Chapter 04 · Section 4.1
Limit Orders- Execution 3
BUY 3 CALLS OEX JUNE 230 AT 7 1/4 OR BETTER
As we know, it was not possible to execute this limit order yesterday because the price did not go down to 7 1/4 during the entire trading day. Today you look at your terminal and find out that the OEX June 230 call trades at 6 15/16.
Will the order you gave yesterday be executed today?
a) yes
b) no
Remember that, unless otherwise specified, any order is only valid on the day it is given.