reference · Order execution
Time in Force: GTC, Day, IOC and FOK Without Mixing Their Roles
Time in force controls how long an order remains eligible for execution or what happens to unfilled quantity. Platforms may represent lifetime and filling policy as separate settings, so both need to be checked.
Key points
- Day and GTC describe lifetime; IOC and FOK describe immediate quantity handling in many systems.
- A trade day is defined by the venue or broker, not necessarily your local midnight.
- Use the final order and deal records to reconcile canceled or expired remainders.
Scope and assumptions
- The example applies conventional IOC and FOK meanings to immediately available quantity at acceptable prices. Each venue determines supported combinations and matching rules.
Two settings can hide under one phrase
An order has a price instruction, a quantity and rules for how long it remains valid. It may also have a policy governing partial execution. Some interfaces group these under time in force. MetaQuotes represents order lifetime and filling type separately in its order properties. Preserve that distinction when translating an instruction.
A day order is valid for the relevant trading day. Good till canceled, commonly GTC, generally continues until canceled or until another applicable rule ends it. Specified expiry adds a date or time. Those labels do not establish which timezone, session boundary or maximum broker lifetime applies.
Five requested, three immediately available
Assume a hypothetical buy order requests five contracts and only three can immediately execute at acceptable prices. All quantities below are contracts, and the example ignores subsequent changes in available liquidity.
| Policy | Immediate filled quantity | Remaining quantity |
|---|---|---|
| IOC: immediate or cancel | 3 | 2 canceled |
| FOK: fill or kill | 0 | All 5 unexecuted |
| Eligible resting remainder | 3 | 2 may remain active under its lifetime rules |
The last row is not a universal platform mode. It illustrates why a filling policy that permits a remainder requires a second check of order lifetime. In MetaTrader, supported filling policies also depend on execution mode and symbol settings. A valid combination in one account may be rejected in another.
FOK does not require one counterparty to provide the entire quantity. Several offers can supply the whole requested amount if the market's rules permit it. The relevant distinction is whether the entire eligible quantity executes, not how many individual fills or counterparties appear.
Put expiry on an unambiguous clock
Write down the expiry timestamp, timezone and session definition. An instruction to cancel “at the end of the day” is incomplete across markets with overnight sessions or brokers in different timezones. A holiday or early close can change the useful life of an order even when the calendar date looks ordinary.
If the source and destination expire orders independently, compare accepted timestamps and actual status changes. The futures-hours checklist explains how to check sessions without assuming one global schedule.
Reconcile the last state, not the desired state
Suppose three contracts filled before a cancellation and the remaining two were canceled. The final exposure is three contracts, not zero and not five. If another fill occurred before cancellation acknowledgment, include it even if its report arrived later than the cancellation request.
Keep the original quantity, cumulative fills, canceled or expired remainder and final account position together. The equation requested quantity = filled quantity + definitively unfilled remainder is a useful audit check for a completed order, with amendments handled explicitly. See market depth for the price side of the same partial-fill problem and the partial-fill guide for copied-account reconciliation.
Questions and answers
Does GTC mean an order can never expire?
No. Broker policies, product expiration, corporate events or system rules may still remove or change eligibility. Read the actual maximum lifetime and cancellation conditions.
What is the difference between IOC and FOK?
IOC permits the available immediate partial quantity and cancels the remainder. FOK requires the full specified quantity to be executable under its conditions or none of it executes. The full FOK quantity may come from several offers.
Does a cancellation request prove no more fills occurred?
No. Execution can occur before the cancellation is accepted. Inspect cancellation acknowledgment, deals and the final position rather than using the request timestamp alone.
Sources and further checks
Use the current source for your exact instrument, account and platform. Referencing a general specification does not establish support for every TradeCopier workflow.
- MetaQuotes: Order Properties · Checked September 19, 2026
- Spotware: Orders · Checked September 19, 2026
- MetaQuotes: Basic Principles of Trading · Checked September 19, 2026
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