What is Time-In-Force?
An order's time-in-force option determines the time frame in which the order would execute. There are four different time-in-force options you can choose from within the Entry Order or Market Order window in Trading Station:
- Day – activates your Entry Order for the current trading day only
Day Entry Orders cancel automatically at 5 pm ET (New York).
- GTC (Good ‘Til Canceled) – ensures that your entire order is executed
GTC orders may be broken up into partial orders if sufficient liquidity isn’t available to fill the entire order at the best available price.
- IOC (Immediate or Cancel) – fills as much of your order as possible at the best available price
If the entire order cannot be filled at the best available price, the remainder cancels.
- FOK (Fill or Kill) – when you want your entire order filled at the best available price
If the entire order cannot be filled at the best available price, the entire order cancels (no partial orders).