Iceberg Order Instructions

What is an iceberg order? An iceberg order refers to when investors split a large order into multiple smaller orders during substantial transactions to avoid excessive market impact. These smaller orders are automatically placed based on the current best bid/ask price and the client's predefined pricing strategy. The system will re-submit orders when the previous order is fully executed or when the latest price significantly deviates from the current order price. How to set up an iceberg order? For example: Xiaoming wants to buy 200,000 KAN but doesn't want to overly impact the market and increase purchase costs. In this case, Xiaoming can use the "iceberg order" feature. Set the total order quantity to 200,000 KAN, with an average order size of 5,000 KAN per transaction (actual order sizes will fluctuate between 90%~110% of this value). Use order depth to control the position of orders in the order book (setting depth to 0 is recommended for immediate execution), while setting a maximum purchase price to cap buying prices. After successful setup, the system will execute Xiaoming's iceberg order with: - Total order quantity = Xiaoming's set "total amount" - Each order size = Xiaoming's set "average order size" - Order price ≤ Xiaoming's set "maximum price limit" - Following this rule: execute one order, then place another - Automatically cancel and re-submit orders when "latest executed price" significantly deviates from order price - Pause orders when "latest executed price" exceeds Xiaoming's set "maximum purchase price", resuming when price falls below this limit - Automatically stop when "total executed quantity" equals "total order quantity"