{"slug":"iceberg-orders-explained","qid":"print_size_trend","label":"Average shares per print, monthly, MSFT and KO","post_title":"Iceberg Orders Explained: Hidden Liquidity","post_url":"/blog/iceberg-orders-explained#q-print_size_trend","columns":["month","month_label","msft_shares_per_print","ko_shares_per_print"],"rows":[{"month":"2019-01-01","month_label":"Jan 2019","msft_shares_per_print":137.4,"ko_shares_per_print":175},{"month":"2019-02-01","month_label":"Feb 2019","msft_shares_per_print":137,"ko_shares_per_print":209.9},{"month":"2019-03-01","month_label":"Mar 2019","msft_shares_per_print":135.9,"ko_shares_per_print":207},{"month":"2019-04-01","month_label":"Apr 2019","msft_shares_per_print":129,"ko_shares_per_print":176.6},{"month":"2019-05-01","month_label":"May 2019","msft_shares_per_print":117.2,"ko_shares_per_print":162.6},{"month":"2019-06-01","month_label":"Jun 2019","msft_shares_per_print":122.7,"ko_shares_per_print":169.2},{"month":"2019-07-01","month_label":"Jul 2019","msft_shares_per_print":122.1,"ko_shares_per_print":163.4},{"month":"2019-08-01","month_label":"Aug 2019","msft_shares_per_print":119,"ko_shares_per_print":152.7},{"month":"2019-09-01","month_label":"Sep 2019","msft_shares_per_print":107.2,"ko_shares_per_print":142.8},{"month":"2019-10-01","month_label":"Oct 2019","msft_shares_per_print":118.3,"ko_shares_per_print":143.2},{"month":"2019-11-01","month_label":"Nov 2019","msft_shares_per_print":126.8,"ko_shares_per_print":158.8},{"month":"2019-12-01","month_label":"Dec 2019","msft_shares_per_print":125,"ko_shares_per_print":161.4},{"month":"2020-01-01","month_label":"Jan 2020","msft_shares_per_print":116.5,"ko_shares_per_print":168.1},{"month":"2020-02-01","month_label":"Feb 2020","msft_shares_per_print":108.6,"ko_shares_per_print":136.9},{"month":"2020-03-01","month_label":"Mar 2020","msft_shares_per_print":102,"ko_shares_per_print":127.8},{"month":"2020-04-01","month_label":"Apr 2020","msft_shares_per_print":107.8,"ko_shares_per_print":122.5},{"month":"2020-05-01","month_label":"May 2020","msft_shares_per_print":106.5,"ko_shares_per_print":125.1},{"month":"2020-06-01","month_label":"Jun 2020","msft_shares_per_print":100.6,"ko_shares_per_print":120.5},{"month":"2020-07-01","month_label":"Jul 2020","msft_shares_per_print":87.9,"ko_shares_per_print":136},{"month":"2020-08-01","month_label":"Aug 2020","msft_shares_per_print":91.1,"ko_shares_per_print":131},{"month":"2020-09-01","month_label":"Sep 2020","msft_shares_per_print":82.5,"ko_shares_per_print":128.7},{"month":"2020-10-01","month_label":"Oct 2020","msft_shares_per_print":86,"ko_shares_per_print":121.5},{"month":"2020-11-01","month_label":"Nov 2020","msft_shares_per_print":85.9,"ko_shares_per_print":125.5},{"month":"2020-12-01","month_label":"Dec 2020","msft_shares_per_print":93.7,"ko_shares_per_print":126.3},{"month":"2021-01-01","month_label":"Jan 2021","msft_shares_per_print":82.8,"ko_shares_per_print":134.1},{"month":"2021-02-01","month_label":"Feb 2021","msft_shares_per_print":75.8,"ko_shares_per_print":129.7},{"month":"2021-03-01","month_label":"Mar 2021","msft_shares_per_print":67.1,"ko_shares_per_print":136.5},{"month":"2021-04-01","month_label":"Apr 2021","msft_shares_per_print":71.2,"ko_shares_per_print":126.5},{"month":"2021-05-01","month_label":"May 2021","msft_shares_per_print":71.5,"ko_shares_per_print":139.7},{"month":"2021-06-01","month_label":"Jun 2021","msft_shares_per_print":77.8,"ko_shares_per_print":135.1},{"month":"2021-07-01","month_label":"Jul 2021","msft_shares_per_print":74.4,"ko_shares_per_print":139.3},{"month":"2021-08-01","month_label":"Aug 2021","msft_shares_per_print":72.8,"ko_shares_per_print":124.7},{"month":"2021-09-01","month_label":"Sep 2021","msft_shares_per_print":66.1,"ko_shares_per_print":139.4},{"month":"2021-10-01","month_label":"Oct 2021","msft_shares_per_print":69.1,"ko_shares_per_print":142.2},{"month":"2021-11-01","month_label":"Nov 2021","msft_shares_per_print":65.3,"ko_shares_per_print":135.7},{"month":"2021-12-01","month_label":"Dec 2021","msft_shares_per_print":63.2,"ko_shares_per_print":152.7},{"month":"2022-01-01","month_label":"Jan 2022","msft_shares_per_print":61.5,"ko_shares_per_print":137},{"month":"2022-02-01","month_label":"Feb 2022","msft_shares_per_print":60.4,"ko_shares_per_print":131.6},{"month":"2022-03-01","month_label":"Mar 2022","msft_shares_per_print":60.7,"ko_shares_per_print":120.9},{"month":"2022-04-01","month_label":"Apr 2022","msft_shares_per_print":65.6,"ko_shares_per_print":110.7},{"month":"2022-05-01","month_label":"May 2022","msft_shares_per_print":69.1,"ko_shares_per_print":112.4},{"month":"2022-06-01","month_label":"Jun 2022","msft_shares_per_print":70,"ko_shares_per_print":108.3},{"month":"2022-07-01","month_label":"Jul 2022","msft_shares_per_print":70.1,"ko_shares_per_print":104.1},{"month":"2022-08-01","month_label":"Aug 2022","msft_shares_per_print":67.3,"ko_shares_per_print":88.3},{"month":"2022-09-01","month_label":"Sep 2022","msft_shares_per_print":71.8,"ko_shares_per_print":94.7},{"month":"2022-10-01","month_label":"Oct 2022","msft_shares_per_print":75.3,"ko_shares_per_print":96.9},{"month":"2022-11-01","month_label":"Nov 2022","msft_shares_per_print":76.1,"ko_shares_per_print":94.1},{"month":"2022-12-01","month_label":"Dec 2022","msft_shares_per_print":74.7,"ko_shares_per_print":93.9},{"month":"2023-01-01","month_label":"Jan 2023","msft_shares_per_print":72.5,"ko_shares_per_print":97.4},{"month":"2023-02-01","month_label":"Feb 2023","msft_shares_per_print":71.3,"ko_shares_per_print":100},{"month":"2023-03-01","month_label":"Mar 2023","msft_shares_per_print":68,"ko_shares_per_print":95},{"month":"2023-04-01","month_label":"Apr 2023","msft_shares_per_print":63.4,"ko_shares_per_print":80.7},{"month":"2023-05-01","month_label":"May 2023","msft_shares_per_print":60.3,"ko_shares_per_print":82.6},{"month":"2023-06-01","month_label":"Jun 2023","msft_shares_per_print":52.8,"ko_shares_per_print":86},{"month":"2023-07-01","month_label":"Jul 2023","msft_shares_per_print":56,"ko_shares_per_print":77.3},{"month":"2023-08-01","month_label":"Aug 2023","msft_shares_per_print":50.5,"ko_shares_per_print":65.6},{"month":"2023-09-01","month_label":"Sep 2023","msft_shares_per_print":51,"ko_shares_per_print":80.6},{"month":"2023-10-01","month_label":"Oct 2023","msft_shares_per_print":56,"ko_shares_per_print":86},{"month":"2023-11-01","month_label":"Nov 2023","msft_shares_per_print":56,"ko_shares_per_print":82.4},{"month":"2023-12-01","month_label":"Dec 2023","msft_shares_per_print":55.6,"ko_shares_per_print":85.8},{"month":"2024-01-01","month_label":"Jan 2024","msft_shares_per_print":48.7,"ko_shares_per_print":85.6},{"month":"2024-02-01","month_label":"Feb 2024","msft_shares_per_print":46,"ko_shares_per_print":85.9},{"month":"2024-03-01","month_label":"Mar 2024","msft_shares_per_print":43.2,"ko_shares_per_print":82.7},{"month":"2024-04-01","month_label":"Apr 2024","msft_shares_per_print":40.7,"ko_shares_per_print":80.6},{"month":"2024-05-01","month_label":"May 2024","msft_shares_per_print":39.8,"ko_shares_per_print":65},{"month":"2024-06-01","month_label":"Jun 2024","msft_shares_per_print":36.5,"ko_shares_per_print":64.4},{"month":"2024-07-01","month_label":"Jul 2024","msft_shares_per_print":34.9,"ko_shares_per_print":64.1},{"month":"2024-08-01","month_label":"Aug 2024","msft_shares_per_print":38.9,"ko_shares_per_print":71.3},{"month":"2024-09-01","month_label":"Sep 2024","msft_shares_per_print":39,"ko_shares_per_print":65.7},{"month":"2024-10-01","month_label":"Oct 2024","msft_shares_per_print":38.3,"ko_shares_per_print":59.5},{"month":"2024-11-01","month_label":"Nov 2024","msft_shares_per_print":45.9,"ko_shares_per_print":78.1},{"month":"2024-12-01","month_label":"Dec 2024","msft_shares_per_print":47.9,"ko_shares_per_print":94.2},{"month":"2025-01-01","month_label":"Jan 2025","msft_shares_per_print":44.7,"ko_shares_per_print":92.2},{"month":"2025-02-01","month_label":"Feb 2025","msft_shares_per_print":46.4,"ko_shares_per_print":92.7},{"month":"2025-03-01","month_label":"Mar 2025","msft_shares_per_print":45.1,"ko_shares_per_print":95.9},{"month":"2025-04-01","month_label":"Apr 2025","msft_shares_per_print":47.5,"ko_shares_per_print":86.5},{"month":"2025-05-01","month_label":"May 2025","msft_shares_per_print":46.9,"ko_shares_per_print":86.5},{"month":"2025-06-01","month_label":"Jun 2025","msft_shares_per_print":43.4,"ko_shares_per_print":95.3},{"month":"2025-07-01","month_label":"Jul 2025","msft_shares_per_print":40,"ko_shares_per_print":99.4},{"month":"2025-08-01","month_label":"Aug 2025","msft_shares_per_print":42.4,"ko_shares_per_print":84.3},{"month":"2025-09-01","month_label":"Sep 2025","msft_shares_per_print":37.3,"ko_shares_per_print":89.7},{"month":"2025-10-01","month_label":"Oct 2025","msft_shares_per_print":31.9,"ko_shares_per_print":54.7},{"month":"2025-11-01","month_label":"Nov 2025","msft_shares_per_print":30.7,"ko_shares_per_print":56},{"month":"2025-12-01","month_label":"Dec 2025","msft_shares_per_print":31.5,"ko_shares_per_print":52.9},{"month":"2026-01-01","month_label":"Jan 2026","msft_shares_per_print":33.7,"ko_shares_per_print":58.2},{"month":"2026-02-01","month_label":"Feb 2026","msft_shares_per_print":36.7,"ko_shares_per_print":57.5},{"month":"2026-03-01","month_label":"Mar 2026","msft_shares_per_print":35.8,"ko_shares_per_print":45.4},{"month":"2026-04-01","month_label":"Apr 2026","msft_shares_per_print":36.2,"ko_shares_per_print":43.3},{"month":"2026-05-01","month_label":"May 2026","msft_shares_per_print":38.7,"ko_shares_per_print":40.5},{"month":"2026-06-01","month_label":"Jun 2026","msft_shares_per_print":39.5,"ko_shares_per_print":47.7}],"shape":"series","sql":"SELECT\n    toString(month_start)                                                            AS month,\n    formatDateTime(month_start, '%b %Y')                                             AS month_label,\n    round(sumIf(volume, ticker = 'MSFT') / sumIf(transactions, ticker = 'MSFT'), 1)  AS msft_shares_per_print,\n    round(sumIf(volume, ticker = 'KO')   / sumIf(transactions, ticker = 'KO'), 1)    AS ko_shares_per_print\nFROM\n(\n    SELECT\n        toStartOfMonth(toDate(toTimeZone(window_start, 'America/New_York'))) AS month_start,\n        ticker,\n        volume,\n        transactions\n    FROM global_markets.delayed_stocks_minute_aggs\n    WHERE ticker IN ('MSFT', 'KO')\n      AND window_start >= toDateTime('2019-01-01 00:00:00', 'UTC')\n      AND window_start <  toDateTime('2026-07-01 00:00:00', 'UTC')\n)\nGROUP BY month_start\nHAVING sumIf(transactions, ticker = 'MSFT') > 0\n   AND sumIf(transactions, ticker = 'KO') > 0\nORDER BY month_start","computed_at":"2026-08-06T04:14:24.619959+00:00","elapsed":0.003016684}