Times in Force
DAY - Using "Day" as the time in force for a Regular Trading Hours ("RTH") Only order specifies that the order will work throughout the trading day during regular trading hours until it is filled, is canceled by the user, or expires at the end of the trading day. (By default, the time in force for orders is set to "Day." Orders for some products are entered with a default restriction of Regular Trading Hours (RTH) Only to prevent orders from being executed during the pre- and post-market sessions).
A day order that is submitted after regular trading hours* with the order attribute of RTH will be held in the system and begin to work at the start of the next trading day. The order will be active during the next trading day until it is filled, is canceled by the user, or expires at the end of the trading day. IMPORTANT NOTE: You can add order attributes to any order or change default settings to specify that orders be activated, triggered, or filled outside of regular trading hours.
You can add order attributes to any order or change default settings to specify that orders be activated, triggered, or filled outside of regular trading hours.
* For TWS: Day orders submitted with “Regular Trading Hours” after 4pm ET will be queued for the next day. Day orders submitted with “Fill Outside RTH” after 4pm ET will be active until 8pm ET. Day orders submitted with “Fill outside RTH” after 8pm ET will be queued and start working by 4am ET the following day.
For FIX connections: Day orders submitted with “RTH ONLY” will be canceled between 4:00 – 5:00 pm. Day orders submitted after 5 pm with “RTH ONLY” will be queued for the next day. Contracts with short close-to-open time, such as Forex and CME futures, have a shorter window.
GTC - A Good-Til-Canceled order will continue to work within the system and in the marketplace until it executes or is canceled. GTC orders will be automatically be canceled under the following conditions:
If a corporate action on a security results in a stock split (forward or reverse), exchange for shares, or distribution of shares.
- If you do not log into your account for 90 days.
- At the end of the calendar quarter following the current quarter. For example, an order placed during the third quarter of 2011 will be canceled at the end of the fourth quarter of 2011. If the last day is a non-trading day, the cancellation will occur at the close of the final trader day of that quarter. For example, if the last day of the quarter is Sunday, the orders will be canceled the preceding Friday.
- Orders that are modified will be assigned a new “Auto Expire” date consistent with the end of the calendar quarter following the current quarter.
- Orders that remain in force for more than one day will not be reduced for dividends. To allow adjustment to your order price on ex-dividend date, consider using a Good-Til-Date/Time (GTD) or Good-after-Time/Date (GAT) order type, or a combination of the two.
Note: For market centers that do not accept "native" GTC orders, the order type is simulated by resubmitting the relevant order each business day upon opening of the market center.
Find out more about Good-Til-Canceled orders in the Order Types page.
IOC - Any portion of an Immediate-or-Cancel order that is not filled as soon as it becomes available in the market is canceled. Find out more about IOC orders on the Order Types page.
GTD - A Good-Til-Date order will remain working within the system and in the marketplace until it executes or until the close of the market on the date specified. When you select GTD as the time in force, the Duration field is displayed. Set the duration for the order to work, in seconds, minutes or hours. Note that you can define a start time but not an end time, as Duration and start/end are mutually exclusive. The time zone of the instrument will be used.
DTC - A Day 'Til Canceled order is similar to a day order, but instead of being canceled and removed from the trading screen at the end of the day, the order is deactivated. This means that the order is canceled AT THE EXCHANGE but remains on your trading screen to be re-transmitted whenever you click the Transmit button.
Fill outside RTH (Fill/trigger outside RTH - When displayed, checking this option allows orders the flexibility to fill (and/or trigger in the case of stop and other trigger orders) both during regular hours and outside of regular trading hours.
This feature is available for US stocks listed on major exchanges, EU stocks that trade outside of primary listing exchange hours and . For products that support it, you will see the Fill outside RTH or Fill/Trigger outside RTH checkbox in the order line for Classic layout, and in the time-in-force drop-down list in Mosaic.