> 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/order-tracking-and-portfolio-management/real-time-algo-order-tracking.md). # Real-Time Algo Order Tracking

The dashboard provides real-time insights into an order’s execution, allowing users to track performance and market interaction as the trade progresses. You can access this by clicking the magnifying glass from your order table:

### Execution Statistics

Benchmark	Description
Slippage	Side-adjusted natural logarithm of executed price divided by arrival price. The arrival price is the mid quote at the time of order submission. The benchmark price will not change as the order progresses and the realized cost will be a reflection of as-of volume weighted executed prices compared to the arrival price.
VWAP Slippage	Side-adjusted natural logarithm of executed price divided by VWAP. As the order trades, VWAP is a dynamic benchmark price that reflects the as-of volume weighted average price of all market trades that print on the selected exchanges from order entry to current time. The VWAP cost will be a reflection of as-of volume weighted executed prices compared to the VWAP benchmark price.
Exchange Fee	Exchange fee divided by traded notional.
Participation Rate	The value column contains the cumulative market volume. The Benchmark column is the current participation rate (executed volume divided by cumulative market volume).

**Execution Trajectory Chart (Fixed-Duration Orders)**

For fixed-duration orders, the execution schedule chart displays the planned execution quantity (grey) along with the upper and lower discretion bounds (dashed lines). The actual cumulative fills are represented by a solid white line, tracking how the order is executed over time. Each fill is marked with: * **Green** - Passive (maker) fill * **Red** - Aggressive (taker) fill * **Orange Square** - OTC fill * **Orange Triangle** - Active placement pending execution **Participation Rate Target Orders**

For orders using a participation rate target, the order viewer presents a breakdown of executed volume, cumulative realized participation rate, and market volume for context. Users can toggle between this view and the schedule-based execution chart. **Price Chart and Execution Context** For trades executed in version 1.4.3 or later, the price chart illustrates where fills occurred relative to the bid-ask spread during the order’s duration. The chart includes: * **Dotted Grey Line** - Average executed price * **Dashed Violet Line** - VWAP benchmark * **Orange Line** - Dynamic limit price * **Bid/Ask Traces** - Represented in green (bid) and red (ask); for narrow spreads, they may overlap. This real-time execution tracking helps traders monitor their order's performance, assess market conditions, and refine execution strategies based on data-driven insights.