Definition
Good Till Cancelled (GTC) / Day Order
Order validity terms specify how long an order stays active, a Day order expires at market close, while GTC/GTD orders persist for longer.
A Day order is valid only for the current session; if unexecuted by 3:30 p.m., it is cancelled. IOC (Immediate or Cancel) executes instantly, fully or partially, and cancels the rest. GTC/GTD orders remain live across days until executed, cancelled, or a set date.
In India, most brokers don't offer true exchange-level GTC; instead they provide GTT (Good Till Triggered) as a broker-side alternative. Choosing the right validity prevents stale orders firing unexpectedly or good opportunities being missed.
Related terms
- Good Till Triggered (GTT)A GTT order stays active for a long period (up to a year) and automatically places a buy or sell order only when your chosen trigger price is hit.
- After-Market Order (AMO)An after-market order is an order placed outside regular trading hours that is queued by the broker and submitted to the exchange when the market next opens.
- Limit OrderA limit order specifies the maximum price a buyer will pay or the minimum a seller will accept, executing only at that price or better and resting in the order book until it can be filled.
Plain-English explainer from The Dispatch Investors Encyclopedia. General information, not financial advice.