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Market Intelligence › Basic Terminologies
Meaning of validity, and when does immediate or cancel come in handy?
Published by The Retail Trader · AUG 01, 2026 · Order Flow
There is a validity with every order which tells how long it will remain in the market. Most people leave the log default, but that choice makes sense in some situations.
Day order remains alive for the whole day. If you do not fill it till the market closes, it gets canceled automatically.
IOC i.e. immediate or cancel tries to impose immediately. We take as much time as we can, the rest gets canceled immediately.
This validity is for some specific situations:
• When you only want to buy at the currently available price, not later.
• When you do not want your order to remain visible in the book.
• In multi leg strategies, where one leg remains pending creates risk.
• In Algo systems, where the lifecycle of each order is kept short.
Leaving day orders is the norm for most retail trades. But one thing should be remembered – even after the day is over the limit order us news remains alive which has completely changed your view.
This article is for educational purposes only. It is not a buy or sell recommendation, a claim of guaranteed returns, or advisory guidance. Exchanges, SEBI and RBI change rules, rates and procedures from time to time, so verify every figure with your broker or an official source.