Definition: A “stock order term” The time period over which an order/trade remains open (today, till you cancel it or till a specific date).
Explanation and Examples: Stock ABC is currently trading at $101. You see that the stock is gyrating around 100 so you choose to put a LIMIT order at 100. At this point, the Order Term box opens so that you can specify how long you want this order to stay in effect. You decide that you only want this order to execute today or not at all. If the price hits $100 today, the transaction will execute and you will own the stock. Otherwise, the order will be canceled. Remember, you will never use Order Term for market orders — buying at the current price — only for limit order, stop orders or trailing stop order