Configure an order above and click Analyse to compute the efficient frontier.
The cyan curve is the AC frontier — the achievable (cost, variance) trade-off as risk aversion λ varies in the closed-form AC schedule. The four canonical schedules sit at different points: TWAP at the low-λ end (low cost, high variance — risk-tolerant), Front-loaded at the high-λ end (high cost, low variance — risk-averse), AC Linear at the calculator's default λ. Back-loaded is the only schedule that sits above the curve — back-loading is outside the AC parameter space, and the gap above the curve at its variance is the cost penalty of choosing a strictly suboptimal schedule.