Lesson Basic order types and durations

Order durations

Learn more about the different order durations available at Questrade.

When you send an order to buy or sell a security (Stock, ETF or Option), you can choose a specific time duration that your order is valid for.

Every order consists of 2 parts, the Order Type, and the duration.

The duration determines how long your order will be valid for. If your order has not filled (executed) by the end of the duration, your order will be cancelled.

Depending on the platform you’re using, you will have different order durations available to you.

Let’s start with the most common durations that you will find on all platforms:

Day duration

This is the duration you would commonly think of doing when you’re talking about trading on the stock market. The order is active during regular trading hours, starting at 9:30am ET, until the end of the current trading day (4pm ET). If the order is not filled by 4pm ET, the regular market trading session closes and the order is cancelled.

If you place a Day order outside of regular trading hours, your order will be queued for the following trading day.

Note: TSX and TSXV have limited post market sessions from 4:15 pm to 5:00pm ET. Day limit orders placed between 4:15pm and 5pm ET on these exchanges will be activated but will be cancelled at 5pm ET if they are not filled.

GTC duration

The order remains active until it is filled, or the order is manually cancelled.

Important reminder: The maximum length of time any order can remain active is 90 calendar days.

Note: As of Tuesday Oct 24, 2023, certain OTC securities are no longer able to be traded with GTC orders.

If you enter a GTC order for a security that is affected, you will receive an order rejected notification.

GTEM (Good ‘till extended market)

The order will be active from 4am ET and remain active throughout the regular trading day as well as through the post-market trading session (4pm - 8pm ET). If the order is not filled by the end of post-market hours, the order is cancelled.

Read more about pre and post market trading.

Please note: EDGA, NYSE, and MNGD exchanges do not support 4 am trading. If either is manually set as the order route on a GTEM order, the order will not activate until 7 am.

Overnight

This order will queue to activate at 8pm ET and will remain open throughout the overnight session until 2am ET. If the order is not filled by 2am ET, the order is cancelled.

Note: Even if you place an overnight order at 5am during the pre-market trading session, it will not activate until 8pm ET when the overnight session begins.

Read more about trading outside regular market hours.

Questrade Edge

With the Questrade Edge platforms, you can also choose from an additional 4 advanced order durations:

Order duration Description
GTD (Good ‘till date)
The order will remain active until the specified date. If the order is not filled by the chosen date, the order is cancelled. The maximum length of time this order can remain active is 90 calendar days. After 90 days, it will automatically be cancelled.
IOC (Immediate or cancel)
All or part of the order will fill immediately. Any portion of the order that is not filled immediately is cancelled. Traders will typically use IOC, or FOK orders (below) to avoid having their order filled across a wide range of prices.
FOK (Fill or kill)
This order will fill immediately, and completely, or not at all. If the order cannot be filled in its entirety, the order is cancelled.

 

A FOK order combines the properties of an All-or-none (AON) order condition and an immediate-or-cancel (IOC) duration. This type of order is typically used for larger orders of many thousands of shares.

 

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Note: The information in this blog is for educational purposes only and should not be used or construed as financial or investment advice by any individual. Information obtained from third parties is believed to be reliable, but no representations or warranty, expressed or implied, is made by Questrade, Inc., its affiliates or any other person to its accuracy.

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