For iceberg orders, which portion is visible in the order book?

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Multiple Choice

For iceberg orders, which portion is visible in the order book?

Explanation:
Iceberg orders are designed so that only a small, predefined portion of the total size is shown in the order book. That visible portion is the displayed quantity—the rest remains hidden and is revealed only as the displayed portion gets filled. This setup lets traders conceal the full size and reduce market impact, so the exact quantity visible in the book is the displayed quantity, not the entire order or a random subset.

Iceberg orders are designed so that only a small, predefined portion of the total size is shown in the order book. That visible portion is the displayed quantity—the rest remains hidden and is revealed only as the displayed portion gets filled. This setup lets traders conceal the full size and reduce market impact, so the exact quantity visible in the book is the displayed quantity, not the entire order or a random subset.

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