Iceberg Order

An iceberg order is a large order that is split into smaller, visible portions to hide the true size of the position from the market. Only a small part of the total order is visible in the order book at any given time.

As each small part is filled, the next part is automatically placed. This technique is used by institutional traders to prevent their large orders from causing significant price impact or signaling their intentions to other market participants.

It is a common tool for managing execution in liquid markets.