Time-Of-Day Order

DEFINITION of 'Time-Of-Day Order'

An order to buy or sell an asset that is placed at a specific time period during a trading session. A time-of-day order enters the market at a predetermined minute and remains good until canceled, unless otherwise specified.

BREAKING DOWN 'Time-Of-Day Order'

Time-of-day orders allow investors to enter the market at very specific time intervals. An investor looking to place an order immediately following a press conference or news release can use a time-of-day order to be executed the minute following the event. For example, a time-of-day order may be placed to sell 100 shares of Microsoft on July 15, at 1:15pm.

RELATED TERMS
  1. Day Order

    An order to buy or sell a security that automatically expires ...
  2. Limit Order

    An order placed with a brokerage to buy or sell a set number ...
  3. Order

    An investor's instructions to a broker or brokerage firm to purchase ...
  4. Open Order

    An order to buy or sell a security that remains in effect until ...
  5. Market-With-Protection Order

    A type of market order that is canceled and re-submitted as a ...
  6. Bracketed Sell Order

    A sell order on a short sale that is accompanied (or "bracketed") ...
Related Articles
  1. Trading

    How To Start Trading: Order Types

    The types of orders you use can have a large effect on your trading performance, so understanding the different order types is important to your success.
  2. Trading

    How To Place A Trade With FXCM Markets: Placing A Trade

    FXCM's Trading Station makes it very easy for traders to place five different types of orders via either their online or offline platforms. These orders include: Market Order - Orders to ...
  3. Trading

    Introduction To Order Types: Duration

    In addition to market, limit, stop and conditional orders, traders can also specify for how long they wish the order to be in effect; that is, how long the order will remain in the market until ...
  4. Trading

    Intermediate Guide To MetaTrader 4 - Order Types

    Traders have the option of placing different order types using the MT4 platform. Market OrderA market order is the most basic type of trade order and is used to buy or sell a security at the ...
  5. Trading

    The Basics Of Trading A Stock

    Taking control of your portfolio means knowing what orders to use when buying or selling stocks.
  6. Trading

    Introduction To Order Types: Conditional Orders

    Note: Use a conditional order to place orders that will be submitted or canceled only if specified criteria are met. A conditional order is appropriate when it is important to automate part or ...
  7. Trading

    Introduction To Order Types: Market Orders

    Note: Use a market order to guarantee a fill. A market order is the fastest and most reliable way to get in out of a trade. A market order is appropriate if getting filled is more important than ...
  8. Trading

    Simulator How-To Guide: Advanced Trade Types

    So far, you've only bought and sold stocks using market orders, which is essentially you instructing your online brokerage to "trade the numbers of shares I've instructed you to at the current ...
  9. Trading

    How To Place Trades With Interactive Brokers' WebTrader: Placing An Order

    In WebTrader, orders are placed using the Order Management Panel. To open the Order Management Panel, click the blue arrow or the title [Order Management] in the Order Management Panel title ...
  10. Investing

    Brokers and Online Trading: Accounts And Orders

    Types of Accounts Depending on what type of securities you hold, there are four major choices you have when opening an account: Cash Account: The basic account where you deposit cash to buy ...
RELATED FAQS
  1. Under the Telephone Consumer Act of 1991, a telemarketer must provide which of the ...

    The correct answer is d. All the choices except II are specific requirements of the Act. In addition, the law places time-of-day ... Read Answer >>
  2. How do I place a limit order online?

    Learn how a limit order is placed, the types of stocks it is most useful for and the specifications placed with it to suit ... Read Answer >>
  3. What is the difference between a stop and a market order?

    Learn about market orders and stop orders, how they are used and executed, and the main difference between stop orders and ... Read Answer >>
  4. What's the difference between a market order and a limit order?

    Buy and sell trades with market orders at the present stock price and execute limit orders if the stock price falls within ... Read Answer >>
  5. Why can't I enter two sell orders on the same stock?

    To answer this question, let's look at a few different situations. You bought a stock for $10 but want to be able to protect ... Read Answer >>
  6. How do I set a strike price in foreign exchange trading?

    Learn about the different order types foreign exchange traders can use to manage positions at certain strike prices and how ... Read Answer >>
Hot Definitions
  1. Glass-Steagall Act

    An act the U.S. Congress passed in 1933 as the Banking Act, which prohibited commercial banks from participating in the investment ...
  2. Quantitative Trading

    Trading strategies based on quantitative analysis which rely on mathematical computations and number crunching to identify ...
  3. Bond Ladder

    A portfolio of fixed-income securities in which each security has a significantly different maturity date. The purpose of ...
  4. Duration

    A measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. ...
  5. Dove

    An economic policy advisor who promotes monetary policies that involve the maintenance of low interest rates, believing that ...
  6. Cyclical Stock

    An equity security whose price is affected by ups and downs in the overall economy. Cyclical stocks typically relate to companies ...
Trading Center