GoodTilCancelled

Good-Til-Cancelled (GTC) is a type of order instruction used in securities trading that remains active until it is executed or canceled by the trader. It contrasts with a day order, which expires at the end of the trading session if not filled.

A GTC order can be used for buying or selling and is commonly paired with a limit price to control the price at which the trade will be executed. For a buy limit, the order is filled at the limit price or lower; for a sell limit, at the limit price or higher. Market orders are typically not used with GTC, since they would execute immediately at the current market price rather than waiting for a target price.

GTC orders persist across trading sessions until filled or canceled. Many brokers impose a maximum duration, such as 30, 60, or 90 days, after which unfilled orders are canceled unless renewed. This avoids forgotten orders but carries the risk of exposure if prices move away from the target.

In practice, some brokers distinguish GTC from Good-Til-Date (GTD), which fixes an expiration date. Rules vary by market and broker. GTC orders are commonly used by traders aiming to enter or exit at specific price levels without re-entering orders daily, while requiring ongoing oversight to manage potential unintended exposure.