What does Day, IOC and GTD validity mean?
When you place a buy or sell order, you can decide its validity, which means you can decide how long you want your order to stay active for until it is executed. These are three order types by validity commonly used in trading (and also available on Arihant Plus), these are:
- Day: Your order is valid till the end of the trading day. This means if your order is not executed by the end of the trading session, it automatically gets cancelled at the end of the day.
- IOC: IOC stands for Immediate or Cancelled (IOC) order. As the name suggests, when you place an IOC order, your order is either executed immediately or, if not fulfilled, it is cancelled right away.
- GTD: A Good Till Date (GTD) order is a type of order that is active until specified date (selected by you while placing the order), until it gets executed.
You can find Day and IOC order types under Advanced options on your order pad on Arihant Plus and for placing a GTD order, click on the GTD tab on top.