Iceberg Order

An iceberg order is a large trade instruction split into smaller visible portions, where only a fraction of the total order quantity is displayed in the market's order book at any given time. As each visible slice gets executed, the next portion automatically becomes visible, making the full order size invisible to other market participants. Institutional investors and large traders use iceberg orders to avoid signalling their full buying or selling intent to the market, which could move prices adversely against them before the order is complete. On Indian exchanges like NSE and BSE, iceberg orders are supported through advanced order management systems available on professional trading platforms.