What Is a GTC Order and How to Use It?

A GTC order, short for Good-Til-Cancelled order, is an instruction that remains active until it is filled, cancelled by the trader or expired under the broker’s rules. Unlike a day order, which normally ends after the current trading session, it can remain open across multiple trading days. This allows traders to wait for a planned price without submitting the same instruction again each day.

However, Good-Til-Cancelled does not mean forever, nor does it guarantee execution. Traders should understand the order’s price conditions, expiry policy and eligible trading sessions before using it.

What Does GTC Order Mean in Trading?

GTC is a time-in-force instruction. It determines how long an order remains active, rather than the price at which it should execute.

Where supported, it can be combined with several pending order types:

• A buy limit below the current market price
• A sell limit above the current market price
• A buy stop above the current market price
• A sell stop below the current market price
• A stop-limit order with both a trigger and limit price

The pending-order type defines the price conditions. The GTC setting defines how long the platform should keep the instruction active. MetaTrader 5 supports these pending-order types, although availability may depend on the instrument and broker settings.

How Does a GTC Order Work?

Suppose a share is trading at $50, but a trader only wants to buy at $46. The trader places a GTC limit order for 100 shares at $46.

If enough shares become available at $46 or lower, the full order may execute. If only 40 shares are available, the trader may receive a partial fill while the remaining 60 shares stay open. The balance may fill later, be cancelled manually or expire under the broker’s policy.

A market price touching the limit does not guarantee execution. Other orders may be ahead in the queue, liquidity may be limited or the price may move away before the full quantity is filled. Limit orders provide price control, but execution is not guaranteed.

GTC Order vs Day Order and Other Instructions

The main difference between a GTC order and a day order is how long each remains active.

Instruction	Duration	Typical use
GTC	Until filled, cancelled or expired under the broker’s policy	Waiting for a price across several sessions
Day	Until the current trading day ends	Short-term or intraday plans
GTD	Until a trader-selected date or time	Plans with a defined deadline
IOC	Fills available quantity immediately and cancels the rest	When partial execution is acceptable
FOK	Fills the full quantity immediately or cancels everything	When partial execution is unsuitable

FINRA classifies Day, GTC, Immediate-or-Cancel and Fill-or-Kill as different time-in-force choices. MetaTrader 5 also allows pending orders to remain active until a specified date where that option is supported.

How Long Does a GTC Order Last?

There is no universal expiry period. Its duration depends on the broker, trading venue and instrument.

Fidelity, for example, states that its stock GTC orders generally expire after 180 calendar days. Other platforms may apply shorter periods, different expiry dates or instrument-specific limits. Traders should therefore check the applicable policy rather than assume that the instruction will remain open indefinitely.

Exchange support can also change. Nasdaq ended support for GTC orders on the Nasdaq Stock Market, Nasdaq BX and Nasdaq PSX from 2 February 2026. Existing orders were cancelled after trading on 30 January 2026, while new GTC orders submitted by members are rejected. This illustrates why broker handling and order-routing rules matter.

Can a GTC Order Execute After Hours?

Not automatically. GTC describes an order’s lifespan, not the sessions during which it can execute.

Some brokers require traders to choose a separate extended-hours setting. Schwab, for example, distinguishes between standard GTC instructions and GTC plus extended-hours orders. An instruction may therefore remain active for several months but only be eligible during regular market hours unless another session option is selected.

Extended-hours trading can also involve lower liquidity and higher volatility. Traders should confirm the supported sessions for the instrument and order type before relying on an instruction outside regular market hours.

Benefits and Risks of GTC Orders

The main benefit is convenience. Traders can prepare an entry or exit level and leave it active across several sessions rather than recreating the instruction every day. This may support greater price discipline and reduce the temptation to chase a fast-moving market.

The main risk is that the order can outlive the original trading idea. Earnings announcements, economic releases, geopolitical events or a change in trend may make an old price level unsuitable. A forgotten instruction could then execute after market conditions have changed.

Risk also depends on the attached order type. A limit order may never fill, while a stop order can execute at a less favourable price during a rapid market move. A stop-limit order provides more control over the acceptable price, but it may remain unfilled after its trigger is reached.

For this reason, Good-Til-Cancelled should not be interpreted as set and forget. Open instructions should still be reviewed regularly.

Corporate Actions Can Affect Open Orders

For share orders, dividends and stock splits may alter the price or quantity of an open instruction.

Under FINRA rules, certain open US equity orders may be adjusted following a cash dividend or stock split. A pending order involving a security that undergoes a reverse split must be cancelled under the rule. Exact treatment depends on the security, broker, order type and applicable market rules.

Traders should pay particular attention to earnings dates, ex-dividend dates, mergers and announced stock splits when managing long-standing orders.

How to Place a GTC Order on MetaTrader 5

The exact options depend on the broker and instrument, but the general process is:

1. Open the New Order window.
2. Select Pending Order.
3. Choose a limit, stop or stop-limit type.
4. Enter the trading volume and order price.
5. Add Stop Loss and Take Profit levels where appropriate.
6. Select Good Till Canceled under Expiration, if available.
7. Review the details and place the order.

MetaTrader 5 states that a GTC pending order remains in the queue until it is manually removed. However, the trading server may disable expiration or fill-policy options, meaning the available settings can vary between instruments and brokers.

Trigger prices also matter. Buy pending orders on MetaTrader 5 generally use the Ask price, while sell pending orders generally use the Bid price. A chart candle may therefore appear to touch the order level without the relevant trigger price being reached.

Exchange-traded instruments may follow the exchange’s own rules and use the Last price as the trigger instead.

Conclusion

A GTC order can save time and support a planned trading approach, but it should not be treated as a permanent instruction. Its duration, trading-session eligibility and execution rules depend on the broker, platform and instrument.

Review open orders regularly and cancel any that no longer match the trading plan. Traders can also practise using pending orders in a demo environment before trading with real funds.

Ultima Markets provides access to MetaTrader 5, allowing traders to explore eligible pending-order and expiry settings across supported instruments, subject to account and regional availability.

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