It stands for target volume strategies order; an order that is sliced and executed in proportion to market volume and is not linked to a given price or period of time. In other words, TVOL orders need not be filled in their entirety. For example, a trader may seek to purchase 6% of the average volume of a firm’s shares and his broker will implement the trades as soon as possible.

A TVOL order allows an investor to participate in the market at the rate targeted by the trader. The trader can modify the participation rate as he deems necessary.