ok ... I guess this question is addressed to all futures traders ... I suspect on some platforms ECBOT , globex maybe etc there can be orders at certain price levels that are not seen in the DOM any comments ?
I think its no better or worse than pit traded contracts. the DOM display just gives you the false impression that you have an idea what is offered.
Fake orders are everywhere, whether it is an order that takes a price sellers every time it goes bid (iceberg), or it is the 6000 lot that comes in the TY when hardy is trying to squeeze the last drops out of his scalp before he takes it the other way. There are like 30 pages of different types of orders Xtrader can work (even more i hear with v7.0). I suggest just quickly learn to recognize the prominent ones and adapt like you had to do with the fake size in the market.
i agree. hidden orders are more of a function of the trading front end than what the exchange allows. the exchange may only have y number of native order types, but a good platform like tt, refco pro etc can simulate whatever you want under given price conditions. also - think of this - a stop order could be thought of as a hidden order. you dont see it on the book, but it will lift the orders when the price is right!
Who is being being filled thanks to the stop orders, is able to see/know they were STOPS and not LIMIT orders?