Iceberg Order
Also called: iceberg
A large order that's broken into smaller visible chunks — most of the size is hidden from the order book.
Order flow traders watching futures markets routinely identify icebergs at key levels, then trade in the direction of the hidden order. Spotting a buy iceberg at S&P 500 support is a high-probability long signal.
Related terms
Limit Order
beginnerAn order to buy or sell at a specific price or better — guarantees price, not execution.
Liquidity
intermediateHow easily you can buy or sell an asset without moving its price — high liquidity means tight spreads and instant fills.
Stop Order
beginnerAn order that becomes a market order once price reaches a specified trigger level — used to enter on a breakout.
Sell Limit
beginnerA pending order to sell ABOVE the current price — used to enter short on a rally to a resistance or value level.
Good Till Cancelled (GTC)
beginnerAn order that stays active until you manually cancel it or it fills — used for set-and-forget pending orders.
Fill or Kill (FOK)
advancedAn order that must fill IMMEDIATELY in full or be cancelled entirely — no partial fills allowed.