medium · Order Flow Analysis footprint-delta

How will this typically appear in the cumulative delta chart versus an 'Iceberg' defense at a single level?

1. VWAP will cause a persistent, smooth positive drift in cumulative delta; Iceberg will cause a sharp horizontal 'shelf' of volume at one price.
2. VWAP will actually print negative delta since the algo waits for pullbacks to buy; the Iceberg defense will instead show clean positive delta.
3. There is no meaningful difference; both approaches will appear identically as simple buying imbalances scattered across the footprint chart.
4. VWAP execution shows as one sharp vertical delta spike on a single print, while the Iceberg defense shows as a completely flat, featureless line.

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