The Stop Iceberg indicator from VolBook è designed to monitor and identify Iceberg orders and Stop orders in the market using MBO (Market By Order) technology. This indicator tracks the presence and execution of Iceberg orders (hidden, split into smaller lots)and the amount of active Stop orders, showing in real time how these orders affect price movement.

INDICE

• What'è an Iceberg Order
  • Typologies of Iceberg Orders
    • Native Iceberg Order
    • Synthetic Iceberg Order
  • Cos'è a Stop Order
  • Settings-of-Use
    • How-to-Set-the;stop-Iceberg indicator
  • GENERAL
    • Database
    • Filter-minimum
  • ICEBERG SETTINGS
    • Iceberg-color-in-ask
    • Iceberg-color-in-bid
  • GENERAL
    • Filter-maximum
    • STOP-IMPOSTATIONS
      • Color stop bid
      • Stop ask color
  • VISUALIZATION SETTINGS
    • Modalità visualization
    • Parameters-display
    • Line-thickness
    • Use separate axes
  • NOTIFY STOP
    • Enable
    • Threshold
    • Enable popup
  • NOTIFY ICEBERG
    • Enable
    • Threshold
    • Enable popup
• Example-analysis-Iceberg-Orders-and-Stop

What'è an Iceberg Order

An iceberg order è a type of buy or sell order characterized by its partial visibility in the order book. The order è divided into a visible quantity ("tip") and a hidden part ("hidden"), which enters the market only when the visible quantity è fully executed. This mechanism è used to mask the overall size of the order, reducing the visual impact of the transaction on the market, a practice used by large institutional traders who do not wish to make their intentions known in the market, or to limit the risk of adverse price movements.

Iceberg Order Types

• Native Iceberg Order

  È an order type supported directly by the exchange's matching engine. Native iceberg orders allow you to hide a significant part of the total volume and reveal only a small part of it (the "tip"). The rest of the volume is gradually executed and "replaced" once the visible levels are depleted.

• Synthetic Iceberg Order

  It is created by trading software that handles the order by breaking it "directly" into several smaller orders, making them appear progressively on the book. These orders are not native to the exchange, and the behavior is simulated by external algorithms.

The'MBO (Market By Order) è a technology that provides access to granular information at the individual order level in the book, providing detailed data such as the order's identifier, initial quantity, remaining volume, and order status (partially executed or fully executed). This visibility makes it possible to identify behaviors typical of iceberg orders, which are characterized by a quantity that is constantly "reloaded" each time the visible part is executed.

With the MBO è it is possible to see native iceberg orders because they are handled directly by the exchange's matching engine, which makes both the visible and hidden parts of the order identifiable. In contrast, synthetic Iceberg orders are not visible directly with the MBO because they are handled outside of the exchange's matching engine, making them indistinguishable from other common orders.

The identification of these types of orders, allow for improved understanding of market dynamics by enabling traders to adjust their strategies based on the presence of traders who are attempting to hide their activity. This abilityà to "read" the behavior of icebergs è crucial to understanding levels of possible institutional interest.

For more information on the data MBO you can check out the'dedicated article at the following link

What'è a Stop Order

Stop Orders are market orders that are triggered when the price reaches a certain level. They are used both to limit losses and to enter the market at specific points, but their key feature è that they become immediately executable when the trigger price is reached.

With data streams such as Rithmic, è it is possible to reconstruct orders. This technology allows proprietary algorithms to be developed to see stop orders, allowing their presence and impact on the market to be quantified when they are triggered. For example, when a price reaches a level at which numerous stop orders are accumulated, they could be executed simultaneously, generating a significant increase in the volume traded danmdove to a continuation or reverse movement of the market.

Settings-of-Use

How-To Set the Stop Iceberg Indicator

Clicking on the'Stop Iceberg Indicator;indicator settings icon, you will open its configuration window, within which you will be able to make several choices regarding the indicator's functionality.

GENERAL

1. Data-base

   Select the type of data on which the indicator is based, between Volume and Order.

2. Minimum Filter

   Defines the volume or minimum quantity of orders considered relevant to the indicator.

ICEBERG SETTINGS

3. Iceberg color-in-ask

   Sets the color to visually identify iceberg orders on the sell (ask) side.

4. Iceberg color in bid

   Sets the color to visually identify iceberg orders on the buy (bid) side.

GENERAL

5. Filter-maximum

   Sets the maximum volume or quantity of orders to be considered.

STOP SETTINGS

6. Stop Color

   Determines the color with which to display stop orders on the buy side.

7. Color stop ask

   Determines the color with which to display stop orders on the sell side.

SETTINGS-VUALIZATION

The Stop Iceberg indicator offers the user extensive customization options. By default, the indicator displays Iceberg and Stop on the same Chart Area, as illustrated in the following image.

• Stop Axis
  Indicates the amountà of stop orders identified by the indicator
• Iceberg Axis
  Indicates the amountà of iceberg orders identified by the indicator
  Indicates the amountà of iceberg orders identified by the indicator

However, the platform allows you to add multiple Stop Iceberg indicators, allowing you to separate stops and icebergs on two separate indicators, each with independent settings. In this way, the user can have different configurations, facilitating a more detailed display of the personal settings that best suit their needs.

8. Mode-display

   Defines how to aggregate and display iceberg and stop order data. Options include:
   • Sum (Sum):Displays the cumulative total of orders during market movement. Does not use a time setting for calculation
   • Last minutes: Displays orders executed in the last user-defined minutes.
   • Last seconds: Displays orders executed in the last user-defined seconds.

9. Display Parameters

   Allows you to specify the number of minutes or seconds for calculating data in the "Last minutes" or "Last seconds" modes.

10. Line-Thickness

    Sets the thickness of the line used to graphically represent order areas.

11. Use Separate Axes

    Allows data to be displayed on separate axes for better distinction.

NOTIFICATION-STOP

12. Enable

    Enable notifications for stop orders.

13. Threshold

    Defines the threshold value to enable stop order notifications
    (The threshold value indicates the minimum number of Stop Orders that the'indicator must identify in order to activate the notification)

14. Enable popup

    Allows the display of a popup alert if the indicator reaches the defined threshold.

NOTIFICATION ICEBERG

15. Enable

    Enable notifications for iceberg orders.

16. Threshold

    Defines the threshold value to enable Iceberg notifications
    (The threshold value indicates the minimum number of Iceberg Orders that the'indicator must identify in order to activate the notification)

17. Enable popup

    Enable popup alerts to be displayed when the defined threshold is exceeded.

Example Analysis Orders-Iceberg-and-Stop

• Price Action
  The market falls, driven by strong selling pressure.
• Stop Order Action
  During the initial descent, there is an increase in stop order activity, indicating market selling pressure that amplifies the bearish movement.
• Iceberg Order Action
  Iceberg orders begin to appear during the descent, with increasing action culminating in the Maximum Peak Iceberg Buy, a time when hidden passive buy orders help to absorb sellers' pressure.
• First Response
  The market rebounds, signaling a possible phase of exhaustion of selling pressure.
• Iceberg Reload
  After the rebound, new Iceberg orders appear to buy on the previous Maximum Peak of Iceberg Orders level, suggesting an attempt to maintain the price level.
• Second Response
  The market reacts positively, with a price move back up, supported by reduced pressure from Stop orders.

Important Notice: The example presented is for demonstration purposes only and in no way constitutes an invitation to trade based on the information provided. Each trader è fully responsible for his/her own analysis and trading decisions, acting on his/her own interpretation of the market and discretionary judgment.