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 it is calculated
OPRA 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 traders use it 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.
Common pitfalls
- 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.
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.