Iceberg order
A large order split up: only a small part is visible and refills on each fill. The real size stays hidden.
An iceberg order only shows a fraction of its size; as soon as it's consumed, it automatically refills. The result: a level that 'refuses' to break despite repeated fills.
In depth
An iceberg order lets a large player hide their true size: only a small visible portion is displayed, and as soon as it fills, a new slice automatically refills at the same price. The book shows 50 lots, but thousands can hide behind it. It's the favorite mechanic of institutions wanting to accumulate or distribute without revealing their hand.
The iceberg is often the technical cause of absorption: a level that 'refuses' to give way despite waves of market orders. The key isn't to see it in the book (it's hidden) but to infer it from its effect: lots of volume traded at a price, very little progress.
On DeepCharts, spot the iceberg by heatmap/footprint contrast: the heatmap only shows a small order, but the footprint shows huge volume at that price while price doesn't move. Repeated refills at the same tick are the signature.
At the bid, 50 visible lots absorb 2,000 lots without moving → buy-side iceberg.
Selling (or buying) on the grounds that 'the book is empty on that side'. Visible size says nothing about hidden size: a level that looks thin can conceal an iceberg soaking up everything. Judge by execution, not by display.
Frequently asked
How do you detect an iceberg order?
You don't see it directly: you infer it. A level absorbing volume disproportionate to its displayed size, with repeated refills at the same price, reveals an iceberg.
Iceberg vs absorption: what's the link?
The iceberg is a frequent technical means of absorption. Absorption is the phenomenon (price not giving way); the iceberg (a hidden refilling order) is a common cause.
Are icebergs legal?
Yes. Unlike spoofing (fake orders pulled before execution), an iceberg is a real order that executes, it's simply split to hide size. It's a legal, common practice.
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