{"id":37973,"date":"2026-05-29T19:32:20","date_gmt":"2026-05-29T19:32:20","guid":{"rendered":"https:\/\/volity.io\/non-classifiee\/what-is-twap\/"},"modified":"2026-06-04T11:44:22","modified_gmt":"2026-06-04T11:44:22","slug":"what-is-twap","status":"publish","type":"post","link":"https:\/\/volity.io\/fr\/glossaire\/what-is-twap\/","title":{"rendered":"Qu&rsquo;est-ce que le TWAP"},"content":{"rendered":"<h2>Comment fonctionne le TWAP<\/h2>\n<p>Le TWAP, ou prix moyen pond\u00e9r\u00e9 par le temps, est le prix moyen d&rsquo;un actif sur une p\u00e9riode donn\u00e9e, en pond\u00e9rant chaque instant de fa\u00e7on \u00e9gale. C&rsquo;est aussi une m\u00e9thode d&rsquo;ex\u00e9cution : un ordre TWAP d\u00e9coupe un gros trade en parts \u00e9gales r\u00e9parties uniform\u00e9ment dans le temps, donc vous remplissez progressivement au lieu de bouger le march\u00e9 avec un seul gros ordre. Le but est de payer pr\u00e8s du prix moyen plut\u00f4t qu&rsquo;un seul clich\u00e9, possiblement mauvais.<\/p>\n<h2>Exemple chiffr\u00e9<\/h2>\n<p>Vous devez acheter une grosse position sur une heure. Envoy\u00e9 en un seul ordre au march\u00e9, il d\u00e9vorerait le <a href=\"https:\/\/volity.io\/fr\/glossaire\/what-is-an-order-book\/\">carnet d&rsquo;ordres<\/a> et pousserait le prix contre vous. Un ordre TWAP ach\u00e8te plut\u00f4t une part \u00e9gale toutes les quelques minutes pendant l&rsquo;heure enti\u00e8re, donc votre remplissage moyen tombe pr\u00e8s du prix moyen pond\u00e9r\u00e9 par le temps et votre impact de march\u00e9 reste petit. Le compromis est que le prix peut d\u00e9river pendant l&rsquo;attente.<\/p>\n<h2>TWAP versus VWAP<\/h2>\n<p>Le TWAP pond\u00e8re par le temps seul, fractionnant uniform\u00e9ment quel que soit le volume ; le <a href=\"https:\/\/volity.io\/fr\/glossaire\/what-is-vwap\/\">VWAP<\/a> pond\u00e8re par le volume, tradant plus quand le march\u00e9 est actif. Le TWAP est plus simple et marche bien quand le volume est r\u00e9gulier ou impr\u00e9visible. Sur Volity, casser un gros ordre en parts minut\u00e9es est un moyen pratique de r\u00e9duire le <a href=\"https:\/\/volity.io\/fr\/glossaire\/what-is-slippage\/\">slippage<\/a> sur les instruments moins liquides.<\/p>\n<h2>Pourquoi c&rsquo;est important<\/h2>\n<p>Le TWAP compte surtout quand votre ordre est gros par rapport \u00e0 la liquidit\u00e9 disponible, car le larguer d&rsquo;un coup garantit un prix pire. Servez-vous d&rsquo;une ex\u00e9cution minut\u00e9e pour vous fondre dans le march\u00e9 au lieu de le combattre. \u00c0 lire aussi : <a href=\"https:\/\/volity.io\/fr\/glossaire\/what-is-vwap\/\">VWAP<\/a> et <a href=\"https:\/\/volity.io\/fr\/glossaire\/what-is-slippage\/\">slippage<\/a>.<\/p>\n<p>Pour aller plus loin, voir notre page <a href=\"https:\/\/volity.io\/fr\/forex\/\">forex<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Comment fonctionne le TWAP Le TWAP, ou prix moyen pond\u00e9r\u00e9 par le temps, est le prix moyen d&rsquo;un actif sur une p\u00e9riode [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":38161,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"custom_schema":"","footnotes":""},"categories":[258],"tags":[],"class_list":["post-37973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-glossaire"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Qu&#039;est-ce que le TWAP<\/title>\n<meta name=\"description\" content=\"Le TWAP est le prix moyen pond\u00e9r\u00e9 par le temps, \u00e9chantillonn\u00e9 \u00e0 intervalles \u00e9gaux. 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