Interactive Brokers

Good-Til-Date/Time (GTD) Orders

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The GTD (Good-til-Date/Time) time in force lets you select an expiration date and time up until which an order will continue to work. Setting this attribute requires both a time in force selection of GTD, a date entry in the Expiration Date field, and a time entry in the Expiration Time field if that level of detail is required. Note that if you only enter a good-till date, the unfilled order will cancel at the close of the market on the specified day.*

Note: Orders submitted to IB that remain in force for more than one day will not be reduced for dividends. To allow adjustment to your order price on 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.

*GTD orders will be canceled automatically under the following condition:

  • At the end of business on the last day of the following calendar quarter. If the last day of the quarter is a non-trading day, the cancellation will occur after close of business on the final trading day of the quarter preceding the last day of the quarter. For example, if the last day of the quarter is Sunday, the orders will be cancelled on the preceding Friday.
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Example


  • Good–Til-Date/Time Order

    Order Type In Depth - Good–Til-Date/Time Order

    Step 1 – Enter a Good-Til-Date/Time Limit Order

    You want to submit an order for 100 shares of XYZ which will continue to work (if necessary) until 4:00 pm ET on July 23. First you create a limit buy order by clicking the Ask price of XYZ, then you enter a limit price.

    Assumptions
    Action BUY
    Qty 100
    Order Type LMT
    Market Price 47.56
    Limit Price 47.54
     
  • Good–Til-Date/Time Order

    Order Type In Depth - Good–Til-Date/Time Order

    Step 2 – Enter a Date and Time, then Transmit the Order

    Next, you complete your order by selecting GTD from the time in force field, then entering a date and time In the Exp Date and Exp Time fields, you use the Calendar icons to select the desired date and time, then you transmit the order. The submitted order will work until it executes, is canceled, or until 4:00 pm ET on July 23, the specified date and time.

    Assumptions
    Action BUY
    Qty 100
    Order Type LMT
    Market Price 47.56
    Limit Price 47.54
    Time in Force GTD
    Exp. Date July 23, 20XX
    Exp. Time 4:00 PM
     
  • Good–Til-Date/Time Order

    Order Type In Depth - Good–Til-Date/Time Order

    Step 3 – Order Transmitted

    You've transmitted your good-til-date/time order, which will be held in the IB system until it fills, until you cancel it or until 4:00 pm ET on July 23, the specified date and time.

    Assumptions
    Action BUY
    Qty 100
    Order Type LMT
    Market Price 47.56
    Limit Price 47.54
    Time in Force GTD
    Exp. Date July 23, 20XX
    Exp. Time 4:00 PM
     
  • Good–Til-Date/Time Order

    Order Type In Depth - Good–Til-Date/Time Order

    Step 4 – If Not Filled, Order Canceled on Specified Date and Time

    At 4:00 pm ET on July 23, your limit order still has not been filled, and you have not canceled it. Because your order includes a good-til-date/time (GTD) time in force, it is therefore canceled.

    Assumptions
    Action BUY
    Qty 100
    Order Type LMT
    Market Price 47.56
    Limit Price 47.54
    Time in Force GTD
    Exp. Date July 23, 20XX
    Exp. Time 4:00 PM
     

Note: Any stock or option symbols displayed are for illustrative purposes only and are not intended to portray a recommendation.