{"id":41705,"date":"2026-06-22T21:19:57","date_gmt":"2026-06-23T02:19:57","guid":{"rendered":"https:\/\/library-staging.tradingtechnologies.com\/doc\/tt-twap-order-3\/"},"modified":"2026-06-22T21:19:57","modified_gmt":"2026-06-23T02:19:57","slug":"tt-twap-order-3","status":"publish","type":"doc","link":"https:\/\/library-staging.tradingtechnologies.com\/ja\/tt-twap-order-3\/","title":{"rendered":"TT TWAP+ \u6ce8\u6587"},"content":{"rendered":"<h2 id=\"overview\">\u6982\u8981<\/h2>\n<p>TT TWAP (\u6642\u9593\u52a0\u91cd\u5e73\u5747\u4fa1\u683c\u3001Time-Weighted Average Price) \u30d7\u30ec\u30df\u30a2\u30e0\u6ce8\u6587\u30bf\u30a4\u30d7\u306f\u3001\u307b\u307c\u7dda\u5f62\u901f\u5ea6\u3067\u5e0c\u671b\u306e\u6ce8\u6587\u679a\u6570\u3092\u57f7\u884c\u3057\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u4e00\u5b9a\u671f\u9593\u306b\u308f\u305f\u3063\u3066\u89aa\u6ce8\u6587\u304c\u5e73\u5747\u5024\u3067\u57f7\u884c\u3057\u307e\u3059\u3002\u6ce8\u6587\u306f\u3001\u8a2d\u5b9a\u3057\u305f <strong>\u958b\u59cb\u6642\u9593<\/strong> \u3068 <strong>\u7d42\u4e86\u6642\u9593<\/strong>\u306e\u9593\u3067\u3001\u4e00\u5b9a\u671f\u9593\u306b\u5b50\u6ce8\u6587\u3092\u5747\u7b49\u306b\u57f7\u884c\u3057\u307e\u3059\u3002<\/p>\n<p><strong>\u6ce8<\/strong>: \u73fe\u5728\u3001TT \u30d7\u30ec\u30df\u30a2\u30e0\u6ce8\u6587\u30bf\u30a4\u30d7\u306f Prod-SIM \u74b0\u5883\u3067\u306f\u5229\u7528\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n<p> <!---\n  \n\n<section class=\"hidden\">\n\n\n<h2 id=\"behaviors\" class=\"hidden\">Behaviors<\/h2>\n\n\n\nTake an investor for example looking to execute 100 contracts using a TWAP algo &acirc;&euro;&ldquo; a TWAP algo can split that order and execute 1 contract per minute for the next 100 minutes. Or 5 contracts per minute for the next 20 minutes. Or 10 per minute for the next 10 minutes. Or 25 per second for the next 4 seconds. You get the idea.\n\nWhy would you want the average price over time? Consider our investor\/trader who has 1,000 contracts to buy for the day, and has no strong inclination on which direction the market is going to move in the short&acirc;&euro;&ldquo;term. If the trader executes the 1,000 contracts on the open, they risk the market moving lower throughout the trading day and having bought towards the high end of the day&acirc;&euro;&trade;s range. Conversely, waiting and buying on the close puts our trader at risk of the market moving steadily higher throughout the day and ending up again buying in the high end of the day&acirc;&euro;&trade;s range.\n\nBut, using the TWAP algo set to split those 1000 contracts evenly over the course of the day removes the risk of being wrong on the open or close (or anywhere in between). No matter which way the market moves, our investor removes the risk of really being wrong on the execution.\n\nAnother huge benefit of TWAP is that our investor removes the risk of the 1,000 contracts causing &acirc;&euro;&tilde;market impact&acirc;&euro;&trade; when placed all at once, driving the market higher based solely on the presence of the investor&acirc;&euro;&trade;s lone order. Spreading the order out evenly doesn&acirc;&euro;&trade;t &acirc;&euro;&oelig;spook&acirc;&euro; traders on the other side from increasing their offers upon seeing a large buy order come in. Just look at the graphic below and ask yourself which order is likely to push the market more.\n\n\n\n  <\/p>\n\n\n\n<\/section>\n\n\n---><\/p>\n<h2 id=\"prerequisites\">\u5fc5\u9808\u8981\u4ef6<\/h2>\n<p>TT \u30d7\u30ec\u30df\u30a2\u30e0\u6ce8\u6587\u30bf\u30a4\u30d7\u3092\u4f7f\u7528\u3059\u308b\u524d\u306b\u3001[<a href=\"\/user-setup\/us-user-account-permissions.html\">User Account Permissions<\/a>] (\u30e6\u30fc\u30b6\u30fc\u53e3\u5ea7\u30a2\u30af\u30bb\u30b9\u8a31\u53ef) \u8a2d\u5b9a\u306e\u30e6\u30fc\u30b6\u30fc \u30ec\u30d9\u30eb\u3067\u8a2d\u5b9a\u3092\u66f4\u65b0\u3059\u308b\u3053\u3068\u3067\u3001\u307e\u305f\u306f Setup \u306e [<a href=\"\/user-setup\/ac-setting-account-restrictions.html\">Account Restrictions<\/a>] (\u53e3\u5ea7\u5236\u9650) \u8a2d\u5b9a\u3092\u4f7f\u3063\u3066\u53e3\u5ea7\u30ec\u30d9\u30eb\u3067\u8a2d\u5b9a\u3092\u66f4\u65b0\u3059\u308b\u3053\u3068\u3067\u3001\u7ba1\u7406\u8005\u306f\u30a2\u30af\u30bb\u30b9\u8a31\u53ef\u3092\u6709\u52b9\u5316\u3067\u304d\u307e\u3059\u3002<\/p>\n<h2 id=\"parameters\">TT TWAP+ \u6ce8\u6587\u30d1\u30e9\u30e1\u30fc\u30bf<\/h2>\n<h3 id=\"order-params\">\u6ce8\u6587\u8a73\u7d30\u30d1\u30e9\u30e1\u30fc\u30bf<\/h3>\n<p><img decoding=\"async\" class=\"img-responsive\" src=\"https:\/\/library-staging.tradingtechnologies.com\/wp-content\/uploads\/2026\/06\/ttpo-twap-order-1.png\" alt=\"\"><\/p>\n<p><strong>\u6ce8<\/strong>: \u4ee5\u4e0b\u306b\u793a\u3059\u30d1\u30e9\u30e1\u30fc\u30bf\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u3042\u308a\u3001\u5e02\u5834\u3067\u306e\u6ce8\u6587\u306e\u57f7\u884c\u3092\u5f37\u5316\u3057\u3066\u30ab\u30b9\u30bf\u30de\u30a4\u30ba\u3067\u304d\u308b\u3088\u3046\u306b\u63d0\u4f9b\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<table class=\"table table-striped table-bordered\" border=\"1\">\n<thead>\n<tr>\n<th>\u30d1\u30e9\u30e1\u30fc\u30bf\u540d<\/th>\n<th>\u5fc5\u9808\u307e\u305f\u306f\u4efb\u610f<\/th>\n<th>\u8aac\u660e<\/th>\n<th>\u65e2\u5b9a\u5024<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u6ce8\u6587\u30bf\u30a4\u30d7<\/td>\n<td>\u5fc5\u9808<\/td>\n<td>\u89aa\u6ce8\u6587\u306b\u6ce8\u6587\u30bf\u30a4\u30d7\u3092\u8a2d\u5b9a\u3057\u307e\u3059\u3002\u4ee5\u4e0b\u306e\u5024\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li><a href=\"\/trade\/ot-order-types.html#market-type\">\u6210\u884c (Market)<\/a><\/li>\n<li><a href=\"\/trade\/ot-order-types.html#limit-type\">\u6307\u5024 (Limit)<\/a><\/li>\n<li><a href=\"\/trade\/ot-order-types.html#stop-limit-type\">\u30b9\u30c8\u30c3\u30d7\u6307\u5024 (Stop Limit)<\/a><\/li>\n<li><a href=\"\/trade\/ot-order-types.html#stop-market-type\">\u30b9\u30c8\u30c3\u30d7\u6210\u884c (Stop Market)<\/a><\/li>\n<\/ul>\n<\/td>\n<td>Market (\u6210\u884c)<\/td>\n<\/tr>\n<tr>\n<td>Stop Price (\u30b9\u30c8\u30c3\u30d7\u4fa1\u683c)<\/td>\n<td>Conditional (\u6761\u4ef6\u4ed8\u304d)<\/td>\n<td>\n<p>\u5e0c\u671b\u306e\u30b9\u30c8\u30c3\u30d7\u6ce8\u6587\u306e\u4fa1\u683c\u5e2f\u3002<\/p>\n<p><strong>\u6ce8<\/strong>: <strong>\u6ce8\u6587\u30bf\u30a4\u30d7<\/strong>\u304c<strong>\u30b9\u30c8\u30c3\u30d7\u6210\u884c<\/strong> \u307e\u305f\u306f<strong>\u30b9\u30c8\u30c3\u30d7\u6307\u5024<\/strong>\u306e\u3044\u305a\u308c\u304b\u306b\u8a2d\u5b9a\u3055\u308c\u3066\u3044\u308b\u5834\u5408\u306b\u5fc5\u9808\u3067\u3059\u3002<\/p>\n<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Aggression (\u30a2\u30b0\u30ec\u30c3\u30b7\u30e7\u30f3)<\/td>\n<td>\u30aa\u30d7\u30b7\u30e7\u30f3<\/td>\n<td>\n<p>\u6ce8\u6587\u306e\u8d77\u52d5\u3092\u3069\u306e\u304f\u3089\u3044\u5f37\u304f\u50be\u3051\u308b\u304b (TT Close\u3001TT Brisk)\u3001\u307e\u305f\u6700\u5927\u53c2\u52a0\u7387\u3092\u3069\u306e\u304f\u3089\u3044\u5f37\u304f\u7de0\u3081\u3066\u8ffd\u8de1\u3059\u308b\u304b (TT POV\u3001TT Scale POV)\u3001\u307e\u305f\u6ce8\u6587\u30b9\u30b1\u30b8\u30e5\u30fc\u30eb\u3092\u3069\u306e\u304f\u3089\u3044\u3061\u3063\u304d\u308a\u3068\u8ffd\u8de1\u3059\u308b\u304b (TT TWAP+\u3001TT VWAP+) \u306b\u5f71\u97ff\u3092\u4e0e\u3048\u307e\u3059\u3002<\/p>\n<p>TT TWAP \u6ce8\u6587\u306b\u95a2\u3057\u3066\u306f\u3001\u3053\u308c\u306f&#8230;<\/p>\n<\/td>\n<td>5<\/td>\n<\/tr>\n<tr>\n<td>I Would Price<\/td>\n<td>\u30aa\u30d7\u30b7\u30e7\u30f3<\/td>\n<td>\n<p>\u6ce8\u6587\u3092\u30a2\u30b0\u30ec\u30c3\u30b7\u30d6\u306b\u7d04\u5b9a\u3055\u305b\u3088\u3046\u3068\u8a66\u307f\u308b\u4fa1\u683c\u5e2f\u3002\u3053\u308c\u306f\u30a2\u30eb\u30b4\u30ea\u30ba\u30e0\u306e\u30ed\u30b8\u30c3\u30af\u306b\u95a2\u4fc2\u306a\u3044\u4fa1\u683c\u5e2f\u3067\u3059\u3002<\/p>\n<p>\u9650\u6708\u304c\u3053\u306e\u4fa1\u683c\u306b\u5230\u9054\u3059\u308b\u3068\u3001\u6ce8\u6587\u306f\u3001\u51fa\u6765\u9ad8\u30d9\u30fc\u30b9\u306e\u8ffd\u8de1\u76ee\u6a19\u306b\u304b\u304b\u308f\u3089\u305a\u3001\u30a2\u30b0\u30ec\u30c3\u30b7\u30d6\u306b\u7d04\u5b9a\u3055\u305b\u3088\u3046\u3068\u3057\u307e\u3059\u3002\u8cb7\u3044\u6ce8\u6587\u306e\u5834\u5408\u306f\u6307\u5024\u3084\u5230\u7740\u6642\u9593\u306e\u58f2\u5024\u3088\u308a\u3082\u5b89\u5024\u306b\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u3001\u58f2\u308a\u6ce8\u6587\u306e\u5834\u5408\u306f\u6307\u5024\u3084\u5230\u7740\u6642\u9593\u306e\u8cb7\u5024\u3088\u308a\u3082\u9ad8\u5024\u306b\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<\/td>\n<td>Null<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 id=\"precondition-params\">\u4e8b\u524d\u6761\u4ef6\u8a73\u7d30\u30d1\u30e9\u30e1\u30fc\u30bf<\/h3>\n<table class=\"table table-striped table-bordered\" border=\"1\">\n<thead>\n<tr>\n<th>\u30d1\u30e9\u30e1\u30fc\u30bf\u540d<\/th>\n<th>\u5fc5\u9808\u307e\u305f\u306f\u4efb\u610f<\/th>\n<th>\u8aac\u660e<\/th>\n<th>\u65e2\u5b9a\u5024<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Start Time (\u958b\u59cb\u6642\u9593)<\/td>\n<td>\u5fc5\u9808<\/td>\n<td>\n<p>\u5408\u6210\u6ce8\u6587\u306e\u57f7\u884c\u3092\u958b\u59cb\u3059\u308b\u65e5\u4ed8\u3068\u6642\u9593\u3092\u8a2d\u5b9a\u3057\u307e\u3059\u3002\u8a2d\u5b9a\u306b\u306f\u4ee5\u4e0b\u306e\u5185\u5bb9\u304c\u542b\u307e\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>[<strong>Now<\/strong>] (\u73fe\u5728) \u3067\u3001\u5408\u6210\u6ce8\u6587\u3092\u76f4\u3061\u306b\u958b\u59cb\u3057\u307e\u3059\u3002<\/li>\n<li>[<strong>Time<\/strong>] (\u6642\u9593) \u3067\u3001\u5408\u6210\u6ce8\u6587\u3092\u958b\u59cb\u3059\u308b\u65e5\u6642\u3092\u9078\u629e\u3059\u308b\u305f\u3081\u306e\u3001\u65e5\u4ed8\u3068\u6642\u9593\u306e\u30d4\u30c3\u30ab\u30fc\u304c\u8868\u793a\u3055\u308c\u307e\u3059\u3002<\/li>\n<\/ul>\n<\/td>\n<td>Now (\u73fe\u5728)<\/td>\n<\/tr>\n<tr>\n<td>End Time (\u7d42\u4e86\u6642\u9593)<\/td>\n<td>\u5fc5\u9808<\/td>\n<td>\n<p>\u5408\u6210\u6ce8\u6587\u306e\u30ed\u30b8\u30c3\u30af\u306e\u57f7\u884c\u3092\u505c\u6b62\u3059\u308b\u65e5\u4ed8\u3068\u6642\u9593\u3092\u8a2d\u5b9a\u3057\u307e\u3059\u3002[<strong>Duration<\/strong>] \u8a2d\u5b9a\u306e\u4ee3\u308f\u308a\u306b\u4f7f\u7528\u3057\u307e\u3059\u3002<\/p>\n<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Trigger Price (\u30c8\u30ea\u30ac\u30fc\u5024)<\/td>\n<td>\u30aa\u30d7\u30b7\u30e7\u30f3<\/td>\n<td>\n<p>\u30b9\u30c8\u30c3\u30d7\u4fa1\u683c\u306e\u30d5\u30ea\u30c3\u30d7\u6a5f\u80fd\u3092\u6709\u52b9\u5316\u3057\u307e\u3059\u3002\u3053\u308c\u304c\u6709\u52b9\u306e\u5834\u5408\u3001\u8cb7\u6ce8\u6587\u3068\u58f2\u6ce8\u6587\u306f\u3001\u76f4\u8fd1\u5024 (LTP) \u304c<strong>\u30c8\u30ea\u30ac\u30fc\u4fa1\u683c<\/strong>\u3068\u540c\u3058\u304b\u305d\u308c\u4ee5\u4e0b\u3001\u307e\u305f\u306f\u305d\u308c\u4ee5\u4e0a\u306b\u306a\u308b\u3068\u3001\u6709\u52b9\u5316\u3055\u308c\u307e\u3059\u3002OCO (One-Cancels-Other) \u6ce8\u6587\u30bf\u30a4\u30d7\u306e\u52d5\u4f5c\u306b\u304a\u3044\u3066\u3001\u30b9\u30c8\u30c3\u30d7\u6ce8\u6587\u3084\u30b9\u30c8\u30c3\u30d7\u6307\u5024\u6ce8\u6587\u306e\u7d44\u307f\u5408\u308f\u305b\u3067\u4f7f\u7528\u3067\u304d\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u5229\u76ca\u53d6\u5f97\u4fa1\u683c\u3084\u30b9\u30c8\u30c3\u30d7 \u30ed\u30b9\u4fa1\u683c\u306e\u3044\u305a\u308c\u304b\u306b\u5230\u9054\u3057\u305f\u3068\u304d\u306b\u6ce8\u6587\u304c\u6709\u52b9\u5316\u3055\u308c\u307e\u3059\u3002<\/p>\n<\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td>Post Trigger Dur (\u30c8\u30ea\u30ac\u30fc\u5f8c\u671f\u9593)<\/td>\n<td>\u30aa\u30d7\u30b7\u30e7\u30f3<\/td>\n<td>\n<p>\u5206\u6570\u3067\u306e\u30c8\u30ea\u30ac\u30fc\u5f8c\u306e\u6642\u9593\u5236\u9650 (Post Trigger Duration)\u30020 \u4ee5\u4e0a\u306b\u8a2d\u5b9a\u3059\u308b\u5834\u5408\u3001\u5e02\u5834\u304c\u30b9\u30c8\u30c3\u30d7\u4fa1\u683c\u3084\u30c8\u30ea\u30ac\u30fc\u4fa1\u683c\u304c\u3001\u7d42\u4e86\u6642\u9593\u306e\u521d\u671f\u3084\u73fe\u5728\u306e\u6642\u9593\u3068\u30c8\u30ea\u30ac\u30fc\u5f8c\u306e\u6240\u8981\u6642\u9593\u306b\u5230\u9054\u3059\u308b\u3068\u3001[EndTime] (\u7d42\u4e86\u6642\u9593) \u304c\u8abf\u6574\u3055\u308c\u307e\u3059\u3002<\/p>\n<\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>\u6982\u8981 TT TWAP (\u6642\u9593\u52a0\u91cd\u5e73\u5747\u4fa1\u683c\u3001Time-Weighted Average Price) \u30d7\u30ec\u30df\u30a2\u30e0\u6ce8\u6587\u30bf\u30a4\u30d7\u306f\u3001\u307b\u307c\u7dda\u5f62\u901f\u5ea6\u3067\u5e0c\u671b\u306e\u6ce8\u6587\u679a\u6570\u3092\u57f7\u884c\u3057\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u4e00\u5b9a\u671f\u9593\u306b\u308f\u305f\u3063\u3066\u89aa\u6ce8\u6587\u304c\u5e73\u5747\u5024\u3067\u57f7\u884c\u3057\u307e [&hellip;]<\/p>\n","protected":false},"author":2,"template":"","meta":{"_acf_changed":false,"footnotes":""},"docs-category":[324],"class_list":["post-41705","doc","type-doc","status-publish","hentry","docs-category-description-tt-premium-order-types"],"acf":[],"_links":{"self":[{"href":"https:\/\/library-staging.tradingtechnologies.com\/ja\/wp-json\/wp\/v2\/doc\/41705","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/library-staging.tradingtechnologies.com\/ja\/wp-json\/wp\/v2\/doc"}],"about":[{"href":"https:\/\/library-staging.tradingtechnologies.com\/ja\/wp-json\/wp\/v2\/types\/doc"}],"author":[{"embeddable":true,"href":"https:\/\/library-staging.tradingtechnologies.com\/ja\/wp-json\/wp\/v2\/users\/2"}],"version-history":[{"count":0,"href":"https:\/\/library-staging.tradingtechnologies.com\/ja\/wp-json\/wp\/v2\/doc\/41705\/revisions"}],"wp:attachment":[{"href":"https:\/\/library-staging.tradingtechnologies.com\/ja\/wp-json\/wp\/v2\/media?parent=41705"}],"wp:term":[{"taxonomy":"docs-category","embeddable":true,"href":"https:\/\/library-staging.tradingtechnologies.com\/ja\/wp-json\/wp\/v2\/docs-category?post=41705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}