What is validity?
Validity is the tenure until which the order placed is valid. There are two sub-categories of validity:
- Day
- Immediate Or Cancel
Day: The order placed (Other than the market order) will be valid throughout the Day. If the order is open throughout and is not executed, it’ll be canceled at the end of the Day (i.e., after the market closes).
Immediate Or Cancel (IOC): As the name conveys, the order will be executed immediately or will be canceled if the price isn’t there. The IOC order is placed to ensure there is no open order, and unlike validity ‘Day,’ the IOC order is an immediate execution order.
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