An end of day order is any type of order for stocks or other assets made in a brokerage account that has a time limit set on it for the end of the given trading session for that day. This order is also known as a day order in contrast to good ’til canceled (GTC) orders.
The end of the trading session depends on which security is being traded and on which exchange the order is being placed. Stocks traded on the New York Stock Exchange (NYSE), or any other exchange that shares the same hours, close at 4 p.m. Eastern Time.1 By comparison, many agricultural futures traded through the Chicago Board of Trade (CBOT) close between 1:20 and 1:45 Central Time.2
End of day orders must be transacted by the end of a trading day regardless of the time that the order is placed. Many broker-dealers will default to an end of day order. If the terms that the order specifies (such as a limit or stop price) are not met, then the order is canceled at the moment the session ends.