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Level 22
· ◆◆◆ · ~12 min
VWAP, TWAP & Participation
VWAP, TWAP & Participation
"The three standard schedules, what each one actually optimises, and how to pick between them without pretending it is a technical question."
TWAP: uniform in timeVWAP: follow the volume profilePOV / participation: a fixed share of volumethe intraday volume smileschedule risk and gaming
A short lesson, then a quiz. ❤️×3 — a wrong answer costs a heart; finish with at least one left and the level is yours. Lose all three and you'll have to try again. Replay any time — XP and cleared levels are never lost.