MBO Depth & Iceberg Detection on MotiveWave

Aggregated Level 2 only shows total size at a level. MBO shows each order's lifecycle — that's what the Hermēs MBO plugin is built for.

What the Hermēs MBO plugin does

Hermēs · MBO Depth & Iceberg is a native MotiveWave Study for Ultra users:

Unlike the five-platform GEX plugins, MBO focuses on spot order-book microstructure — best for traders already filtering with Zero Gamma and walls.

Pairing MBO with gamma walls

Suggested workflow:

1. Pre-open — map Zero Gamma, Call/Put walls via HuntingFlow or plugins
2. Open — pick trend vs range using Long / Short Gamma regime
3. Before entry — enable MBO Study; check if bid/ask is genuinely thick or iceberg-refreshed
4. In trade — wall breaks but ask is thin on MBO → cautious chase; thick bid + Put Wall overlap → higher bounce weight

Gamma tells you where structure should react; MBO tells you if spot is reacting.

Setup & access

• Plan: Ultra (Pro gets GEX; MBO is Ultra-only)
• Data: Rithmic or another MBO-capable depth feed
• Download: MBO bundle on /plugins · usage doc
• Auth: shared Hermēs device authorization with GEX — usually one-time per machine

Common mistakes

1. Treating MBO as a standalone entry signal — it's a confirmation layer
2. Ignoring regime — walls break faster on Short Gamma days; pair MBO with regime reads
3. Using aggregated L2 only — iceberg detection needs true MBO data

Next steps

• On MotiveWave? Grab the MBO plugin
• Need web dual-screen GEX? Compare Pro vs Ultra
• New to gamma? Start with What is Zero Gamma