Time-of-Day Order
Time of day order is a market order, either to buy or to sell, that is placed at exact time during a trading session. Time of day order is canceled if not executed and otherwise specified.
Time of day orders allow investors to enter a market at specific time, which can be very useful. For example, if there is a board meeting that will bring some essential decisions into place, or a press conference that will rock some boats on the market, well-informed investors will use time of day orders to enter the market just after the news became public.
| Related Terms: |