Icebergs and Deep Wall: hidden liquidity

An iceberg only displays a small part of its real size in the book; every time it gets executed, it reloads automatically at the same price. It is large hidden liquidity: a player who wants to defend or accumulate without showing their hand.

The tell

A level that "refuses" to give way while executed volume (BT/AT, bubbles) far exceeds the displayed size. To the naked eye, all you see is a small order that refuses to disappear. On the heatmap, the band keeps its color when it should have gone dark long ago.

DeepCharts' Iceberg Detector automatically spots the reload pattern: one slice consumed, then placed again at the same price, over and over. This signature is invisible on data aggregated by level; it requires tracking every order, which MBO data makes possible.