Positioning & Flow
Sweep
Also called: intermarket sweep order, ISO
A sweep is an option order split across several exchanges and filled at multiple prices to execute the whole size immediately, rather than resting on one exchange for a better price. Sweeps executed at the ask are read as urgent, high-conviction buying.
US options trade on many exchanges. An intermarket sweep order takes the liquidity available at each venue at once, walking up the book if necessary. The buyer pays more per contract for speed, which is why sweeps are treated as more informative than passive fills.
Sweeps are strongest as a signal when they are large relative to normal premium for the ticker, out of the money, short-dated, and open new positions. Repeated sweeps at the same strike over a session suggest a single participant building size.
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Frequently asked questions
Are sweeps always bullish?
No. A put sweep at the ask is aggressive bearish or hedging activity; a call sweep at the bid is aggressive selling. Direction comes from the option type and the side of the spread it executed on.