Hidden Order

A hidden order (also called an iceberg order or reserve order) is a large trade instruction where only a small portion of the total order size is displayed in the public order book at any given time, with the remaining quantity concealed from other market participants. As each visible tranche is executed, the next portion is automatically revealed and displayed. Hidden orders allow institutional investors to execute large trades without telegraphing their full intent to the market, which could cause adverse price movement before the order is complete. On NSE and BSE, hidden order functionality is available to institutional and algorithmic traders through direct market access (DMA) systems and is a standard tool in large-block equity execution strategies.