Iceberg Order Alert

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Iceberg Order Alert

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Set to “True” if you want to be alerted when there is an iceberg order being executed. Note that the Iceberg Order will appear as follows:

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Initial Limit        Number of contracts when this level became the inside bid.

Traded                Number of contracts traded at this level so far

Curr Lmt                Number of contracts remaining on limit orders on the inside bid

 

Note that iceberg detection works for both inside bid and inside ask. This alert will be displayed as soon as the iceberg is detected. More orders may be executed at the level after the alert is issued. Expect the number of orders on the Summary Tape to be different from those on the alert because of this.

 

Alert

Check to switch the alert on.

 

Minimum Quantity

Minimum quantity traded to trigger an Iceberg.

Minimum Qty

Initial Limit Order Qty

Qty Traded

Alert Triggered

200

200

400

Yes

200

30

199

No

200

5000

5100

No

200

780

1300

Yes

 

 

Plot

Check this box you would like the iceberg alert market to appear on the chart. When an iceberg alert is issued, you will see:

 

NinjaTrader -  a small triangle on the chart.

OEC Trader/S5Trader – a small arrow on the chart

 

The markers print as an upward pointing arrow/triangle for icebergs at the bid and a downward pointing triangle for icebergs at the Ask.

 

Bid Iceberg Color

This color is used for the chart markers for icebergs on the bid.

 

Ask Iceberg Color

This color is used for the chart markers for icebergs on the ask.

 

Bid Audio

Audio file to play when the iceberg order alert is triggered and the iceberg is on the bid side. Set to None, the default audio or click custom to select your own audio file to play.

 

Ask Audio

Audio file to play when the iceberg order alert is triggered and the iceberg is on the ask side. Set to None, the default audio or click custom to select your own audio file to play.

 

 

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This alert tells you as soon as it detects large quantity of trades hitting a smaller bid/ask. This occurs quite frequently, especially when the initial inside order quantity is small. When you see this alert, go to the Summary Tape and watch what happens, particularly in the case where there is still a decent quantity on the “Curr Lmt”. When the “Curr Lmt” is still a good size (relative to the market), then those are the cases where you will see the accumulation/distribution continue. If on the other hand, you see 500 initial limit, 800 traded and just 2 remaining on limit, the chances are it’s about to move through the level. You need to see continuation of the trading at the level to then decide if someone is truly building a position there.

 

If someone is building a long position with an iceberg, they need sellers to come in. This gives them someone to buy from and also builds stops above they can exit against. Do not expect to be able to buy when you see an iceberg on the bid and use a 1 tick stop. Very often, the will let the market come down a 4 or 5 ticks (on the ES) before driving it up through the stops with buy market orders. This action gives them more sellers who see the 4 or 5 tick drop as weakness.