Olympic Squat= generally a more narrow stance, bar placement is higher up on the traps and depth is pretty much ass-to-grass.
Powerlifting Squat= much wider stance (makes it more of a hamstring/posterior chain dominant movement), bar placement is a bit lower, and depth is generally where the anterior surface of the thigh is below the knee joint.
Both have their advantages and disadvantages. It's actually a good idea to fluctuate your squat depth from time to time. So you may spend 4 weeks or so doing OLY squats and then switch to powerlifting squats for 4 weeks.
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