Glossary
Good 'til canceled (GTC)
An order that stays open across sessions until it fills or the trader cancels it, subject to the broker's maximum duration.
On this page
A good-'til-canceled (GTC) order is an instruction that remains active from one trading day to the next until it is filled, you cancel it or your broker's time limit expires. It contrasts with a day order, which is cancelled automatically at the end of the session. GTC is a time-in-force setting, not an order type, so it is typically attached to a limit order or a stop order that you want to keep working without re-entering it daily.
How it works
Most US exchanges no longer hold GTC orders overnight themselves, so brokers keep them on their own systems and resubmit them each session. Brokers also cap how long a GTC order can live, commonly somewhere between 60 and 180 days, after which it expires; the exact limit varies by firm and should be checked.
Pitfalls
- Forgotten orders. An order placed weeks ago can fill after news has changed the picture entirely. Review open GTC orders regularly.
- Gaps. A GTC stop order can trigger at the open far beyond its stop price after an overnight gap.
- Corporate actions. Splits, large dividends and other events can lead a broker to adjust or cancel open orders; check notices after such events.
- Session coverage. A GTC order may apply to regular hours only unless you choose an extended-hours option.