Disclosed quantity allows only a part of the total order quantity to be disclosed to the market. Once the first part of the order is executed, the next part is disclosed to the market and shown in the market depth. This feature is often used by traders while placing large orders to reduce impact cost and to get a better execution by disclosing only a portion of the large order in the best bids and offers in the market depth.

For example, if you want to buy 2,500 shares of TCS at ₹3,400, you can choose to disclose only 500 qty. In this case, for your order, only 500 qty will be shown in the market depth window for everyone else, against the actual quantity of 2,500.

The disclosed quantity cannot be greater than or equal to your order quantity and cannot be lesser than 10% of the order quantity.

Exchanges follow a "price-time priority" principle for orders. So this means that in the above example, once the first 500 is executed, the next 500 will be placed based on price-time priority and orders placed before this will have priority.

You can find the disclosed quantity option under Advanced options section on the order pad on Arihant Plus.