Alpaca has introduced two new features for Trading API users—Direct Market Access Gateway (DMA Gateway) and advanced order types, including Volume-Weighted Average Price (VWAP) and Time-Weighted Average Price (TWAP)—to enhance trading strategy customization for sophisticated traders such as hedge funds and proprietary trading firms. The DMA Gateway allows users to specify execution exchanges like NASDAQ, ARCA, and NYSE, offering greater precision in order execution and enabling strategic routing to minimize market impact. The introduction of VWAP and TWAP order types provides flexibility in order execution timing and price averaging, enabling more robust and adaptive trading strategies. These features are accessible through Alpaca's Elite Smart Router for Trading API, which allows for easy integration and institutional-level precision in trading systems. Alpaca is committed to expanding its offerings to meet the evolving needs of algorithmic traders, with plans to introduce additional destinations and order types in the future.