> For the complete documentation index, see [llms.txt](https://docs.tread.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.tread.fi/interacting-with-the-api/api-reference/algorithmic-orders-vwap-twap-pov.md). # Algorithmic Orders (VWAP, TWAP, POV) Algorithmic Orders are advanced strategies that execute trades over a specified period to achieve specific goals, such as minimizing market impact or achieving a target price. These orders are submitted through the same `POST /api/orders/` endpoint but use algorithmic `strategy` names and a different set of parameters. ## **General Parameters** The following parameters are used across all algorithmic order types. ### **Required Fields:** * `strategy` (string): Must be one of `"TWAP"`, `"VWAP"`, or another supported algorithmic strategy. * `pair` (string): The trading pair symbol (e.g., "BTC-USD"). * `side` (string): The order side, either `"buy"` or `"sell"`. * `accounts` (array of strings): A list of account names to use for the order. * **One of the following quantity fields is required:** * `base_asset_qty` (decimal): The amount of the base asset to buy or sell. * `quote_asset_qty` (decimal): The amount of the quote asset to spend or receive. * `sell_token_amount` (decimal): The amount of the token you are selling. * **One of the following execution-time fields is required:** * `duration` (integer): The total time in seconds over which to execute the order. Required unless `pov_target` is provided. * `pov_target` (decimal): The target participation rate as a fraction of market volume (e.g., `0.1` for 10%). If provided, `duration` is not required. ### **Optional Fields:** * `limit_price` (decimal): A price limit for the order. The engine will not execute at prices worse than this limit. * `is_reverse_limit_price` (boolean): If `true`, the engine will only trade at prices *worse* than the `limit_price`. * `engine_passiveness` (decimal, 0 to 1): Controls how far from the spread the engine places orders. A higher value (e.g., 0.8) is more passive, while a lower value (e.g., 0.1) is more aggressive. * `schedule_discretion` (decimal, 0.02 to 0.5): The ratio of order size the engine can deviate from the target schedule, allowing for opportunistic execution. * `alpha_tilt` (decimal, -1 to 1): An implied short-term alpha signal. A positive value (e.g., 0.5) front-loads the execution schedule, while a negative value back-loads it. * `pov_limit` (decimal, 0 to 1): The maximum fraction of market volume the engine is allowed to participate in at any given time. * `start_datetime` (string, ISO 8601 format): A specific time to start the order execution. If not provided, the order starts immediately. * `notes` (string): An arbitrary string for personal notes. * `custom_order_id` (string): A unique client-side ID for the order (max 64 chars). *** ## VWAP (Volume-Weighted Average Price) **Strategy Name:** `"VWAP"` **Specific Parameters:** None. A VWAP order uses the general algorithmic parameters. #### **Example Request** ``` POST /api/orders/ Authorization: Bearer Content-Type: application/json { "pair": "ETH-USD", "side": "sell", "accounts": ["coinbase_pro"], "strategy": "VWAP", "base_asset_qty": "50.0", "duration": 14400, "alpha_tilt": -0.2 } ``` #### **Example Response** ```json { "id": "f6a7b8c9-d0e1-2345-6789-0abcdef12345", "custom_order_id": "", "notes": "", "pair": "ETH-USD", "side": "sell", "exchanges": ["coinbase_pro"], "buy_token": "USD", "sell_token": "ETH", "sell_token_amount": "50.0", "strategy": "VWAP", "duration": 14400, "alpha_tilt": -0.2, "status": "ACTIVE", "user": "user_789", "created_at": "2024-01-11T12:00:00Z", "updated_at": "2024-01-11T12:00:03Z" } ``` *** ## TWAP (Time-Weighted Average Price) **Strategy Name:** `"TWAP"` **Specific Parameters:** None. A TWAP order uses the general algorithmic parameters, with `duration` being the key component. #### **Example Request** ``` POST /api/orders/ Authorization: Bearer Content-Type: application/json { "pair": "BTC-USD", "side": "buy", "accounts": ["binance_main"], "strategy": "TWAP", "base_asset_qty": "1.5", "duration": 7200, "limit_price": "46000.00", "engine_passiveness": 0.5, "schedule_discretion": 0.1 } ``` #### **Example Response** ```json { "id": "e5f6a7b8-c9d0-1234-5678-90abcdef1234", "custom_order_id": "", "notes": "", "pair": "BTC-USD", "side": "buy", "exchanges": ["binance"], "buy_token": "BTC", "buy_token_amount": "1.5", "sell_token": "USD", "strategy": "TWAP", "duration": 7200, "limit_price": "46000.00", "engine_passiveness": 0.5, "schedule_discretion": 0.1, "status": "ACTIVE", "user": "user_789", "created_at": "2024-01-11T10:00:00Z", "updated_at": "2024-01-11T10:00:05Z" } ``` *** ## POV (Percentage of Volume) A [POV](/creating-and-submitting-orders/strategies/target-participation-rate.md) (or participation rate) strategy executes an order by targeting a certain percentage of the market volume. **Strategy Name:** `"POV"` or any other algorithmic strategy name. **Specific Parameters:** * `pov_target` (decimal, **required**): The target participation rate (e.g., `0.1` for 10%). * `pov_limit` (decimal, **optional**): A cap on the participation rate to prevent overly aggressive trading during volume spikes. When `pov_target` is used, the `duration` parameter is not required, as the order's duration will be calculated based on how long it will take to fill the order at the target participation rate. **Example Request** ``` POST /api/orders/ Authorization: Bearer Content-Type: application/json { "pair": "SOL-USD", "side": "buy", "accounts": ["ftx_us"], "strategy": "TWAP", "base_asset_qty": "2000.0", "pov_target": "0.05", "pov_limit": "0.1" } ``` **Example Response** ```json { "id": "a7b8c9d0-e1f2-3456-7890-bcdef1234567", "custom_order_id": "", "notes": "", "pair": "SOL-USD", "side": "buy", "exchanges": ["ftx_us"], "buy_token": "SOL", "buy_token_amount": "2000.0", "sell_token": "USD", "strategy": "TWAP", "pov_target": "0.05", "pov_limit": "0.1", "status": "ACTIVE", "user": "user_789", "created_at": "2024-01-11T14:00:00Z", "updated_at": "2024-01-11T14:00:04Z" } ```