The **TWAP trajectory** executes an order **at a fixed rate** over its duration, following a **linear execution schedule**. Unlike **VWAP**, TWAP does **not adjust based on market volume**, making it a **simple and predictable execution method**.
#### **How It Works**
* The engine **divides the total order into equal parts** and executes them at **regular intervals** over the specified duration.
* Execution proceeds **at a constant rate**, **ignoring market volume and liquidity fluctuations**.
#### **When to Use TWAP**
* For **straightforward execution strategies** that don’t require volume-based adjustments.
* When trading **illiquid pairs** to ensure **balanced execution** and prevent drastic price fluctuations.
* When **consistent and predictable order flow** is required.
* In markets with **stable or low volume**, where volume-based strategies may not be effective.
#### **TWAP Limitations**
* **Does not factor in market conditions**—executing at a constant rate regardless of liquidity, which can lead to **suboptimal fills**.
* **Constant execution rate may miss short-term alpha opportunities** and does not respond to price trends.
This trajectory is ideal for traders looking for **simple, predictable execution**, particularly in **low-volume or stable markets**.
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