Question 1

When should I use a TWAP order?

Accepted Answer

Use TWAP when your order is large relative to the order book and you have no strong short-term view on direction. Spreading fills over time keeps you from moving the price against yourself and stops a single spike or thin patch from filling the whole order at a bad level.

Question 2

Does TWAP get me a better price?

Accepted Answer

Not on average. TWAP targets the time-weighted average price, so if the market trends against you the whole time, slicing simply locks in that drift. Its value is lower market impact and timing risk, not a cheaper fill — for a position you are convinced is about to move, immediacy can beat patience.

TWAP実行計算ツール

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