Time in Force
The instruction attached to an order specifying how long it remains active before it is canceled if unfilled.
Time in Force (TIF) is the duration qualifier on every order. Common options include:
- Day — active until the session closes.
- GTC — active until filled or manually canceled.
- IOC — fill immediately, cancel the rest.
- FOK — fill entirely and immediately or cancel entirely.
- Extended Hours — active only during pre/post-market.
Choosing the right TIF prevents stale orders from filling unexpectedly after conditions have changed.