The **Time Constant** strategy is designed for traders who need execution at a steady, predictable pace over a fixed duration. It follows a [**TWAP (Time Weighted Average Price) trajectory**](/creating-and-submitting-orders/advanced-settings/trajectories/twap.md), ensuring trades occur evenly across the order’s timeframe.
**How It Works**
* Users specify a **duration**, setting the total execution period.
* The engine prioritizes **maker execution** when possible but will switch to **taker execution** if necessary to maintain the schedule.
* Trades execute at a **consistent rate**, independent of market conditions.
* Execution is evenly distributed over time, maintaining a steady flow.
**When to Use This Strategy**
* **Shorter-Duration Orders** – Best for trades requiring execution within a **limited timeframe**.
* **TWAP Benchmarking** – Useful when the goal is to **match the TWAP price** over a set period.
* **Fixed Duration Execution** – Ensures a **steady execution pace** without adapting to market fluctuations.
**Potential Drawbacks**
* **Easily Detectable** – Other market participants may recognize and react to the strategy.
* **Lacks Market Awareness** – Trades at a **fixed rate** without adjusting to liquidity or volatility changes.
* **Less Efficient During Off-Hours** – Executes the same volume at **low-liquidity times (e.g., 3 AM) and high-liquidity times (e.g., 3 PM)**, potentially missing optimal trading windows.
This strategy is ideal for traders who require **consistent execution** and **TWAP benchmarking**, but it may not be optimal for those looking to adapt to real-time market conditions.
#### **Time Constant Configurations**
| [Trajectory](/creating-and-submitting-orders/advanced-settings/trajectories.md) | [TWAP](/creating-and-submitting-orders/advanced-settings/trajectories/twap.md) |
| --------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------ |
| [Passiveness](/creating-and-submitting-orders/advanced-settings/passiveness.md) | 0.02 |
| [Discretion](/creating-and-submitting-orders/advanced-settings/discretion.md) | 0.08 |
| [Alpha Tilt](/creating-and-submitting-orders/advanced-settings/alpha-tilt.md) | 0 |
| [Max OTC Percentage](/creating-and-submitting-orders/advanced-settings/max-otc-percentage.md) | 0% |
| [Passive Only](/creating-and-submitting-orders/advanced-settings/passive-only.md) | Disabled |
| [Active Limit](/creating-and-submitting-orders/advanced-settings/active-limit.md) | Disabled |
| [Reduce Only](/creating-and-submitting-orders/advanced-settings/reduce-only.md) | Disabled |
| [Strict Duration](/creating-and-submitting-orders/advanced-settings/strict-duration.md) | Disabled |
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