The term Time-in-Force refers to broker instructions that indicate how long an order will remain active before it expires or is executed. Time-in-Force orders provide investors with a mechanism to control the duration parameter for a trade.
A Time-in-Force order is typically placed by an investor that would like to buy or sell a security at a value that is significantly above or below its current trading price. Time-in-Force instructions allow traders to specify the duration that an order will remain active.
While the exact rules can vary by broker, examples of the most common orders include:
All-or-None, Fill-or-Kill, Good-Til-Canceled, Immediate-or-Cancel, National Best Offer, National Best Bid, market order, limit order, day order, One-Triggers-the-Other, One-Cancels-All, Good-Til-Date, At-the-Opening, Market-on Open, Market-on-Close, At-the-Close, Time-in-Force