> For the complete documentation index, see [llms.txt](https://docs.tread.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.tread.fi/creating-and-submitting-orders/strategies/iceberg.md).
# Iceberg
Execution with Iceberg
The **Iceberg** strategy minimizes market impact by **splitting large orders into smaller, discrete slices**. Each slice is placed **sequentially** as the previous one fills, preventing the full order size from being exposed to the market.
**How It Works**
* The **Slices parameter** determines how many smaller orders the parent order is split into.
* Each slice size is **randomized within a ±5% range** to reduce the risk of market participants detecting the order pattern.
* If multiple accounts are selected, the engine **selects the venue with the best price for the first slice** and continues **routing all subsequent slices to that venue**.
* The platform displays only one order placement for the parent order, while **individual fills** appear in the **Fills section**.
Order Filled with Iceberg
**When to Use This Strategy**
* **Large Orders** – Ideal for executing **sizable trades** without revealing the full order size.
* **Reducing Market Impact** – Helps **prevent price movement** by keeping order sizes small.
* **Maintaining Anonymity** – Useful when traders want to **conceal the full extent** of their positions.
**Potential Drawbacks**
* **Slower Execution** – Large orders may take **longer to complete**, depending on market conditions.
* **Venue Lock-In** – Once the **first slice is executed at a venue**, all subsequent slices are **sent to the same venue**, even if better prices emerge elsewhere.
This strategy is best for traders looking to **execute large trades discreetly**, reducing **market impact and visibility** while maintaining **controlled execution**.