An order to buy or sell a security that remains in effect until it is either canceled by the customer or executed.
Investopedia Says:
Open orders commonly occur when investors place price restrictions on their buy and sell transactions. As market orders are filled instantaneously, investors who enter limit orders will typically have to wait before the price that they set as their limit is reached. These orders will remain open either for the duration determined by the customer or until they are filled.
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Taking control of your portfolio means knowing when to use particular orders and if they pose added costs. The Basics Of Order Entry
