The iceberg: large size in hiding

An iceberg order displays only a small part of its real quantity. A participant who wants to buy 600 contracts at 7,590 without scaring the market shows 20 of them. Every time those 20 are filled, another 20 reappear at the same price, automatically, until all 600 are done. In the DOM, the level looks ordinary; in reality, it can absorb hundreds of contracts.

For an order flow reader, the iceberg is first class information: it is the footprint of a large, patient participant defending a specific price. The problem is seeing it, since it is built not to be seen.