Time in Force is a special-order instruction that is utilised while placing Limit Orders. They indicate the time for which a specified order will stay active before getting expired or executed. These orders allow the user to have greater control over the timing aspect of their orders.
Good ‘Til Cancelled:
These are the most common and default limit order variant. They remain effective until your trade has been cancelled or executed.
Maker or Cancel:
These types of orders are not matched with pre-existing orders and unless they hit "Hidden" orders, they get added to the order book. In case a match takes place with pre-existing (un-hidden) orders, these types of orders get cancelled.
If these orders are matched, users only pay the Maker Fees.
Immediate or Cancel:
These types or orders have to be filled immediately, either in full or in part, or they get cancelled. An Immediate or Cancel order that’s not filled immediately gets canceled as well.
Fill or Kill:
This order gets cancelled in case the order isn’t executed in full once placed.