easy · Order Flow Analysis order-book-dom

You are monitoring a ZN (Treasury) market. You see a bid of 112-08 showing 45 contracts. Over 5 minutes, 380 total contracts trade at that bid price, but the bid quantity refreshes to 45 after each fill and the price never drops.

What institutional tool is being utilized?

  1. A VWAP algorithm, which executes orders in proportion to market volume.
  2. A market-making HFT, which is balancing its inventory by providing two-sided liquidity.
  3. An Iceberg order, where a large participant is resting a hidden buy order.
  4. Institutional TWAP, dividing a large order into equal-sized time slices.

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