iceberg order

Iceberg orders are not truly dark either, as the trade is usually visible after the fact in the market's public trade feed.

Iceberg orders and dark pool orders (which are not displayed) are given lower priority.

A so-called "iceberg order" requires the broker to display only a small part of the order, leaving a large undisplayed quantity "below the surface".

Some markets allow dark liquidity to be posted inside the existing limit order book alongside public liquidity, usually through the use of iceberg orders.

Iceberg orders generally specify an additional "display quantity"-i.e., smaller than the overall order quantity.

A special class of these algorithms attempts to detect algorithmic or iceberg orders on the other side (i.e. if you are trying to buy, the algorithm will try to detect orders for the sell side).