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Orders, Execution & Market Structure

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Orders, Execution & Market Structure

Tick Size

The smallest price increment by which a security's quote may change on an exchange.

Test: every valid order price must be an exact multiple of the tick size for that security ₹ Orders, Execution & Market Structure

Time-Weighted Average Price

The average price of a security over a period, giving equal weight to each time interval regardless of volume.

TWAP = Sum of Prices Sampled at Equal Intervals / Number of Samples ₹ Orders, Execution & Market Structure

Trade-for-Trade Segment

A settlement category in which every trade must be settled by delivery, with intraday squaring-off prohibited.

Test: buy and sell quantities in the security cannot be netted within the day; each trade settles individually by delivery qualitative Orders, Execution & Market Structure

Trailing Stop-Loss

A stop-loss whose trigger price follows a favourable move at a fixed distance and never moves back.

For a long position: Trigger = Highest Price Since Entry - Trail Amount qualitative Orders, Execution & Market Structure

Transaction Cost

The full cost of trading a security, comprising explicit charges and the implicit costs of spread and market impact.

Total Cost = Brokerage + STT + Exchange Fees + SEBI Fees + Stamp Duty + GST + Spread + Impact Cost %