An order that is time-bound: it comes with an instruction that limits the time it should be placed and/ or the period during which it remains in effect (in force) before it gets automatically cancelled. For example, a trader may instruct his/ her broker to place an order next week or on a specific day next week. Likewise, an order may be issued with an instruction that it remains active for two weeks before it is filled or cancelled.  This type of order allows traders to remain focused on the market at large rather than keeping an eye on individual orders in a given day or period.

Time orders may involve simple type orders (stop-limit orders) and advanced order types such as market if touched (MIT). There are three main types of time orders:

• Day order: this order is cancelled if it is not filled by the end of the trading day.
• Good-til-cancelled order: it remains active until it is either filled or cancelled manually.
• Good-til-date order: its expiration date can be specified by a trader. It remains open until the closure of the trading session on the specified date.

It is also known as time in force.