Placing an order is one decision. How long it should live is another. Four options cover almost everything.
DAY — the default
Valid until the market closes today. If it has not executed by then, it is cancelled automatically and you start fresh tomorrow.
This is the default at virtually every broker and is correct for most situations.
IOC — Immediate or Cancel
Execute right now, or die. Whatever portion can be filled instantly is filled; the rest is cancelled immediately. Nothing waits in the queue.
An IOC order can fill partially: order 500, get 180 instantly, the remaining 320 are cancelled on the spot.
Used mainly by active traders who want a price now and do not want a resting order sitting in the book revealing their intention.
AMO — After Market Order
Placed when the market is shut. It does not execute overnight — it sits with your broker and is pushed to the exchange when the market next opens.
Useful if you work during market hours, or if you want to act on news you read at 11 PM.
Two cautions:
- A market AMO takes the opening price, which after big news can be far from the previous close. Use a limit AMO unless you genuinely do not care.
- AMO windows vary by broker. Check when your broker accepts them and when they are pushed.
GTT — Good Till Triggered
The most useful one for investors, and the least understood.
A GTT is a standing instruction held by your broker, not an order sitting at the exchange. You define a trigger condition. Nothing exists at the exchange until that condition is met — then your broker places a real order.
Validity is typically up to one year, depending on the broker.
You own a stock bought at ₹400, now trading at ₹455.
You set a GTT sell: trigger ₹430, limit ₹428.
Nothing happens for four months. You are not watching. In month five the stock falls and touches ₹430. Your broker fires a sell limit at ₹428, and it executes.
You protected your profit without opening the app once.
Most brokers also offer a two-leg / OCO ("one cancels the other") GTT: a target and a stop-loss together. Whichever triggers first cancels the other. Buy at ₹400, target ₹500, stop ₹370 — one instruction covering both outcomes.
Which to use
| Situation | Use |
|---|---|
| Ordinary buy or sell today | DAY |
| Want the price immediately, no resting order | IOC |
| Placing at night or before the open | AMO, with a limit price |
| Protecting a holding for months without watching | GTT |
| Want a target and a stop together | GTT two-leg / OCO |
Key takeaways
- DAY orders expire at the close; nothing carries to tomorrow automatically.
- IOC fills instantly or cancels, and can fill partially.
- AMO is queued overnight and sent at the open — always prefer a limit price.
- GTT is a standing instruction held by your broker, valid up to about a year.
- Review pending GTTs around any corporate action: brokers handle them differently, and an old trigger may no longer make sense after the price adjustment.
Check your understanding
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