Iceberg order
Volume Profile Analysis glossary · Volume Profile Technicals
Definition
A large limit order in the order book that displays only a small portion at a time, with the remainder automatically replenishing as the displayed portion is filled. Used to hide order size.
Iceberg order in plain English
Imagine you want to sell 10,000 concert tickets but you're afraid that if everyone sees such a huge pile, they'll assume something's wrong and the price will crash. So you only ever display 100 tickets at a time; as each batch sells, the next 100 quietly appear. That's an iceberg order — a giant buy or sell order that hides its true size, showing only a small tip while the rest sits hidden 'underwater.' Traders use it so their big move doesn't spook the market or let others trade against them.
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