SEC Hidden Volume Analysis
Daily hidden (iceberg) order volume on lit exchanges — SEC MIDAS data
Total Tickers
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Avg Hidden Rate
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Date Range
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Highest Hidden Volume
Securities with highest hidden order volume. Click a row to view the chart.
| Ticker | Description | Hidden Vol | Lit Vol | Hidden Rate | Date |
|---|
Hidden Volume Chart
Click on any ticker in the table to view its price chart. Use Arrow keys to navigate.
HR%
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Data source: SEC MIDAS — daily hidden order volume on lit exchanges (Arca, Nasdaq, NYSE, etc.).
Unlike dark pool volume, this measures iceberg orders on public exchanges.
Hidden Volume
Periodic match
Periodicity line
Future projection
Bubble size = relative trade importance
Understanding SEC MIDAS Hidden Volume
SEC MIDAS vs FINRA/CBOE
- SEC MIDAS: Tracks hidden (iceberg) orders on lit exchanges — orders that are partially displayed. Data is daily.
- FINRA ATS: Tracks volume on dark pools (Alternative Trading Systems) — completely off-exchange. Data is weekly with ~4 week delay.
- CBOE: Reports exchange-level volume statistics including estimated dark pool share.
- Key difference: Hidden volume happens on public exchanges but is not fully visible in the order book. Dark pool volume happens entirely off-exchange.
What is Hidden Volume?
- Iceberg orders: Large orders that only show a small portion in the order book. The hidden part executes as the visible part is filled.
- Hidden rate: Percentage of total volume that was hidden. Higher rates suggest more institutional activity.
- Why it matters: High hidden volume at key price levels can indicate institutional accumulation or distribution.
- Data source: SEC MIDAS (Market Information Data Analytics System)
Data Sources
Hidden Volume: SEC MIDAS (daily)