 What do you notice about these candles? There seems to be a wall of resistance. Volume bars show aggressive buying and volume dots show where the transactions happened. For every active buyer, there's a passive seller. But when we turn on the liquidity heat map, the order book is surprisingly thin. So who's taking the other side of all this buying? It's an iceberg order. These hidden orders are typically placed by large institutional investors. The iceberg indicator confirms a fill of over 2,500 contracts. We don't know the reason behind it. They could be entering, they could be taking profit, they could have a one hour time horizon, or a one month time horizon. They could be simultaneously hedging in different instruments, or entering a naked short position, and will become trapped if the market moves against them. So, how can you use this information in your trading plan? One strategy would be to scalp in the direction of the iceberg, using it to manage your risk with an extremely tight stop. You could also back test a breakout strategy, as when the iceberg is fully filled, there's often a surge of momentum through the level. Or else, you can just use the iceberg to add context to your existing setup or bias.