Day Order Law and Legal Definition

Day Order is an order to buy or sell securities that, if not executed, expires at the end of trading day on which it was entered. All market orders are automatically Day Orders. Orders are generally considered to be day orders unless otherwise specified. A way to increase the life of an order is to order securities on a "good until canceled" basis, in which the trade will not expire until it is canceled or until it reaches a maximum time limit set by the brokerage.