How markets work
TWAP
Also called Time-weighted average price
The average price over a period, weighting every moment equally regardless of volume.
How it works
A TWAP execution strategy slices an order into equal pieces spread evenly across a window, aiming to fill near the period’s average price without signalling size.
It is simpler and more predictable than VWAP-based execution, and less sensitive to a single high-volume print distorting the target.
Related terms
More in How markets work
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