Also found in: Dictionary, Thesaurus.
Related to Open order: Day order
Open order (good-till-cancelled, GTC order)
Good 'Til Cancelled Order
An order to a broker to buy or sell a security at a certain price whenever that price becomes available. Theoretically, such an order is standing indefinitely until either the security is bought or sold at the specified price or the investor cancels the order. In practice, GTCs generally expire 30-60 days after they are made if they have not been filled, unless the investor reiterates them. A GTC is also known as an open order.
An order that remains on the books until it is either executed or canceled is known as an open order, or a good til canceled order (GTC).