Understanding Iceberg Orders Without the Confusion

Iceberg orders are used by large traders to hide most of their order size while showing only a small visible portion in the order book. As the visible quantity gets filled, it refreshes automatically, making it harder to spot the true size behind the order. This infographic explains the basic concept, how traders suspect an iceberg order, how it differs from absorption, and why hidden liquidity can cause price to repeatedly react at the same level. It's intended as a beginner-friendly introduction, so if you have additional insights or corrections, I'd be happy to discuss them