Iceberg Order
A large order split so only a small visible portion shows in the order book; the rest is hidden and refreshes automatically as each slice fills.
An iceberg order (also called a reserve order) lets an institutional trader work a large position without telegraphing the full size to the market. Only a small peak quantity is visible; the remaining hidden quantity automatically replenishes the visible slice as it fills.
When sophisticated traders notice repeated lots of the same size refreshing at the same price in the order book, they recognize an iceberg and may trade aggressively against it — so icebergs are not invisible, just less conspicuous than a single large order.
Iceberg mechanics vary by exchange: some randomize the visible quantity slightly to make detection harder.
Related Terms
Block Trade
A single large transaction — typically 10,000+ shares or $200,000+ in value — usually executed privately to minimize market impact.
AdvancedDark Pool
A private, off-exchange trading venue where large institutional orders are matched anonymously without pre-trade transparency.
AdvancedHidden Order
A limit order whose full quantity is invisible to other market participants — only the fill is reported post-execution.
AdvancedLevel 2 Data
The full order book showing all visible bids and asks beyond the best inside quote, including size at each price level.
IntermediateMarket Depth
The volume of open buy and sell orders at various price levels — a measure of how much size the market can absorb without large price movement.
IntermediateOrder Book
The real-time record of all outstanding buy and sell limit orders for an asset, organized by price level.
BeginnerOrder Flow
The stream of incoming buy and sell orders hitting the market — analysis of order flow reveals who is aggressive and where price is likely headed next.
Advanced