Time in Force (TIF)

Each order you place specifies a Time in Force (TIF) along with the Order Type. TIF indicates how long the order will remain active before it is executed or before it expires. Available TIF options may change, depending on the order type, exchange and contract.

  • Day: A Day order must be executed before the close of the trading day. If it has not been executed, the order is cancelled.
  • GTC: GTC (Good till Cancelled) orders will continue to work until the order is filled, or until you cancel it.
  • GTD: GTD (Good till Date) orders will continue to work through the close of the date specified. If the order is not filled by the close of the GTD, it will be cancelled.
  • FAK: A Fill-and-Kill order is one where the order is executed up to the quantity of contracts available at the order limit price and any amount unfilled is cancelled.
  • FOK: If the Fill-or-Kill order does not execute immediately and completely as soon as it becomes available, the entire order is cancelled. This type of order is used to ensure that the trade (usually for a large quantity) is entered at the desired price, or not at all. A partial fill is not acceptable with an FOK order.
  • IOC: If any portion of an Immediate-or-Cancel order is not filled as soon as it becomes available, the unfilled parts of the order are cancelled. Unlike an FOK order, partial fills are accepted.