Disclosed Quantity
The portion of an order's total size that is made visible in the public order book.
Formula
Test: disclosed quantity is less than total quantity and meets the exchange's minimum disclosure percentage
Unit
shares
In depth
Disclosed quantity is the parameter that turns an ordinary order into an iceberg, and exchanges set a floor on it — typically a minimum percentage of the total — so that the book is not rendered meaningless. It is a direct trade-off between information leakage and execution speed, since the hidden portion loses its place in the queue each time a slice refreshes. For retail-sized orders it is usually irrelevant; it starts to matter when an order is a meaningful fraction of the depth. Its existence is a good reason to distrust the visible book as a complete picture of supply and demand.
Worked example
A 50,000-share order with a 10% minimum disclosure must show at least 5,000 shares. Setting disclosure at exactly 5,000 requires ten refreshes, each rejoining the back of the queue at that price, so the fill takes considerably longer than a single displayed order would.
Illustrative figures, chosen so the arithmetic is easy to follow. Not a live price and not a valuation of any company.
Educational reference only
This entry explains what “Disclosed Quantity” means. It is not investment advice and not a recommendation to buy or sell any security. Any numbers above are illustrative, not live prices, and nothing here predicts price direction or rates a stock. Consider your own circumstances and consult a SEBI-registered investment adviser before acting.