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Key Takeaways
- GTC keeps an eligible order active across trading days until completion, confirmed cancellation or its specified expiration.
- Partial fills reduce the remaining open quantity across sessions.
- Set the session separately: GTC keeps the order alive across days, while the session setting decides whether it trades outside the regular session.
- Recheck the order after a dividend, split or symbol change, since the broker’s rules can adjust its price and quantity or cancel it.
- The worked order buys 400 shares before its remaining 200 shares are canceled.
What is a good-til-canceled order?
A good-til-canceled order, or GTC, is an order that stays active beyond its entry day. It remains open until it completes, receives a confirmed cancellation or reaches its specified expiration or cancellation condition. A day order, by contrast, expires at the end of its trading day.
GTC sets duration. The limit or trigger sets the price instruction, and the selected session setting determines when the order participates. Review all three on the broker's ticket.
Formula
Remaining GTC quantity = original quantity − cumulative executed quantity- Cumulative quantity includes partial fills across all active days.
- The order closes when remaining quantity reaches zero or a cancellation or expiration condition occurs.
GTC order example: tracking partial fills
A trader places a GTC limit order to buy 600 shares at $42.00 or better. It fills 150 shares on Monday and 250 on Thursday. The broker confirms cancellation of the remaining 200 shares on Friday.
- After Monday: 600 − 150 = 450 shares remaining
- After Thursday: 450 − 250 = 200 shares remaining
- Total acquired: 150 + 250 = 400 shares
The order acquires 400 shares across two sessions. Friday’s confirmed cancellation closes the remaining 200 shares and leaves zero open quantity.
The worked order requests 600 shares with a $42 buy limit. Monday’s 150-share fill leaves 450 open. Thursday’s additional 250-share fill brings completed quantity to 400 and leaves 200 open.
On Friday, the broker confirms cancellation of the remaining 200 shares. The final record contains 400 acquired shares, 200 canceled shares and zero open quantity.
A buy limit accepts fills at its limit or better. Use the execution report for the actual prices and cash cost of the completed shares.
How to manage an open GTC order
Review symbol, side, remaining quantity, price, duration and session before adding another order. Reconcile partial fills with the position and available buying power. Match protective orders to the current position quantity.
Corporate actions follow the broker’s adjustment and cancellation rules. Check the resulting price, quantity and status after a dividend, split or symbol change. An option order also follows the contract’s expiration.
Treat the order as closed only once the broker confirms it. After a cancellation request, check the final filled and canceled quantities before entering a replacement, since a fill that lands during the request changes what is left to buy. For an options structure, review quantity, entry cost and payoff in the options profit calculator before carrying the limit into the broker’s ticket.
Limitations of good-til-canceled orders
- Check the order’s expiration date. The broker caps how long a GTC order lives, and the ticket shows when it ends.
- Review a resting order each session. It can fill days after the decision that set it, when news and prices have moved on.
- Reconcile partial fills with the position. The worked order acquires 400 of 600 shares before the rest is canceled.
- Recheck the order after a corporate action. The broker’s rules can adjust or cancel it, so the price and quantity can change without a new instruction.
- Set the session separately. GTC controls duration only; extended-hours participation is a separate session setting, and an option order ends at the contract’s expiration.
Bottom line
A good-til-canceled order keeps a price instruction working across sessions until it fills, is canceled or reaches the broker’s expiration. Use it for levels you intend to hold for days, review the remaining quantity, price and session regularly, and reconcile fills and confirmed cancellations before replacing the order.
Clear answers
Frequently Asked Questions
Sources and Further Reading
- Fidelity: Trading FAQs for Order Types
- NYSE: Pillar Equities FIX Gateway Specification
- Cboe: Titanium U.S. Equities BOE Specification
How entries are sourced, calculated and updated: editorial methodology.