What is the name for a market order that remains active until it is explicitly cancelled?

A market order that remains active until it is explicitly cancelled is known as a Good-Til-Cancelled Order. This type of order allows traders to place a buy or sell order that does not expire at the end of the trading day but instead remains in effect until the trader decides to cancel it or the order is fulfilled. This provides flexibility for traders who may want to take advantage of price changes over a longer period without needing to re-enter their order daily.

In contrast, a Day Order is an order that expires at the end of the trading day if not executed, making it less favorable for those looking for long-term trades. A Market Order is simply an order to buy or sell a security at the current market price and does not have any conditions regarding duration. The term Perpetual Order is not commonly used in this context in financial terminology, making it an unfamiliar option compared to the other terms. This distinction helps reinforce why Good-Til-Cancelled Order is the correct answer.