Iceberg Order

Iceberg Order is an order (generally a large volume order) that allows the trader to disclose only a small part of the order, leaving a large undisclosed quantity to be “hidden” from the public, for the purpose of hiding the actual quantity of the order.

This order is normally used by institutional investors when they need to buy / sell large amounts of securities for their portfolio.
In this case, they can divide their large orders into smaller portions (usually by the use of an automated program), so that the public can only see a small part of the order at a time (just as the 'tip of the iceberg' is the only visible portion of a huge mass of ice).
When the disclosed portion has been filled and “the amount of order” has decreased to zero, the displayed portion of the Iceberg Order will then refresh automatically to display the original disclosed amount again. This process will repeat as necessary until the entire balance of the order is executed.

The purpose of hiding its large size using this technique is to reduce the price movements due to substantial changes in a security's supply and demand.

For the list of other types of order, go to: Types of Orders in Trading.

Useful Info:
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