hard · Order Flow Analysis

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 result in negative delta because it only buys on pullbacks; Iceberg will show positive delta.
3. There is no difference; both appear as buying imbalances on the footprint.
4. VWAP will show as a single vertical spike; Iceberg will show as a flat line.

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