Order flags allow you to specify how long you wish an order to work in the marketplace if it is not filled or cancelled.
Here is an overview of different order flags available on Tradovate:
Description: An order that remains valid for the current trading session only and expires automatically at the end of the session, if it was not executed or cancelled.
Function: Day orders can be placed to manage trades for the current trading session, allowing a trader to pursue an objective limited to today’s market activity and reassess the market after the session ends, if the day order was not executed.
Note: Many price orders are placed on a day order basis and are frequently used by day traders who do not carry positions overnight.
Description: An order that remains valid until the trader cancels it, the order is filled, or the listed month contract expires.
Function: Price orders placed on a GTC basis will continue to work until the order is filled, canceled, or the contract expires, giving the trader an open order for a period of time longer than a day order.
Note: GTC orders are useful when a trader is pursuing longer-term objectives and carrying open positions for several days, weeks, or months.
Description: GTD orders allow a trader to select either an expiration date and time when the order will cancel or an amount of time in which an order will work in the marketplace before cancelling, if not executed.
Function: The GTD order allows for specific times to be applied to a price order, allowing the trader to work an order for a desired time period.
Note: GTD orders are useful for customizing order management according to events, such as a market open or close or release of an economic report.