A EoD validity order or ‘Day’ order is an order placed to Buy or Sell that automatically expires or is automatically cancelled if the order is not executed on the day it was placed. It is one of several different duration order types that determines how long the order is in the system before it gets canceled. Another popular validity order is the IOC order.
SAMCO trading Platforms have ‘Day’ order as the default order duration. Unless you change the validity duration, the order will be placed as ‘Day’ order by default. The orders placed using the EoD validity are only good during the day and will automatically get cancelled at the end of the day post market close if the order is not executed.
Day order is usually used by Short term, Intraday and positional traders. Intraday traders generally have strategies where their trades are squared off during the same trading day before market close. They do not carry forward their positions. Hence, they want all their un executed orders to be cancelled at the end of the day. In Day order type this is automatically taken care of.
To place ‘Day’ order or ‘EOD validity’ in the SAMCO Trader EXE Platform, Select DAY in the Validity dropdown menu as seen in the image below,
To place ‘Day’ order or ‘EoD validity’ in the SAMCO Web Xpress HTML – 5 Platform, Select DAY in the retention dropdown menu as seen in the image below,