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  1. Introduction To Order Types: Introduction
  2. Introduction To Order Types: Long And Short Trades
  3. Introduction To Order Types: Market Orders
  4. Introduction To Order Types: Limit Orders
  5. Introduction To Order Types: Stop Orders
  6. Introduction To Order Types: Conditional Orders
  7. Introduction To Order Types: Duration
  8. Introduction to Order Types: Conclusion

Specify how long you want an order to be in effect by selecting an order duration.

In addition to market, limit, stop and conditional orders, you can specify how long you want the order to be in effect; that is, how long the order will remain in the market until it is canceled (assuming it’s not filled). Order entry interfaces typically provide several options; TradeStation, for example, offers the following duration types (other trading platforms may have slightly different options):

Figure 9 - The various types of orders traders can use to specify how long an order will remain active in the market. Image created with TradeStation.

Various duration types that specify how long an order will remain active in the market. Image created with TradeStation.

Day

day order automatically expires at the end of the regular trading session if it hasn’t been filled. Many platforms use this as the default order duration. A "Day +" duration is valid until the end of the extended trading session.

Good-Til-Canceled – GTC

A good-til-canceled order is active until the trade is filled or you cancel the order. Brokers typically cancel GTC orders automatically if they have not been filled in 30 to 90 days.

Good ‘Til Date - GTD

A good ‘til date order remains active until a date you specify, unless it’s been filled or canceled.

Immediate Or Cancel - IOC

An immediate or cancel order requires all or part of the order to be executed immediately; otherwise, the order (or any unfilled parts of the order) will be canceled.

Fill Or Kill - FOK

A fill or kill order must be filled immediately in its entirety or it will be canceled. Partial fills are not accepted with this type of order duration.

All Or None - AON

Similar to an FOK, an all or none order will be canceled if the order can’t be filled in its entirety by the end of the trading session. Partial fills are not accepted with this type of order duration.

At the Opening

An at the opening order will be executed upon the opening of the trading session. If the order can’t be executed at the open, it will be canceled.

At the Close

At the close (or "on close") orders are executed at the close of the trading session, at the closing price, or as close to that price as possible.

Minute

Minute orders expire after a specified number of minutes has elapsed. Common intervals include one-, three- and five-minute order durations.


Introduction to Order Types: Conclusion
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