问题如下：
Harding and Yellow then shift their conversation to XYZ Corp. Harding tells Yellow that, after extensive research, he would like to utilize an algorithm to purchase some shares that are relatively liquid. When building the portfolio’s position in XYZ, Harding’s priority is to minimize the trade’s market impact to avoid conveying information to market participants. Additionally, Harding does not expect adverse price movements during the trade horizon.
What type of algorithm should be used to purchase the XYZ shares given Harding’s priority in building the XYZ position and his belief about potential price movements?
选项：
A.Scheduled algorithm
Arrival price algorithm
Opportunistic algorithm
解释：
A is correct.
XYZ shares are relatively liquid, and Harding has prioritized minimizing the trade’s market impact to avoid conveying information to market participants. Harding also does not expect adverse price movements during the trade horizon. Scheduled algorithms are appropriate for orders in which portfolio managers or traders do not have expectations for adverse price movement during the trade horizon. These algorithms are also used by portfolio managers and traders who have greater risk tolerance for longer execution time periods and are more concerned with minimizing market impact. Scheduled algorithms are often appropriate when the order size is relatively small (e.g., no more than 5%–10% of expected volume), the security is relatively liquid, or the orders are part of a risk-balanced basket and trading all orders at a similar pace will maintain the risk balance.
老师您好，这道题我选择了B.Arrival Price，当时选择B的时候主要就是看见了上图标红的那句话。请教一下，这句的意思难道不是，Harding认为在交易期间，并不存在反向的价格变化。也就是说交易价格有trending，所以不就是应该选择B吗？
请问下，是我对以上那句话的理解有误，还是说是考虑的点比较偏？
