看例题解释，VWAP 和TWAP不是都能确保成交

NO.PZ202110280100000501问题如下 termine whialgorithm Minchow is likely to use forthe nopsell orr. Justify yourresponse. RegarngBean’s alternatives, VWanTWalgorithms release orrs to the marketfollowing a time-specifieschele, trang a preterminenumber of shareswithin the specifietime interv(e.g., one y). Following a fixescheleVWalgorithms , however, mnot optimfor certain stocks becausesualgorithms mnot complete the orr in cases where volumes are low.Furthermore, while POV algorithms incorporate real-time volume following (orchasing) volumes, they mnot complete the orr within the time periospecifieTWAPalgorithms, whisenthe same number of shares anthe same percentage of theorr to train eatime perio will help ensure the specifienumber ofshares are executewithin the specifietime perio Given Bean’s stateriority of complete execution in one y, he is likely to use a TWalgorithmfor the nopsell orr. 画线部分帮忙一下，谢谢

NO.PZ202110280100000501 问题如下 termine whialgorithm Minchow is likely to use forthe nopsell orr. Justify yourresponse. RegarngBean’s alternatives, VWanTWalgorithms release orrs to the marketfollowing a time-specifieschele, trang a preterminenumber of shareswithin the specifietime interv(e.g., one y). Following a fixescheleVWalgorithms , however, mnot optimfor certain stocks becausesualgorithms mnot complete the orr in cases where volumes are low.Furthermore, while POV algorithms incorporate real-time volume following (orchasing) volumes, they mnot complete the orr within the time periospecifieTWAPalgorithms, whisenthe same number of shares anthe same percentage of theorr to train eatime perio will help ensure the specifienumber ofshares are executewithin the specifietime perio Given Bean’s stateriority of complete execution in one y, he is likely to use a TWalgorithmfor the nopsell orr. 可以不？Minchow is likely to use TWalgorithm for the nopsell orr he expectemarket is non trenng, whiis suitable for schelealgorithm.the sell orr is small anlightly-tra whiha minimizemarket impaif trang through the y.he wanteto execute sell orr completely in one y. TWis most suitable. the others mnot executecompletely in one y.

NO.PZ202110280100000501 问题如下 termine whialgorithm Minchow is likely to use forthe nopsell orr. Justify yourresponse. RegarngBean’s alternatives, VWanTWalgorithms release orrs to the marketfollowing a time-specifieschele, trang a preterminenumber of shareswithin the specifietime interv(e.g., one y). Following a fixescheleVWalgorithms , however, mnot optimfor certain stocks becausesualgorithms mnot complete the orr in cases where volumes are low.Furthermore, while POV algorithms incorporate real-time volume following (orchasing) volumes, they mnot complete the orr within the time periospecifieTWAPalgorithms, whisenthe same number of shares anthe same percentage of theorr to train eatime perio will help ensure the specifienumber ofshares are executewithin the specifietime perio Given Bean’s stateriority of complete execution in one y, he is likely to use a TWalgorithmfor the nopsell orr. 按照上课老李讲的VWAP, 比如参照历史上9:30 到10:00 这半个小时每隔5分钟交易一次, 计算出这6次的平均成交量比值,假设为(1:1:2:3:4:5), 假设我们现在要下单1600share股票,就按照历史比例下单6笔orr(100,100,200,300,400,500), 这是可以完成的啊.POV之所以完成不了是因为完全没有考虑我们自己的目标成交share是多少,仅仅根据历史成交量来下单.