# Percent of volume (POV)

The Percent of Volume (POV) algo attempts to spread out an order based on targeting a specified proportion of the overall market volume. An execution using the POV algo can reduce implementation costs by minimizing impact using a carefully managed, constant participation rate. 

<figure><img src="https://1135553376-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FeAUlgqmwkYTmKcyTbHKL%2Fuploads%2FCbSnaDTo8ajxX2ZE6exq%2Fimage.png?alt=media&#x26;token=49ed4994-9777-42a7-9598-6ba13f41e399" alt=""><figcaption><p>In this POV example, the algo will target 2% of the ETH perpetual futures volume on Deribit. Between now and 04/01/2024 9:53 AM, the algo will buy as much as 500 ETH worth of perpetual futures, sending order at least 1 ETH size, 1 basis point above the offer in the futures market. The algo estimates a total cost of ~$1.7 million.</p></figcaption></figure>

We can choose the parameters based on the trading goals.&#x20;

<table><thead><tr><th width="213">Parameter</th><th>Description</th></tr></thead><tbody><tr><td>Buy/Sell</td><td>Direction of the order</td></tr><tr><td>Market</td><td>The symbol &#x26; price currency of the market, and the exchange</td></tr><tr><td>Min Order Quantity</td><td>The smallest size order the algo will attempt to send</td></tr><tr><td>Max Quantity</td><td>The maximum quantity that will execute, measured in token units or contracts. Given enough time and market volume, this can also be thought of as the total quantity.</td></tr><tr><td>Take Through Fraction</td><td>At what price to send the order, relative to the opposite side market.  For example on a buy order, a take through fraction of 0 would send bids at a price equal to the best offer at the time, and a take through fraction of 0.0005 would send bids 0.05% (5 basis points) above the current offer. Increasing this parameter above 0 reduces the chance of missing out on trades in a fast moving market, but has a higher risk of price slippage. </td></tr><tr><td>Order Lockout</td><td>The minimum amount of time to wait between orders</td></tr><tr><td>Reject Lockout</td><td>If an order is rejected, wait this amount of time before trying again</td></tr><tr><td>Time</td><td>The end time of the algo, in your local timezone</td></tr></tbody></table>

If there's an insufficient volume of trading in the market, the algo is not guaranteed to fill its full size by the end time, and will cancel any remainder size. The algo can also conclude prior to the end time if the max quantity is reached.