Evolution of Algo Trading over years

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VWAP: Volume weighted average price
TWAP: Time weighted average price
POV/Volume: These strategies are referred to volume inline, percentage of volume (POV), of participation rate algorithms
Arrival Price: The arrival price algorithm has different meanings across different brokers and vendors
Implementation Shortfall: The IS algorithm is like the arrival price algorithm in many ways
Basket Algorithms: Basket algorithms also known as portfolio algorithms are algorithms that manage the trade-off between cost and total basket risk based on a user specified level of risk aversion.
Risk Aversion Parameter: The meaning of the risk aversion parameter used across the different brokers will vary
Black-Box Algorithms The family of black-box trading algorithms are commonly referred to as profit and loss algorithms and/or “robo” trading algorithms

From:

Algorithmic Trading Methods
Applications using Advanced Statistics,
Optimization, and Machine Learning Techniques
Second Edition
Robert Kissell, Ph.D

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