{"id":12205,"date":"2026-05-22T13:38:38","date_gmt":"2026-05-22T13:38:38","guid":{"rendered":"https:\/\/lemonn.co.in\/blog\/glossary\/iceberg-order\/"},"modified":"2026-05-22T13:38:38","modified_gmt":"2026-05-22T13:38:38","slug":"iceberg-order","status":"publish","type":"glossary","link":"https:\/\/lemonn.co.in\/blog\/glossary\/iceberg-order\/","title":{"rendered":"Iceberg Order"},"content":{"rendered":"<p>An <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/iceberg-order\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">iceberg order<\/a> lets you place a large quantity but show only a small portion of it on the exchange order book at a time. As each visible slice gets executed, the next slice is automatically released. The idea is to avoid spooking the market with a huge bid or offer &#x2014; the bulk of the order stays hidden under the surface, just like the rest of an iceberg.<\/p>\n<div><strong>Key takeaways:<\/strong>\n<ul>\n<li>Iceberg orders break a big order into smaller visible chunks, called &#x201C;legs&#x201D; or &#x201C;slices&#x201D;.<\/li>\n<li>Only one slice is visible to the market at any time; the rest queue up at the <a class=\"glossaryLink\"  href=\"https:\/\/lemonn.co.in\/blog\/glossary\/broker\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'  tabindex='0' role='link'>broker<\/a>&rsquo;s end.<\/li>\n<li>Available on <a class=\"glossaryLink\"  href=\"https:\/\/lemonn.co.in\/blog\/glossary\/nse\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'  tabindex='0' role='link'>NSE<\/a> for <a class=\"glossaryLink\"  href=\"https:\/\/lemonn.co.in\/blog\/glossary\/equity\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'  tabindex='0' role='link'>equity<\/a>, F&amp;O and currency segments since the 2020 iceberg framework.<\/li>\n<li>Helpful for HNIs and institutions, but available to retail traders at most major brokers.<\/li>\n<li>Not a guarantee of stealth &#x2014; algorithms can sometimes detect iceberg patterns by execution behaviour.<\/li>\n<\/ul>\n<\/div>\n<h2 id=\"why-hide-an-order-at-all\">Why hide an order at all?<\/h2>\n<p>Large visible orders can move prices. If you want to buy 50,000 <a class=\"glossaryLink\"  href=\"https:\/\/lemonn.co.in\/blog\/glossary\/shares\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'  tabindex='0' role='link'>shares<\/a> of a mid-cap that trades only a few lakh shares a day, putting the full 50,000 on the bid will scare sellers into raising prices. Iceberg orders solve this by exposing only, say, 5,000 shares at a time. The remaining 45,000 wait behind the scenes and get fed in one slice at a time as earlier slices fill.<\/p>\n<h2 id=\"how-iceberg-orders-work\">How iceberg orders work<\/h2>\n<ol>\n<li>You enter the total quantity (e.g., 50,000) and the number of legs (e.g., 10).<\/li>\n<li>The broker splits the order into ten slices of 5,000 each.<\/li>\n<li>The first slice goes live on the exchange order book at your specified price.<\/li>\n<li>When that slice is fully filled, the second slice is released, and so on.<\/li>\n<li>You can cancel or modify the remaining slices any time &#x2014; only the slice that is currently live needs to be modified at the exchange.<\/li>\n<\/ol>\n<h2 id=\"rules-set-by-indian-exchanges\">Rules set by Indian exchanges<\/h2>\n<ul>\n<li>Minimum lot for iceberg is set by NSE\/<a class=\"glossaryLink\"  href=\"https:\/\/lemonn.co.in\/blog\/glossary\/bse\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'  tabindex='0' role='link'>BSE<\/a> per segment &mdash; typically 100 shares or above for cash equity.<\/li>\n<li>You can split an order into a maximum of ten legs.<\/li>\n<li>All slices must be at the same price; you cannot stagger price levels within one iceberg.<\/li>\n<li>The order must be a <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/limit-order\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">limit order<\/a> &#x2014; market iceberg orders are not allowed.<\/li>\n<\/ul>\n<h2 id=\"when-iceberg-orders-make-sense\">When iceberg orders make sense<\/h2>\n<ul>\n<li><strong>Mid-cap and small-cap accumulation:<\/strong> <a class=\"glossaryLink\"  href=\"https:\/\/lemonn.co.in\/blog\/glossary\/stocks\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'  tabindex='0' role='link'>Stocks<\/a> with thin <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/liquidity\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">liquidity<\/a> where a big order would move the price.<\/li>\n<li><strong>F&amp;O legging:<\/strong> Building a large futures position without revealing intent.<\/li>\n<li><strong>HNI exits:<\/strong> Selling a sizeable holding gradually to minimise market impact.<\/li>\n<\/ul>\n<h2 id=\"pros-and-cons\">Pros and cons<\/h2>\n<table>\n<tr>\n<th>Pros<\/th>\n<th>Cons<\/th>\n<\/tr>\n<tr>\n<td>Reduces market impact<\/td>\n<td>Slower execution &#x2014; full quantity may not fill<\/td>\n<\/tr>\n<tr>\n<td>Conceals true size from competitors<\/td>\n<td>Limit-only, so you risk missing the price<\/td>\n<\/tr>\n<tr>\n<td>Useful in illiquid scrips<\/td>\n<td>Sophisticated algos can sometimes detect the pattern<\/td>\n<\/tr>\n<\/table>\n<h2 id=\"iceberg-vs-other-large-order-tools\">Iceberg vs other large-order tools<\/h2>\n<p>An iceberg differs from a <strong>bulk deal<\/strong> (a negotiated single trade reported separately) and from a <strong>block deal<\/strong> (a special window with size and price thresholds). Iceberg is purely an order book tactic &#x2014; it splits one order across the regular order book, while bulk and block deals are exchange-defined mechanisms for transparent large trades.<\/p>\n<h2 id=\"frequently-asked-questions\">Frequently asked questions<\/h2>\n<div>\n<h3 id=\"is-iceberg-order-available-on-lemonn\">Is iceberg order available on Lemonn?<\/h3>\n<p>Yes, most Indian brokers including Lemonn support iceberg orders for NSE cash, F&amp;O and currency segments.<\/p>\n<h3 id=\"does-iceberg-guarantee-my-order-will-fill-at-the-limit-price\">Does iceberg guarantee my order will fill at the limit price?<\/h3>\n<p>No. Each slice still depends on counterparty interest at your price. If the market moves away, the remaining slices stay unfilled.<\/p>\n<h3 id=\"can-i-use-iceberg-with-stop-loss\">Can I use iceberg with stop loss?<\/h3>\n<p>Iceberg is supported with limit orders. Some brokers allow combining it with a separate <a class=\"glossaryLink\" href=\"https:\/\/lemonn.co.in\/blog\/glossary\/stop-loss-order\/\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">stop loss order<\/a>, but the iceberg itself cannot be a stop loss order.<\/p>\n<h3 id=\"are-there-extra-charges-for-iceberg-orders\">Are there extra charges for iceberg orders?<\/h3>\n<p>Each slice is treated as a separate order, so flat per-order brokerage may apply per slice. STT and exchange fees are charged on actual executed value.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>An iceberg order lets you place a large quantity but show only a small portion of it on the exchange order book at a time. As each visible slice gets executed, the next slice is automatically released. The idea is to avoid spooking the market with a huge bid or offer &#x2014; the bulk of [&#x2026;]<\/p>\n","protected":false},"author":3,"featured_media":0,"menu_order":0,"template":"","meta":{"_uag_custom_page_level_css":"","footnotes":""},"class_list":["post-12205","glossary","type-glossary","status-publish","hentry"],"blocksy_meta":[],"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false,"web-stories-poster-portrait":false,"web-stories-publisher-logo":false,"web-stories-thumbnail":false},"uagb_author_info":{"display_name":"Ashutosh","author_link":"https:\/\/lemonn.co.in\/blog\/author\/ashu\/"},"uagb_comment_info":0,"uagb_excerpt":"An iceberg order lets you place a large quantity but show only a small portion of it on the exchange order book at a time. As each visible slice gets executed, the next slice is automatically released. The idea is to avoid spooking the market with a huge bid or offer &#x2014; the bulk of&hellip;","_links":{"self":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary\/12205","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary"}],"about":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/types\/glossary"}],"author":[{"embeddable":true,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/users\/3"}],"version-history":[{"count":0,"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/glossary\/12205\/revisions"}],"wp:attachment":[{"href":"https:\/\/lemonn.co.in\/blog\/wp-json\/wp\/v2\/media?parent=12205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}