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An order that uses the Good-til-Canceled (GTC) time in force will continue to work until the order fills or is canceled. GTC orders will be canceled automatically under the following conditions:
- If a corporate action on a security results in a stock split (forward or reverse), exchange for shares, or distribution of shares.
- If you do not log into your IB account for 90 days.
- At the end of the calendar quarter following the current quarter. For example, an order placed during the third quarter of 2011 will be canceled at the end of the first quarter of 2012. If the last day is a non-trading day, the cancellation will occur at the close of the final trading day of that quarter. For example, if the last day of the quarter is Sunday, the orders will be cancelled on the preceding Friday.
- Orders that are modified will be assigned a new "Auto Expire" date consistent with the end of the calendar quarter following the current quarter.
NOTE: Orders submitted to IB that remain in force for more than one day will not be reduced for ordinary dividends. For order adjustment considerations prior to the ex-dividend date, consider using a Good-Til-Date/Time (GTD) or Good-after-Time/Date (GAT) order type, or a combination of the two.
Order Type In Depth - Good-Til-Canceled Order
Step 1 – Enter a Good-Til-Canceled Limit Order
An order with a good-til-canceled (GTC) time in force keeps the order working until it executes or you cancel it. In this example, it is Monday, June 1 and you want to buy 100 shares of XYZ, which is currently at 127.38 and you want the order to keep working until it fills. You create a limit order for 100 shares with a Limit Price of 127.30 and select GTC as the Time in Force.
Assumptions Action BUY Qty 100 Order Type LMT Market Price 127.38 Limit Price 127.30 Time in Force GTC 
Order Type In Depth - Good-Til-Canceled Order
Step 2 – Order Transmitted
You've transmitted your limit order, which will work as a live order until it fills or until you cancel it.
Assumptions Action BUY Qty 100 Order Type LMT Market Price 127.38 Limit Price 127.30 Time in Force GTC 
Order Type In Depth - Good-Til-Canceled Order
Step 3 – Order Will Work Until You Cancel It
Two days have passed. Shares of XYZ have fallen to 127.35 but not to your limit price of 127.30; your order for 100 shares of XYZ has not been filled. At this point, you decide that you no longer want to wait for the market price of XYZ to fall to your limit price, so you cancel the order instead of waiting for it to execute.
Assumptions Action BUY Qty 100 Order Type LMT Market Price 127.35 Limit Price 127.30 Time in Force GTC
Any stock or option symbols displayed are for illustrative purposes only and are not intended to portray a recommendation.