Hidden Orders (a.k.a. Iceberg Orders) are orders where only a small part of the overall size is visible to market participants. They allow institutional traders to place large orders in the market without “showing their hand”. This is the way institutions and market makers disguise their intentions and avoid a direct influence on the price.
Traders look for price areas where large amounts of hidden activity accumulate (market indicating a directional move). Price levels are supported or resisted by large amounts of hidden orders. Dynamic Iceberg Development (DID) can be traded with little risk and high reward.
Hidden Orders are special types of orders that split large orders into multiple smaller parts in the order book so at any time traders only see a fraction of the whole order placed by the institutional traders. The algorithms decide how Hidden Orders are placed. Parts of the Iceberg may be placed actively (market orders) while other parts are transacted passively (resting orders). In general, there are two (2) types of Hidden Orders, which can both be detected by TTW-TradeFinder.
Native Hidden Orders (or Native Icebergs) are placed by the Stock Exchange’s algorithm. Based on the trader’s strategy, the Stock Exchange’s Algorithm decides how the Iceberg will be split up. This Iceberg activity can be traced in real-time through the algorithm’s order ID. Please note: To detect Native Hidden Orders and trace them in real-time with TTW-TradeFinder, you will need a Full-Depth MBO Data feed.
Synthetic Icebergs are calculated and fractionalized by a trader’s software off the exchange. The software splits the orders and places parts of the Iceberg individually with separate orders (and Order IDs) at the Stock Exchange when the trigger conditions are met. They are harder to detect and cannot be traced in real-time.
Native Hidden Orders (ending with “-n”) or Synthetic Icebergs (ending with “-s”) are depicted on the chart. A line representing Icebergs is also drawn in the sub-chart.
A Hidden Order has been completed (white arrow). Segments of a Hidden Order are transacting on Bid (red arrow).
Hidden Order (Iceberg) LineChoose colors for the Hidden Ask Order line and Hidden Bid Order line in the sub-chart.
Hidden Order (Iceberg) SignalEnable or Disable alerts on the chart by clicking the blue checkbox.Design and LayoutClick on the “Edit” Button to change the design, symbol, color, transparency, layout, position on the chart, and size of the signals on the chart. If you choose the design style “professional” you will get additional information about the iceberg.
The “professional” design takes up more space and displays additional information about the specific Iceberg.
Depending on the Signal design, you get the following information (see screenshot above):— Iceberg Type (Hidden Bid-n)— Price level of Iceberg finish (4381)— Traded Iceberg volume at the finish (800)— “O”: Iceberg volume still open after iceberg cancelation (0 means Iceberg fully traded, there is no more open volume remaining)— “D”: Duration that the Iceberg was in the market, measured in secondsOrder Size TriggerSets the trigger size for the finished Iceberg volume. A signal will only be shown on the chart if an Iceberg’s traded volume reaches or exceeds this value.Evaluation Method— Select “Native” to show only Native Icebergs on the chart and sub-chart (MbO-data feed needed).— Select “Synthetic” to show only Synthetic Icebergs on the chart and sub-chart.— Select “Combined” to show both Native and Synthetic Icebergs on the chart and sub-chart.Synthetic ignored size (“Synthetic” or “Combined” evaluation only)This parameter relates only to Synthetic Icebergs. It is an advanced setting that allows a user to filter out small Synthetic Icebergs from triggering a signal. Proper use will reduce chart clutter and market noise.Alert SoundAcoustic signal that sounds when a Hidden Order meets the defined conditions.Send Telegram NotificationsEnabled / Disabled allows you to send a notification to the messenger service “Telegram”.Enable Bookmap NotificationsEnabled / Disabled activates the Sound Alerts in Bookmap.