your behalf and re-submits each morning.
FEATURES¶
Supported Order Configurations¶
| Configuration | Description |
|---|---|
| GTC Limit Buy | Resting bid at a specified price below current market |
| GTC Limit Sell | Resting offer at a specified price above current market |
| GTC Stop-Loss | Triggers a market order if price falls to the stop level |
| GTC Stop-Limit | Triggers a limit order when stop level is reached |
| GTC-EXT | Extends GTC execution into pre- and post-market sessions |
Common Use Cases¶
- Patient limit-buyers waiting for pullbacks to key support levels
- Profit-takers placing sell-limits at multi-week resistance zones
- Risk managers keeping protective stops live without daily reconfiguration
- Mean-reversion strategies scaling bids and offers around the current price
- Long-term investors defining maximum tolerable drawdown via stop-losses
- Pair and basket traders maintaining leg ratios without constant monitoring
HOW TO USE¶
Placing a GTC Order on Tapeboard¶
- Open the Order Entry panel (
Oor via the toolbar). - Select your instrument and order side (Buy / Sell).
- Choose an order type: Limit, Stop, or Stop-Limit.
- Set your price (and stop trigger price if applicable).
- In the Time-in-Force dropdown, select GTC.
- Enter your quantity.
- Review the order summary and confirm.
Extended Hours Fills
To allow fills outside regular market hours (9:30 AM – 4:00 PM ET), select GTC-EXT instead of GTC in the Time-in-Force dropdown.
Worked Example — Limit Buy¶
A trader bullish on MSFT at $415 in October 2024 wants to buy on a pullback to the 200-day moving average near $400. They place a GTC limit buy: 100 shares MSFT @ $400, good-til-canceled. The order sits open for 32 trading days. On December 18, 2024, MSFT sells off on Fed hawkishness and trades $399.50 intraday, filling 100 shares at $400.00. Without the GTC, the trader would have needed to manually re-enter the order each morning for 32 sessions — and likely missed the fill on a fast intraday move.
Worked Example — Stop-Loss¶
A trader holding 500 shares of TSLA at $250 sets a GTC stop-loss at $225 to limit downside. The stop sits dormant for 19 trading days, then triggers on a gap-down to $222 the morning after a delivery miss, converting to a market order that fills at $221.40.
Gap Risk on Stop Orders
A GTC stop-loss at $225 does not guarantee a $225 fill. On a gap-down to $200, the order converts to a market order and fills at the prevailing price. Use a stop-limit to cap slippage, accepting the risk of no fill.
LIMITATIONS AND COMMON MISCONCEPTIONS¶
| Misconception | Reality |
|---|---|
| GTC orders last forever | Every broker has a maximum duration; orders expire silently |
| GTC executes in extended hours | Default GTC is regular hours only; use GTC-EXT for pre/post-market |
| Stop-loss guarantees the stop price | Gaps cause market-order fills below the stop level |
| Corporate actions are handled automatically | GTCs may be canceled on ex-dates; verify after splits, dividends >10%, mergers, and spinoffs |
| A limit order near the bid will fill | No fill is guaranteed regardless of volume traded at or near the limit price |
KEYBOARD SHORTCUTS¶
| Action | Shortcut |
|---|---|
| Open Order Entry panel | O |
| Toggle Time-in-Force selector | T |
| Set GTC (Time-in-Force) | G |
| Set GTC-EXT (Time-in-Force) | Shift + G |
| Cancel selected open order | Delete |
| Cancel all open GTC orders | Ctrl + Shift + Delete |
| View open orders panel | Ctrl + O |