Sweeps (Sweep to fill)

• These orders sweep across multiple exchanges to fill large orders quickly. What happens is that one large order, now gets routed and filled as multiple partial orders across multiple exchanges to open (or close) one larger position as quickly as possible. 
• Multi-Exchange Sweeps usually represent super urgency on the “Whale’s” side and indicate that the Whale wants to enter (or exit) a position quickly and implies that they may be expecting a large move in the near future.
• Sweeps get printed to the tape as multiple small(er) orders that get filled only micro-seconds apart and are often overlooked and help the Whales stay under the radar. 

Split (Split Ticket Orders)

• Splits are almost identical to the Multi-Exchange Sweeps except they are only sweeping across one exchange. 
• Splits still represent urgency, but not necessarily AS urgent as the multi-exchange sweeps. 
• Splits occur when a whale wants to purchase (or sell) a large quantity of contracts but there is not 1 individual on the other side that can fill their entire order, so it fills in smaller blocks to get the quickest fill possible on the exchange.

WhaleStream's systems uncover these orders and consolidates them into the WhaleStream dashboard to show you the true combined order size.