Do hidden or Iceberg orders still show in T&S

Discussion in 'Order Execution' started by excrypto, Aug 27, 2019.

  1. excrypto


    Like title says. I know they don't show in lvl 2. But what about once they're completed orders.
  2. I guess they will be shown in T&S as filled orders. The opposite would surprise me.
    L2 alone does not show the whole truth. You never know if there is not a hidden seller who dumped the stock after you get filled on the ask (buying)
  3. Robert Morse

    Robert Morse Sponsor

    Yes. All trades need to be put to the tape from the ECN/Exchange/Dark pool you send your order to.
  4. KCalhoun


    right rm ... as a 20-year veteran tape reader, I'd add:

    a) mkt makers work reserve order flow into t&s 100-300 shares at a time vs big 10k blocks, to conceal their intent/size (for icebergs), when practical

    b) during strong breakouts they can't do that and have to increase size to 1k+ share blocks

    c) in tape reading I look for increasing volume in green prints/ask orders as seen in more block trades as price goes up

    d) unless you're scalping large 3-5k+ size for tiny moves, L2 is not as useful as it once was; the tape is key
  5. qlai


    Does this mean you see 1k+ blocks on the tape or simply more shares trading at same price at same time or both?
  6. That is a valuable information. Thank you
  7. You will see only the filled order. Bookmap software is showing iceberg orders in numbers amd also in heatmap.