What Is the Difference between a “Day Order” and a “Good-Til-Date” (GTD) Order?

A Day Order is a Time in Force (TIF) instruction that specifies the order will automatically expire if it is not executed by the end of the current trading day. A Good-Til-Date (GTD) order, however, remains active until a specific date set by the trader, or until it is executed or canceled.

Both are used to manage the lifespan of a limit order, but GTD provides a longer time horizon, which can be useful for non-aggressive price targets.