What is myGTC in ICICI Direct

myGTC is a facility offered through ICICIdirect.com using which you can place buy and sell Limit orders in scrips of your choice specifying the period for which you want the order instruction to be valid. The period selected by you should be within the maximum validity date defined by ICICI Securities Ltd. (I-Sec).

myGTC allows users to place buy and sell Limit orders in securities  which are active for more than 1 day. There is a maximum limit for the number of days for which you can keep your order as active and that is defined by ICICI Securities Ltd. (I-Sec) and is liable to change from time to time. So check the maximum time limit before applying for a myGTC order.

This is a great facility provided by ICICI Direct, as it enables the user to place order for longer durations.

I will take an example to make the definition of myGTC more clear.

1. Suppose that you bought 50 shares of Reliance at Rs. 1000 each.
2. You expect the share price to go up by around Rs. 50 in the near future.
3. In that case you may place a myGTC Limit sell order for Reliance at say Rs 1040 applicable for next 7 days.
4. So in the coming 7 days whenever the price of Reliance crosses Rs. 1040 per share, your order will be executed.
5. In case the Share price of Reliance does not breach the limit of Rs. 1040 in these 7 days, then your order will expire and will be removed from the system.

This is a great way to ensure that you do not miss on any opportunity that may come on a particular day, and saves you the hassle   to place the order everyday in the system.