It stands for would or work; a trading algorithm (algorithmic trading instrument or technique) that becomes very active and aggressive within a narrow, trader-defined range of the specified strike price (the “would” part), and if the stock departs the range, it stays involved by working along with volume (the “work” part). The order is treated as an ‘I would’ order within the pre-set range, actively and aggressively seeking liquidity in lit and dark venues (lit and dark pools), while outside of the range, the order will be worked along with trading volume, with the trader having discretion to define the so-called “max work rate” amongst other parameters.

It is known for short as WoW.