Positioning & Flow
Options Flow
Also called: order flow, flow
Options flow is the real-time stream of executed option trades, each tagged with size, premium, strike, expiration, execution price relative to the bid-ask spread, and inferred sentiment. Traders read it to see where large participants are positioning.
Raw flow is every print on every exchange. Useful flow is filtered: trades executed at or above the ask (aggressive buyers), premium large relative to the ticker's norm, volume exceeding open interest (new positions), and multi-leg strategies grouped back into their spread, straddle or collar.
Flow is context, not a signal. A large put purchase may be a bearish bet or a hedge on a larger stock position; a call sale may be a covered call. Combining flow with the next day's open interest change, the stock's reaction, and congress and insider filings turns individual prints into a positioning picture.
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Frequently asked questions
How do I know if an options trade is bullish or bearish?
Start with the side: calls bought at the ask or puts sold at the bid lean bullish; puts bought at the ask or calls sold at the bid lean bearish. Then check whether it opened a new position (volume greater than open interest) and whether it is one leg of a spread.
What is the difference between a sweep and a block?
A sweep is one order routed across multiple exchanges to fill immediately, signaling urgency. A block is a large trade negotiated and printed on a single exchange, usually institutional and often less urgent.