Time-in-Force: IOC, FOK and GTCIOC
Time-in-force tells the venue how long an order stays active. Immediate-or-cancel (IOC) fills what it can at once and cancels the rest; fill-or-kill (FOK) must fill completely at once or not at all; good-till-cancelled (GTC) stays open until filled or cancelled, although many brokers limit how long.
Every order has a lifespan, whether you choose it or not. Time-in-force is that setting: should the order work for the rest of the day, stay open for weeks, or fill right now or not at all? Choosing the wrong one leads to orders that vanish when you expected them to wait — or old orders that fill when you have forgotten them. This entry explains the common time-in-force options and when to use each.
- Category
- Order Types
- Reading time
- 4 min
- Also called
- Immediate-or-cancel order, Fill-or-kill order, Good-till-canceled order
- Updated
Time-in-force in plain words
Unless you choose otherwise, most stock orders are day orders: they are good only for that trading day and expire if not filled.1 They do not automatically carry over into after-hours trading. See Market Hours.
A good-til-cancelled (GTC) order lasts until it is filled or you cancel it — though brokers usually limit how long it can stay open.2 See Order.
How to choose a time-in-force, step by step
Intraday idea?
Use a day order so it cannot fill tomorrow unexpectedly.
Waiting for a level over days?
Use GTC — and note your broker’s maximum duration.
Need it now, partial fill acceptable?
Immediate-or-cancel: whatever cannot fill immediately is cancelled.3
Need it all now or nothing?
Fill-or-kill: the whole order fills immediately or it is cancelled — no partial fills.4 See Partial Fill.
Need a specific end date?
Some brokers offer good-till-date (GTD).
Review open orders
Cancel GTC orders when the plan changes.
Worked examples
Example 1 — The forgotten GTC
ForgottenA trader places a GTC buy limit at $40 on a stock at $45, then changes their mind but forgets the order. Weeks later bad news sends the price to $38.
| Order fills at | $40 |
| Price after the news | $38 |
Old GTC orders can fill in exactly the conditions you no longer want. Review them regularly.
Example 2 — IOC vs. FOK
ComparisonYou want 1,000 shares at $20.00 or better; only 600 are available there.
| IOC | Buys 600, cancels 400 |
| FOK | Buys nothing — cancelled |
IOC accepts partial fills; FOK does not.
Example 3 — The day order that expired
ExpiredA day limit order to sell at $55 is not reached by the close. After hours the stock trades at $56.
| Your order | Expired at the close |
Day orders do not automatically work in extended hours. Choose the session explicitly if your broker allows it.
Common time-in-force settings
| Aspect | Lasts | Partial fills |
|---|---|---|
| Day | Until the end of the trading day | Allowed |
| GTC | Until filled or cancelled (broker limits apply) | Allowed |
| IOC | An instant | Allowed; the rest is cancelled |
| FOK | An instant | Not allowed |
When each setting helps
Day orders
Intraday trading without overnight surprises. See Day Trading.
GTC orders
Swing entries and exits at planned levels. See Swing Trading.
IOC
Taking available liquidity without leaving a resting order. See Liquidity.
FOK
All-or-nothing executions for block-sized needs.
Advantages and disadvantages
Advantages
- Gives precise control over how long an order works.
- Prevents unwanted fills at the wrong time.
- Lets traders choose between partial and complete fills.
Disadvantages
- Defaults differ between brokers and platforms.
- Forgotten GTC orders can fill unexpectedly.
- IOC and FOK may not fill at all in thin markets.
Going deeper
Read as far as you need. Each level builds on the one before it.
Know your default
Beginner
Check what your platform uses when you do not choose. Many default to day orders.
Stops and time-in-force
Intermediate
A protective stop placed as a day order disappears at the close. For multi-day trades, make sure the stop is GTC. See Stop Loss.
Crypto and futures conventions
Advanced
Many crypto exchanges and futures platforms use GTC as the default and offer IOC, FOK and post-only options for liquidity control. See Maker and Taker Fees.
Common mistakes
Day-order stops on swing trades
The stop expires overnight.
Forgetting GTC orders
Review open orders weekly.
Using FOK in thin markets
It may never fill.
Assuming orders work after hours
Check session settings.
Check your understanding
Test yourself before moving on. Each answer comes with an explanation.
Key points to remember
- Time-in-force sets how long an order stays active.
- Day orders expire at the close; GTC orders stay open (within broker limits).
- IOC fills what it can now and cancels the rest.
- FOK fills completely now or not at all.
- Review open GTC orders regularly.
Frequently asked questions
How long does a GTC order last?
What is the default time-in-force?
When should I use IOC?
Further learning
- Order
The parts of every order.
- Limit Order
The order type most often left open.
- Stop Loss
Making sure stops stay active.
- Market Hours
Regular vs. extended sessions.
Sources
This article is written in our own words. The sources below support the specific facts, rules and figures marked with a number in the text. Links open the original publisher’s page.
- Investor.gov (SEC). Day Order (glossary) (opens in a new tab) Checked .
- Investor.gov (SEC). Good-Til-Cancelled Order (glossary) (opens in a new tab) Checked .
- Investor.gov (SEC). Immediate-Or-Cancel Order (glossary) (opens in a new tab) Checked .
- Investor.gov (SEC). Fill-Or-Kill Order (glossary) (opens in a new tab) Checked .
Educational content, not financial advice. Examples use hypothetical prices and simplified costs; actual fees, margin rules and regulations vary by broker, market and country. We are not affiliated with any publisher linked above. Last reviewed . Report an error or request a source credit.