Options Flow
real-time stream of executed options trades, filtered for size and aggression
Options flow is the filtered, real-time tape of executed options trades, sourced from the consolidated OPRA feed. Tapeboard surfaces flow filtered for size, aggression (price relative to NBBO), and unusual-volume signatures (sweeps and blocks).
- OPRA is the consolidated US options price-reporting authority; every executed options trade reports to OPRA in real time.
- Sweeps execute across multiple exchanges in a single intent. Blocks execute as a single privately-negotiated print. Both are tape signatures of urgency or size.
- Flow without context is noise. Pair flow with IV rank, GEX, and the underlying tape to extract signal.
How is Options Flow calculated?
Trade classification (Tapeboard heuristics):
size_filter: contract_volume >= 100 OR notional >= $50,000
aggression_filter: trade_price >= NBBO_ask -> bullish-leaning
trade_price <= NBBO_bid -> bearish-leaning
sweep_flag: trade splits across >=2 exchanges within 100 milliseconds
block_flag: single-print volume >= 1,000 contractsOPRA delivers the consolidated tape; classification is downstream filtering. Tapeboard's flow surface uses size + aggression + sweep + block flags so the user is reading enriched flow rather than the raw tape. Other vendors use slightly different filter thresholds; the principle is consistent across the category.
What do traders use Options Flow for?
- Identifying directional conviction. A 5,000-contract call sweep at the ask 30 minutes before close is a tape signature of urgency.
- Cross-checking a thesis. A bullish thesis that prints alongside heavy put-side flow is a contradiction; reconcile or adjust.
- Pairing with dark prints. Big call sweeps plus big dark equity prints often precede a multi-day move; the two surfaces together are stronger than either alone.
Worked example
Two days before TSLA earnings, the flow surface prints 12,400 contracts of out-of-the-money calls at the $260 strike, all sweeping across CBOE and ISE within 200 milliseconds, and all executed at or above the NBBO ask of $1.42. Notional is roughly $1.76M. As of 2026-05-02 14:30 ET. The pattern is a tape signature of urgent directional positioning; pairing with a 4.2% rise in 30-day IV in the chain confirms the volatility component.
Live data: /stocks/TSLA.
What are common pitfalls of Options Flow?
- Side is inferred. A trade at the ask is buy-leaning by convention; in practice it can be a sale that paid up to a more passive bid. The convention works in aggregate, not on every single trade.
- Closing-purchases and opening-sales look identical in raw flow. Without account-level data, "buy to open" and "sell to close" are not distinguishable; same for the inverse.
- Hedging trades distort flow. A market maker hedging a delta exposure prints flow that has nothing to do with directional conviction.
- Single-trade signal is unreliable. A "5,000-contract call sweep" can be a portfolio rebalance, not a directional bet. Look for repeated patterns over a session, not single trades.
Where this metric appears on Tapeboard
Options flow streams on /options-flow (real-time, filterable), on every `/stocks/{T}/options` ticker page, and as a screener-preset for the unusual-options-activity scan.
Tapeboard surfaces this metric as a first-class screening filter. See the comparison pages at all Bloomberg alternatives for how Tapeboard's options flow surface compares against Koyfin, Finviz, TradingView, and Unusual Whales.
Public dated data pages, updated every trading day:
- Unusual options activity (daily public record)
- Options flow archive
- Unusual options activity by ticker
Related terms
- Gamma Exposure (GEX): Aggregate dealer-position gamma across an option chain. Positive GEX implies dealers buy dips and sell rips (volatility-suppressive); negative GEX implies the reverse (volatility-amplifying).
- IV Rank: Range-based, not percentile-based. IV Rank uses the highest and lowest IV prints over the lookback; IV Percentile counts the share of days below current.
- Dark Pool Print: Dark pools are SEC-registered Alternative Trading Systems regulated under Reg ATS. Trades execute off-exchange but post to FINRA TRF in real time after execution.
- Gamma Ramp: Plot of GEX (y-axis) vs hypothetical spot prices (x-axis). The zero-crossing is the "gamma flip" level.
Primary sources cited
- OPRA (Options Price Reporting Authority): OPRA is the consolidated US options price-reporting authority covering every listed options trade. https://www.opraplan.com/, retrieved 2026-05-04.
- CBOE Options Open Interest documentation: CBOE-published options data complements the OPRA feed for end-of-day open interest and historical pricing. https://www.cboe.com/us/options/market_statistics/historical_data/, retrieved 2026-05-04.
Methodology last reviewed 2026-05-04 by Marcus Reilly, Editor at Tapeboard. Every claim on this page has a row in the citation registry. Glossary terms reverify on the Jan 15 / Apr 15 / Jul 15 / Oct 15 cron and any time the underlying primary-source publishes a methodology change. See methodology for the full fact-check process and corrections for the public correction log.
Disclaimer. This page is for educational and informational purposes only. Nothing on Tapeboard is investment advice. See the full risk disclaimer.