Any idea how much discretion they have to cleverly "trade" the...

Any idea how much discretion they have to cleverly "trade" the buyback by timing their buys? Whatever they like, or is it more typical to just set an algorithm to throw some bids in at a figure related to the current bid or previous day VWAP etc every day. I only know about the limit on % of daily volume.

Presumably if the share price spiked to $1M per share they wouldn't bother attempting to buy back 400 shares, as an outlandish example. Similarly if this coal madness continues and we see a share price of $10 or $20 (extreme, but not insane), I would think it's not in our best interests for the buyback to aggressively blow its budget buying back a pittance of shares. Seems like that would just reward gamblers selling the top, & a dividend or waiting for share price stabilisation (if not necessarily consolidation downwards) would be more prudent.

Never been in a stock that's performing a buyback before so new to all this.