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Hidden Orders
What are hidden (stock market) orders?
A hidden order is an order that most of the time will not show up in the level 2 window.
The order will only be visible if it is about to be executed. The order will only appear when it is on top of the list. In other words, when it’s the highest bid or lowest ask order.
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Video: Stock market hidden orders at 06:18
Most of the time hidden orders are very big orders. When they appear, because the price is the closest to the market price, you will see that the volume of that order is decreasing as they are eaten away by the market.
The main reason why hidden orders are used, is because this way other traders cannot deliberately put an order just one cent above or below that hidden order.
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