Barchart’s Options Flow page highlights large option trades that are transacted across all US option exchanges for a particular symbol. Additional Report Date and data filtering options are available for Premier Members, along with the ability to download the data on the page to a .csv file.
Seeing what option strikes large institutional traders are buying or selling can provide both directional sentiment and volatility insights for the underlying security.
Bullish Sentiment is defined as calls traded on the ask or puts traded on the bid. Bearish Sentiment is defined as calls traded on the bid or puts traded on the ask. The histogram at the top of the page and the table shown at the bottom of the page includes these fields:
- Bullish Trade Sentiment and Bearish Trade Sentiment is the sum of the respective trade Premiums. The net difference (Net Trade Sentiment) is considered an indication of retail trade sentiment.
- Bullish Delta and Bearish Delta is Trade Size * 100 multiplied by Delta. Bullish Sentiment uses positive Delta and Bearish Sentiment uses negative Delta.
- The resulting Delta Imbalance provides insight into whether traders are bullish reflected by a high delta imbalance or bearish reflected by a large negative delta imbalance.
What's Included (Latest Date - Options Flow)
For the U.S market, the minimum options trade size is set to greater than 10 to eliminate the noise associated with smaller trades.
Options Flow data is delayed 15 minutes, and the page starts updating for the new trading day at approximately 8:50a CT.
Historical Reports & Page Filtering
Premier Members can view a specific historical page date by choosing a date from the Historical date picker. This will show you the options flow data for the symbol as of the chosen date. Historical Options Flow reports go back to 01/02/2024.
On-page filtering is available for either today's report or any historical date you select. Additional filter options include:
Filters
The following filters are available on the page to narrow down the information shown:
- Options Type: Select Put or Call.
- Delta: Delta measures the sensitivity of an option's theoretical value to a change in the price of the underlying asset. Enter in a delta value to view in the money, out of the money or at the money options
- Expiration Type: Select Weekly and/or Monthly options.
- Expiration Date: Select the expiration dates you wish to view.
- DTE: Filter for days till expiration using greater than, less than, or between.
- Premium: The price of the options contract. Filter by premium of the option trade (premium = option spot x volume x 100 underlying shares)
- Trade Sentiment: Allows selection of All / Bullish / Bearish / Neither. The Trade price is colored to determine bullish or bearish sentiment.
- Bullish – If a call trades on the ask/offer, or a put trades on the bid, a bullish sentiment would be attached to the trade as all things constant, these trades increase in value on a move higher in the stock.
- Bearish - If a call trades on the bid or a put trades on the ask/offer, a bearish sentiment flag would be attached to the trade as all things constant, these trades increase in value on a move lower in the stock.
- Side: View only options that trade on the bid, offer or mid-price (offer).
- Flags: The Flags filter makes it easier for you to group certain trade conditions (Codes) together for viewing. Flags include:
Block: - MFSL(m) Multi Leg floor trade against single leg(s) Transaction represents a non-electronic multi leg order trade executed on a trading floor against single leg orders/ quotes.
- MLFT(i) Multi Leg floor trade Transaction represents a non-electronic multi leg order trade executed against other multi-leg order(s) on a trading floor.
- SLFT(e) Single Leg Floor Trade Transaction represents a non-electronic trade executed on a trading floor.
- TFSL(s) Stock Options floor trade against single leg(s) Transaction represents a non-electronic multi leg stock/options order trade executed on a trading floor against single leg orders/ quotes.
- TLFT(p) Stock Options floor trade Transaction represents a non-electronic multi leg order stock/options trade executed on a trading floor in a Complex order book.
Sweep:
- ISOI(S) Transaction was the execution of an order identified as an Intermarket Sweep Order.
- SLAI(b) Single Leg Auction ISO Transaction was the execution of an Intermarket Sweep electronic order which was stopped at a price and traded in a two sided auction mechanism that goes through an exposure period. Such auctions mechanisms include and not limited to Price Improvement, Facilitation or Solicitation Mechanism marked as ISO.
- SLCI(d) Single Leg Cross ISO Transaction was the execution of an Intermarket Sweep electronic order which was stopped at a price and traded in a two sided crossing mechanism that does not go through an exposure period. Such crossing mechanisms include and not limited to Customer to Customer Cross.
Regular:
- AUTO(I) Transaction was executed electronically.
- MASL(l) Multi Leg Auction against single leg(s) Transaction was the execution of an electronic multi leg order which was stopped at a price and traded in a two sided auction mechanism that goes through an exposure period and trades against single leg orders/ quotes.
- MESL(j) Multi Leg auto-electronic trade against single leg(s) Transaction represents an electronic execution of a multi Leg order traded against single leg orders/ quotes.
- MLAT(g) Multi Leg Auction Transaction was the execution of an electronic multi leg order which was stopped at a price and traded in a two sided auction mechanism that goes through an exposure period in a complex order book.
- MLET(f) Multi Leg auto-electronic trade Transaction represents an electronic execution of a multi leg order traded in a complex order book.
- SLAN(a) Single Leg Auction Non ISO Transaction was the execution of an electronic order which was stopped at a price and traded in a two sided auction mechanism that goes through an exposure period.
- TASL(r) Stock Options Auction against single leg(s) Transaction was the execution of an electronic multi leg stock/options order which was stopped at a price and traded in a two sided auction mechanism that goes through an exposure period and trades against single leg orders/ quotes.
- TESL(q) Stock Options auto-electronic trade against single leg(s) Transaction represents an electronic execution of a multi Leg stock/options order traded against single leg orders/ quotes.
- TLAT(k) Stock Options Auction Transaction was the execution of an electronic multi leg stock/options order which was stopped at a price and traded in a two sided auction mechanism that goes through an exposure period in a complex order book.
- TLET(n) Stock Options auto-electronic trade Transaction represents an electronic execution of a multi leg stock/options order traded in a complex order book.
Cross:
- MLCT(h) Multi Leg Cross Transaction was the execution of an electronic multi leg order which was stopped at a price and traded in a two sided crossing mechanism that does not go through an exposure period.
- SLCN(c) Single Leg Cross Non ISO Transaction was the execution of an electronic order which was stopped at a price and traded in a two sided crossing mechanism that does not go through an exposure period.
- TLCT(o) Stock Options Cross Transaction was the execution of an electronic multi leg stock/options order which was stopped at a price and traded in a two sided crossing mechanism that does not go through an exposure period.
- TLFT(p) Stock Options floor trade Transaction represents a non-electronic multi leg order stock/options trade executed on a trading floor in a Complex order book.
Floor:
- CBMO(t) Multi Leg Floor Trade of Proprietary Products Transaction represents execution of a proprietary product non-electronic multi leg order with at least 3 legs. The trade price may be outside the current NBBO.
- MFSL(m) Multi Leg floor trade against single leg(s) Transaction represents a non-electronic multi leg order trade executed on a trading floor against single leg orders/ quotes.
- MLFT(i) Multi Leg floor trade Transaction represents a non-electronic multi leg order trade executed against other multi-leg order(s) on a trading floor.
- SLFT(e) Single Leg Floor Trade Transaction represents a non-electronic trade executed on a trading floor.
- TFSL(s) Stock Options floor trade against single leg(s) Transaction represents a non-electronic multi leg stock/options order trade executed on a trading floor against single leg orders/ quotes.
- TLFT(p) Stock Options floor trade Transaction represents a non-electronic multi leg order stock/options trade executed on a trading floor in a Complex order book.
Non RTH:
- EXHT(v) Extended Hours Trade Transaction represents a trade that was executed outside of regular market hours. Trades do not update Open, High, Low, and Closing Prices.
- MCTP(u) Multilateral Compression Trade of Proprietary Products Transaction represents an execution in a proprietary product done as part of a multilateral compression. Trades are executed outside of regular trading hours at prices derived from end of day markets. Trades do not update Open, High, Low, and Closing Prices.
- Code: Filter by the trade session code (trade condition). View a list of all possible Trade Conditions here.
- Size: Select the trade size volume. Quantity must be greater than 10 to eliminate the noise associated with smaller trades.
Click Apply to view the selected data. The page retrieves only the latest 100 records of available history per symbol, sorted from highest to lowest Premium.
Once the data is retrieved, you may download the data to a .csv file using the "download" icon located at the top right of the page. Data shown includes
- Symbol: The underlying security
- Price~: The underlying price, at the time of the options trade
- Type: The Option type, either call or put
- Strike: The strike price of the option
- Expiration Date: The expiration date of the option
- DTE: The Days to Expiration
- Bid x Size: The bid price and quantity, at the time of the options trade. This data is bolded when the Side = Bid.
- Ask x Size: The ask price and quantity, at the time of the options trade. This data is bolded when the Side = Ask.
Note: When both the Bid x Size and Ask x Size is NOT bolded, that indicates the Side = Mid. - Trade: The trade price for the options contract.
Identifying sentiment:
The Trade price is colored to determine bullish or bearish sentiment.
1. Bullish – If a call trades on the ask/offer, or a put trades on the bid, a bullish sentiment would be attached to the trade as all things constant, these trades increase in value on a move higher in the stock.
2. Bearish - If a call trades on the bid or a put trades on the ask/offer, a bearish sentiment flag would be attached to the trade as all things constant, these trades increase in value on a move lower in the stock.
- Size: The quantity of options contracts traded
- Side: Where the trade took place. If the ask was purchased, ‘Ask’ will display in the Side field. If the bid was sold, ‘Bid’ will display in the Side field. If the trade took place somewhere between the bid and ask, ‘Mid’ will display in the Side field.
- Premium: The total dollar amount of the trade
- Volume: The total number of contracts traded inclusive, at the time of the options trade
- Open Interest: Total open interest for the strike
- Implied Volatility: The strike’s implied volatility, at the time of the options trade. Implied volatility is calculated using the Binomial model.
- Delta: Measures the sensitivity of the option\'s theoretical value to a change in the price of the underlying asset at the time of the options trade
- Code: The option's trade session code. View a list of all possible Trade Conditions here.
- Special label * : A trade is considered important when the trade size is greater than the strike volume and outstanding open interest. Based on whether these trades were transacted on the bid or the ask we can make assumptions about the intent of the trader or institution placing the trade, which are classified as “To Open”, “Buy to Open” or “Sell to Open” (See below for Special Label definitions.)
- Time: The trade time
Special Labels
- To Open – A trade transacted between the bid and ask price.
(size of trade) > (strike OI) + (strike volume) – (size of trade) - Buy To Open – A trade transacted on the ask (offer) where the trade size is greater than the outstanding open interest and strike volume. This is typically construed as a bullish trade.
(size of trade) > (strike OI) + (strike volume) – (size of trade) - Sell To Open – A trade transacted on the bid where the trade size is greater than the outstanding open interest and strike volume. This is typically construed as a bullish trade.
(size of trade) > (strike OI) + (strike volume) – (size of trade) - Multi-Leg Spread Orders – (Coming Soon). When multiple options trade at the same time with the same underlying, this will show the other trades that occurred in the spread. Many times, the spread will transact at the same exchange as well. Trade conditions that cover these types of transactions are MLET, MLAT, MLCT, MLFT, MESL, MASL, MFSL, TLET, TLCT, TLFT, TESL, TASL, TFSL, CBMO, MCTP
