Parent → Child Order Simulator
How 1M shares vanish into the tape
The institution wants 1,000,000 shares. The exchange never sees that number — only the small child orders the execution algorithm sends. Pick a profile and run it:
Parent order (OMS / EMS) BUY 1,000,000
↑ lives inside the institution — the exchange may never see this order
1.00M
Remaining
0
Child orders
—
Avg child
What the exchange sees— fills —
Order flow doesn't hunt for a "1M order" in the book. It reconstructs the parent's behaviour from thousands of child-order footprints.