Time in force (TIF)
Time in force (TIF) is the instruction attached to an order that says how long it stays active: until the end of the trading session (DAY), until canceled (GTC), until a given date (GTD), or only at the instant of arrival (IOC and FOK). It decides whether an unfilled order waits in the book, expires or is canceled at once.
Senzoukria · Glossary · Updated September 2026
The common values
| Instruction | How long the order lives | Rests in the book? |
|---|---|---|
| DAY | Until the end of the trading session in which it was placed | Yes, until filled or expired |
| GTC (good till canceled) | Until filled or canceled; on CME, also ends when the contract expires | Yes |
| GTD (good till date) | Until a chosen date, or earlier expiry of the contract | Yes |
| IOC / FAK | Only at arrival; unfilled remainder canceled | No |
| FOK | Only at arrival; filled entirely or canceled entirely | No |
Session boundaries on futures
A DAY order expires at the end of the exchange's trading session, not at midnight on your computer. On CME Globex the equity index trading day runs from the 17:00 Chicago open to the 16:00 close of the next calendar day, so a DAY order placed in the evening belongs to the next day's session. Venues also set their own caps: Binance's USDⓈ-M futures documentation, for instance, states that GTC order validity is one year from placement. The exchange or venue rules for the specific product are the reference.
Choosing a TIF
- DAY suits intraday plans: an order that was only valid for today's setup should not survive into tomorrow.
- GTC suits levels that stay relevant across sessions, provided someone reviews the working orders every day.
- IOC suits taking available size without leaving a bid or offer behind; FOK when only the full quantity is acceptable.
- A stop or a stop-limit carries a TIF too: a DAY stop that expires overnight leaves the position unprotected at the next open.
In Senzoukria
The full order ticket on the Trading page has a 'Time in force' selector with DAY, GTC, IOC and FOK, DAY being the default; its tooltip describes DAY as 'cancelled at the session close'. There is no GTD choice. The confirmation dialog, when two-click mode is on, recaps the order type with its time in force. The compact order pad and the quick controls always send DAY orders. On a Rithmic connection, the application asks the broker for the orders already working on the account when it connects, so a GTC order placed yesterday or from another platform appears in the working orders instead of staying invisible.
Common mistakes
- Forgetting a GTC order that fills days later, when the reason for it has gone.
- Assuming a DAY order survives the daily maintenance break and the evening reopen.
- Leaving a GTC protective stop on the expiring contract after rolling the position to the next one.
- Sending a DAY order after the session has closed and expecting it to wait for the next session; brokers handle that case differently.
Related
- Working order
- Immediate-or-cancel order
- Fill-or-kill order
- CME trading hours
- Contract roll
- Order ticket documentation
In the same section
Sources
This page in other languages
Frequently asked questions
- What is the difference between DAY and GTC?
- A DAY order expires automatically at the end of the trading session in which it was placed if it has not filled. A GTC order stays working until it fills or you cancel it, subject to the venue's own limits such as contract expiry on CME or a maximum validity on some crypto venues.
- Do IOC and FOK orders ever appear in the order book?
- No. Both are matched at the moment they arrive and never rest. An IOC may leave a partial fill; an FOK fills entirely or not at all. Neither adds displayed size to the DOM or the heatmap.