Timeframe for limit order

While using a limit order, the broker has to wait for the stock to reach the price you demanded. That amount of waiting time can be set when placing the limit order in different ways:

Day: this means the order will expire at the end of trading day.

GTC: “Good-Til-Cancelled”, the order will be valid until you choose to cancel it.

Allow pre-open: It means the order can be also filled from 4:00 am until 9:30, when the open.

Fill outside RTH: The order can be filled outside of regular trading hours: orders could be filled in either the morning or evening pre-trading sessions.

GTD: (Good-til-Date/Time), It means you can select the time and date until you want the broker trying to make the trade.

OPG: that allows your order to be executed as close to the opening price as possible. The order will be accepted if it is received before 9:15AM (ET).

These different options are available when placing the order:

Figure 2.12: Timing of limit orders

In summary, the Stops and Limits are conditions that can be used alone or combined in an order, to better control the entry or exit prices of a trade.