easy · Order Flow Analysis market-mechanics-execution

During the first 30 minutes of the trading session, you observe VWAP moving rapidly with every new price tick. By 2:00 PM, however, VWAP barely moves even on large volume spikes.

What causes this change in behavior?

  1. Market volatility naturally decreases in the afternoon, making VWAP more stable.
  2. Institutions stop using VWAP benchmarks in the afternoon, leading to less volume impact.
  3. Exchange algorithms lock VWAP in place after mid-day to provide a stable reference for traders.
  4. As the total volume accumulated throughout the day increases, new trades have a smaller proportional impact on the average calculation.

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