HETMANCAPITAL
PLJoin the Club

Iceberg order

Trader's Glossary · Order flow

Iceberg order

Definition. A large limit order of which only a small part is visible in the book. Once the visible part is filled, another part automatically appears.

How it works

Large participants split their orders so as not to reveal the full scale of their interest. The book shows a small size, but the volume executed at that level is many times larger than what was visible.

Example

An order for a few contracts sits at a level, but several hundred were executed there. The order was continuously refilled, which is a sign of absorption.

What to watch out for

Hidden orders aren't directly visible. Their presence can only be inferred by comparing the visible liquidity with what actually traded.

This is the liquidity heatmap in the Hetman Terminal (Liquidity Chessboard). Screenshot from the Hetman Index (IHA) – a training instrument, simulated data.
This is the liquidity heatmap in the Hetman Terminal (Liquidity Chessboard). Screenshot from the Hetman Index (IHA) – a training instrument, simulated data. See all the Hetman Terminal tools →

♛ The Hetman Terminal is part of Club: live for Dow Jones from the Bishop plan, 6 markets (Dow Jones, S&P 500, Nasdaq, gold, crude oil, Bitcoin) and automatic detection of order flow events from the Rook plan. A session on the ♛ Hetman Index (training, simulated data) in the full panel comes with the Knight plan and above. Compare the plans →

See also

Absorption, DOM (order book), Spoofing.

More in Hetman Capital Club

You'll find the full explanation with graphics, examples and exercises in the 📖 Order flow encyclopedia space, and its use in the live market in the 🔴 Live Room. Both are available to Club members (in Polish).

Educational content, not investment advice.