FDAX: order flow on Eurex
Native icebergs and reloads: the Eurex signature
Why the reload is the DAX's king read
An iceberg displays only a slice of its real size and reloads on every fill. On the NQ, the accumulating participant can hide: he slides from quarter point to quarter point, reappears one notch lower, dilutes his presence over fifteen steps. You see something, you are never sure it is the same participant.
On the FDAX, he no longer has enough steps to hide. If he wants to absorb 800 lots, he absorbs them on one, two, three prices at most. The reload at the same price becomes an unambiguous event. When the iceberg detector lights up on the DAX, there really is someone behind it: absorption signals are fewer than on the Nasdaq, and markedly more reliable.
The rest of this lesson is for students
- Native or synthetic: what MBO lets you tell apart
- The three proofs of an iceberg, on the DAX
- How many reloads before believing it
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