Hide your order size by using iceberg orders at Interactive Brokers

When trading large blocks of shares, particularly in illiquid stocks, it helps to hide the number of shares in your order. You can do this with what is called an iceberg order. The video below shows how they work in Interactive Brokers Traders’ Workstation as I try to cover a large short position in an illiquid stock. You can learn more about all complex order types at IB by visiting their order type page.

Disclosure: No positions in any stock mentioned. This blog has a terms of use and you can find all my disclaimers and disclosures there as well; my full terms of use is incorporated by reference into this post.

11 thoughts on “Hide your order size by using iceberg orders at Interactive Brokers”

  1. Hey Reaper, I just got IB, does IB charge 100.00 to 50.00 when I cancel an order? I read this on their site, I’ve cancelled orders before but I don’t see the charge in my account.

    thanks

  2. That’s very good advice

    OT: Reaper what’s the deal with Left? Why the domain switch to .net? He hasn’t put a new report in awhile, he’s been on a cold streak.

    1. Good question. I guess they are both options. Iceberg orders would be better to the extent that you would get preferential fills on the shown quantity. If there are 800 shares other than mine bid at 5.60 and I bid first with a hidden order, my order will fill last. If I am showing 400 on an iceberg order, my 400 shown will get filled first. Shown orders are always filled before hidden orders.

      http://www.interactivebrokers.com/en/trading/orders/hidden.php?ib_entity=llc

  3. Thought you might be interested in adding the “Trader Dashboard” function to your TWS since I saw you had the SPY on your tab. Look into it.

Leave a Reply to Reaper Cancel reply

Your email address will not be published.

Please complete the formula below to prove that you are human * Time limit is exhausted. Please reload CAPTCHA.

This site uses Akismet to reduce spam. Learn how your comment data is processed.