From here you'll see a list of the picklist values for this field, along with their Type and Probability. When you mark a donation "Received As Pledge", we map that behind the scenes to "Closed/Won". This is why the gift does not show up as an open gift in Batch.
When you mark it as "Received As Pledge", you're marking it closed. When a gift is marked "Received As Pledge", this means that you have not received the actual money yet, but that the donor has made a commitment to give this money. When you mark the gift "Received as Pledge" and save the record, a trigger fires behind the scenes that creates an installment pledge for the amount of the major gift. If you're using Lumiante's record types and layouts, then there will be a field on the layout called "Fulfillment Pledge", which will link you to the actual pledge object. (If your layout is different, you may have to add that field to the layout.) Navigate to that object, and you'll be able to set up the pledge installments that you need. Once you've done that, these pledge installments will now show up as open gifts.