The GTD (Good-til-Date/Time) time in force lets you select an expiration date and time up until which an order will continue to work. Setting this attribute requires both a time in force selection of GTD, a date entry in the Expiration Date field, and a time entry in the Expiration Time field if that level of detail is required. Note that if you only enter a good-till date, the unfilled order will cancel at the close of the market on the specified day.*
Orders submitted to IB that remain in force for more than one day will not be reduced for dividends. To allow adjustment to your order price on ex-dividend date, consider using a Good-Til-Date/Time (GTD) or Good-after-Time/Date (GAT) order type, or a combination of the two.
*GTD orders will be canceled automatically under the following condition:
The Reference Table to the upper right provides a general summary of the order type characteristics. The checked features are applicable in some combination, but do not necessarily work in conjunction with all other checked features. For example, if Options and Stocks, US and Non-US, and Smart and Directed are all checked, it does not follow that all US and Non-US Smart and direct-routed stocks support the order type. It may be the case that only Smart-routed US Stocks, direct-routed Non-US stocks and Smart-routed US Options are supported.
You want to submit an order for 100 shares of XYZ which will continue to work (if necessary) until 4:00 pm ET on July 23. First you create a limit buy order by clicking the Ask price of XYZ, then you enter a limit price.
Next, you complete your order by selecting GTD from the time in force field, then entering a date and time In the Exp Date and Exp Time fields, you use the Calendar icons to select the desired date and time, then you transmit the order. The submitted order will work until it executes, is canceled, or until 4:00 pm ET on July 23, the specified date and time.
You've transmitted your good-til-date/time order, which will be held in the IB system until it fills, until you cancel it or until 4:00 pm ET on July 23, the specified date and time.
At 4:00 pm ET on July 23, your limit order still has not been filled, and you have not canceled it. Because your order includes a good-til-date/time (GTD) time in force, it is therefore canceled.
|Time in Force||GTD|
|Exp. Date||July 23, 20XX|
|Exp. Time||4:00 PM|