To set the validity period (Order validity) of an order, you have several options available in the Trader Workstation or via the CapTrader Trading App. The Good Till Canceled Order is one of the most frequently used variants. If you want to specify the validity period down to the day or minute, you have the option to create a Good Till Date Order (GTD). How exactly a GTD order works, what to look out for and how you can create the order, you will learn in this article.
What is a Good Till Date (GTD) Order?
A Good Till Date order is a buy or sell order where you can specify the exact duration of the order validity by specifying an expiration date and time. If the order has not been executed by the expiration date, it will be automatically cancelled.
Create Good Till Date Order in Trader Workstation
To create a GTD order in Trader Workstation (TWS), proceed as follows:
- Right-click on a symbol (stock, ETF, future, etc.).
- Click on Buy or on Sell.
- Enter all order details as usual (quantity, type, limit or stop price, if applicable, etc.).
- Select "GTD" in the Validity period column.
- Empty fields appear in the "Maturity Date", "Expiry Time" and "Duration" columns. Select either a date and time as the expiry date or a number of seconds, minutes or hours under "Duration".
- Click on "Submit" and confirm the order.