1.6.4
Jab tum exchange ko ek order bhejte ho, toh tum specify karte ho kya (buy/sell), kitna (quantity),
aur kis price pe (limit/market). Lekin ek chhupi hui fourth question hoti hai: ==yeh order kitni
der tak alive rehna chahiye? == Uss fourth setting ko Time-in-Force (TIF) kehte hain.
IOC, FOK, aur DAY — yeh teeno "kitni der tak" ka alag-alag jawab hain.
Definition Time-in-Force (TIF)Ek Time-in-Force instruction exchange ko batati hai ki order kitni der tak active rehega — ya toh
execute hoga ya automatically cancel ho jayega.
Teeno jo hum yahan padhenge:
Order
Full name
Lifetime
Partial fills allowed?
DAY Day order
Aaj market close hone tak
Haan (baaki rest ke liye open rehta hai)
IOC Immediate-Or-Cancel
Instant (sirf is waqt)
Haan (unfilled part cancel ho jata hai)
FOK Fill-Or-Kill
Instant (sirf is waqt)
Nahi (all-or-nothing)
Intuition Woh do sawaal jo inhe alag karte hain
Time sawaal: "Yeh kitni der wait kar sakta hai?" → DAY pura din wait karta hai; IOC & FOK zero time wait karte hain.Completeness sawaal: "Kya ise completely fill hona chahiye?" → FOK demand karta hai 100% abhi; IOC ek
partial slice accept karta hai; DAY partial accept karta hai aur baaki ke liye wait karta rehta hai.
Socho tum 1000 shares kharidna chahte ho. Chalte hain aur har order type ko ek problem se derive karte hain.
Problem 1 — "Mujhe saste shares chahiye, aur main patient hoon."
Tum ₹100 pe limit buy lagate ho, lekin current ask ₹101 hai. Koi abhi tumhe sell nahi karega .
Tum chahte ho ki order wait kare agar price gire. → Iss zaroorat se DAY order banta hai:
yeh order book pe rest karta hai jab tak fill ho ya market band ho jaye.
Problem 2 — "Jo abhi available hai woh le lo, koi nishan mat chodo."
Tum ek fast trader ho. Tum abhi is waqt apni price pe available shares grab karna chahte ho, lekin tum
nahi chahte ki koi leftover order book pe baitha rahe (woh baad mein bure waqt pe fill ho sakta hai, ya
doosron ko tumhari intent signal kar sakta hai). → Iss zaroorat se IOC banta hai: jitni quantity available hai
uss ke liye immediately execute karo, baaki instantly cancel .
Problem 3 — "Saare 1000 chahiye ya kuch nahi — adha fill mere kisi kaam ka nahi."
Shayad tum ek aise position ko hedge kar rahe ho jisme exactly 1000 shares chahiye; 300 ka partial fill tumhe
dangerously exposed kar dega. → Iss zaroorat se FOK banta hai: agar saare 1000 immediately fill nahi ho sakte,
toh pura order kill kar do , kuch bhi fill mat karo.
Intuition FOK ke liye "kuch fill mat karo" kyun samajh aata haiAdha hedge zyada bura ho sakta hai bina hedge ke, kyunki ab tumne fees pay kar di aur ek
incomplete position ka risk le liya. FOK tumhe "aadha" phase mein phanse hone se bachata hai.
Maan lo order book ki sell side pe hai:
300 shares @ ₹100
400 shares @ ₹100
(total 700 available ₹100 ya better pe)
Tum bhejte ho BUY 1000 @ ₹100 . Dekho har TIF kaise behave karta hai:
Worked example DAY order — BUY 1000 @ ₹100Step 1: Available liquidity se match karo → abhi 700 shares fill karo.
Kyun? 700 shares ₹100 ya better pe hain, toh woh execute ho jaate hain.
Step 2: Baaki 300 shares? → woh ₹100 pe book pe rest karte hain .
Kyun? DAY order alive rehta hai; yeh pura din naye sellers ka wait karta hai.
Result: 700 filled, 300 open rahenge 3:30 PM (close) tak, phir auto-cancel.
Worked example IOC order — BUY 1000 @ ₹100Step 1: Immediately match karo → 700 shares fill karo.
Kyun? IOC jo instantly available hai woh execute karta hai.
Step 2: Baaki 300 → instantly cancelled .
Kyun? "Immediate-or-Cancel": koi wait nahi, book pe rest nahi.
Result: 700 filled, 300 cancelled. Order ek millisecond mein khatam.
Worked example FOK order — BUY 1000 @ ₹100Step 1: Check karo: kya saare 1000 abhi fill ho sakte hain? Sirf 700 available hain → NAHI .
Kyun? FOK all-or-nothing hai; execute karne se pehle poori quantity test karta hai.
Step 2: Kyunki full fill possible nahi → pura order cancel , fill 0 .
Kyun? Partial fill FOK ka rule violate karta hai.
Result: 0 filled. (Agar 1000+ available hote, toh saare 1000 instantly fill ho jaate.)
Worked example FOK jo succeed karta haiSame order, lekin ab book mein 1200 shares hain @ ₹100.
Step 1: Kya saare 1000 fill ho sakte hain? Haan (1200 ≥ 1000). → Saare 1000 instantly fill karo.
Yeh step kyun? Full-quantity condition poori ho gayi, toh FOK completely execute karta hai.
Result: 1000 filled, done.
Common mistake Steel-man: "IOC aur FOK same cheez hai."Kyun sahi lagta hai: dono instantly execute karte hain aur jo bacha woh cancel kar dete hain. Toh log inhe
"instant orders" mein lump kar dete hain.
Subtle farq (fix): IOC ek partial fill allow karta hai (700 of 1000 theek hai), phir baaki cancel. FOK partials forbid karta hai — agar use saare 1000 nahi milte, toh zero fill karta hai.
Same speed, alag completeness rule . Yaad rakho: IOC = jo mila le lo; FOK = sab ya kuch nahi.
Common mistake Steel-man: "DAY order guarantee karta hai ki meri trade aaj hogi."Kyun sahi lagta hai: "Yeh pura din chalta hai, toh zaroor fill hoga."
Fix: DAY sirf time control karta hai, price nahi. ₹100 pe limit DAY order kabhi fill nahi hoga agar
price pura din ₹100 se upar rahe — yeh sirf close pe unfilled expire hoga. Time-in-force ≠ guarantee.
Common mistake Steel-man: "IOC ek order book pe chod deta hai jo main baad mein cancel kar sakta hoon."Kyun sahi lagta hai: zyaatar orders jo tum lagate ho woh book pe baithe rehte hain.
Fix: IOC aur FOK kabhi book pe rest nahi karte . Koi bhi unfilled quantity usi waqt gone. Sirf DAY (aur GTC/GTD variants) rest karte hain.
Recall Feynman: ek 12-saal ke bache ko samjhaoSocho dukan se 10 toffiyaan kharid rahe ho.
DAY order: "Mujhe 10 toffiyaan chahiye ₹5 mein. Agar abhi sirf 6 hain, woh 6 do aur main
yahan khada rahunga baaki 4 ke liye jab tak dukan aaj raat band na ho jaye."IOC: "Jo toffiyaan abhi hain ₹5 mein do — 6 chalega — lekin main wait nahi karunga.
Baaki 4 apne paas rakho, main ja raha hoon."FOK: "Mujhe saari 10 abhi chahiye warna KUCH nahi chahiye. 10 nahi de sakte? Toh sab apne paas rakho."
Sirf do cheezein decide kar rahe ho: kya main wait karoon? aur kya main part mein accept karoon?
Mnemonic Teeno yaad rakho
DAY = D era A ll daY (yeh wait karta hai, book pe rest karta hai).IOC = "I take O nly what's here, then C iao (bye)!" — partial OK, koi wait nahi.FOK = "F ull O r K aput" — all-or-nothing, instant.
Time-in-Force ek order ke baare mein kya specify karta hai? Order kitni der tak active rehta hai execute hone ya auto-cancel hone se pehle.
IOC ka full form aur matlab kya hai? Immediate-Or-Cancel: jo quantity instantly available ho woh execute karo, baaki unfilled remainder cancel karo; partial fills allowed hain.
FOK ka full form aur matlab kya hai? Fill-Or-Kill: poori quantity instantly fill karo ya kuch bhi fill mat karo; partial fills allowed NAHI hain.
DAY order unfilled portion ke saath kya karta hai? Woh order book pe rest karta hai aur market close hone tak active rehta hai, phir auto-cancel.
IOC aur FOK mein key difference kya hai? IOC partial fills allow karta hai; FOK all-or-nothing hai (0 ya full quantity).
Kya IOC aur FOK kabhi order book pe rest karte hain? Nahi — koi bhi unfilled quantity usi waqt cancel ho jaati hai.
Agar tum BUY 1000 karo lekin sirf 700 available ho, IOC mein kitne fill honge? 700 filled, 300 instantly cancelled.
Agar tum BUY 1000 karo lekin sirf 700 available ho, FOK mein kitne fill honge? 0 filled — FOK pura order kill kar deta hai.
Agar tum BUY 1000 karo lekin sirf 700 available ho, DAY mein kitne fill honge? 700 filled, 300 close tak book pe rest karte hain.
Kya DAY limit order execution guarantee karta hai? Nahi — agar price kabhi tumhari limit tak nahi pahuncha, toh yeh close pe unfilled expire hoga.
FOK filled quantity F ka formula kya hai? F = Q agar available A ≥ Q, warna F = 0.
Zyaatar exchanges pe default TIF kaun sa hai? DAY.
DAY ke alawa do "resting" TIF types batao. GTC (Good-Till-Cancelled) aur GTD (Good-Till-Date).
Limit Orders vs Market Orders — TIF fourth setting hai side/qty/price ke baad.Order Book & Market Depth — woh "available quantity A" determine karta hai jiske against IOC/FOK match karte hain.GTC and GTD Orders — DAY ke multi-day "resting" cousins.Slippage and Partial Fills — IOC ka partial-fill behaviour kyun matter karta hai.Algorithmic Trading — IOC/FOK fast/automated strategies mein heavily use hote hain.Hedging Basics — FOK ki all-or-nothing requirement ko motivate karta hai.
