Layering

Layering is spoofing spread across several consecutive price levels, building an apparent wall of depth rather than a single outsized order.

manipulation techniques · updated 2026-09-08

Where does layering come up?

This term is used in the following manipulation techniques, each explained in full on its own page.

• Layering — Layering is placing multiple orders at several consecutive price levels with no intention of trading them, building an apparent wall of depth that pushes the price toward a genuine order on the other side.

Enforcement actions involving these techniques

See also

• Spoofing — Spoofing is placing orders with the intention of cancelling them before execution, so that other participants misread the order bo…
• Depth — Depth is the total quantity available at each price level in the order book. Deep books absorb large orders with little price move…

Terms that refer here

Spoofing

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