Unusual Options Activity
Trades that stand out from the crowd
What Unusual Options Activity is for
The Live Options Flow page is the full tape: every print you are allowed to see, as fast as it arrives. Unusual Options Activity is the curated view: trades and patterns that score high against historical and cross-sectional norms, so you spend less time scrolling and more time on prints that often (not always) matter for positioning, events, or follow-up research.
Think of it as a priority queue for the options market: size, premium, how the trade was worked, how it compares to open interest, and whether it matches known alert types (whale, aggressive buy, volume spike, and so on) all feed into an unusual score you can sort and filter on.
Availability: Gamma plan and higher ($59/month+)
How this page fits with the rest of the product
| You want to… | Start here |
|---|---|
| See every trade and build your own mental filter | Live Options Flow |
| Focus on scored unusual prints and alert taxonomies | This page (Unusual Options Activity) |
| Browse ML-scored anomalies with Ransack-style filters (Theta/Vega) | Anomalies (direct URL; same sign-in as the app) |
| Get notified when criteria match | Custom Alerts |
| See flow on the chart | Options Flow Chart or Terminal |
Suggested workflow: Use Unusual Activity to shortlist names, then open each symbol’s daily or historical analytics, news, and the full chain so you understand structure (single leg vs spread, hedge vs speculation) before you act.
How We Detect Unusual Activity
Every trade is analyzed and scored (0-100) using machine learning and statistical models based on:
| Factor | What We Analyze | Weight |
|---|---|---|
| Size | Contracts relative to typical volume for that option | High |
| Premium | Dollar amount ($25K+ triggers analysis) | High |
| Execution | Aggressive (at/above ask or at/below bid) | Medium |
| Volume/OI Ratio | Trade size vs open interest (>10% is unusual) | High |
| Timing | Concentrated activity in short windows | Medium |
| Historical Patterns | Deviation from normal trading patterns | High |
| Order Type | Sweep, Block, ISO orders boost score | Medium |
| Strike Selection | Unusual moneyness or clustering | Low |
Alert Types
Each unusual trade is classified into one or more types:
| Type | Criteria | Base Score | What It Means |
|---|---|---|---|
| Aggressive Call Buying | Call + At/Above Ask + Size ≥50 + Premium ≥$25K | 85 | Strong bullish urgency |
| Aggressive Put Buying | Put + At/Above Ask + Size ≥50 + Premium ≥$25K | 85 | Strong bearish urgency |
| Aggressive Call Selling | Call + At/Below Bid + Size ≥50 + Premium ≥$25K | 80 | Bearish positioning |
| Aggressive Put Selling | Put + At/Below Bid + Size ≥50 + Premium ≥$25K | 80 | Bullish positioning |
| Whale Trade | Premium ≥$500K OR Size ≥1000 contracts | 95 | Institutional-scale positioning |
| Volume Spike | Size ≥10% of open interest | 70 | New positioning, unusual interest |
| IV Spike | IV increase ≥20% in 1 hour | 75 | Volatility expansion |
| Short-Term Activity | DTE ≤7 + Size ≥100 + Premium ≥$50K | 70 | Near-term event expectation |
| Consistent Call Buying | 3+ call buys in 30 min + Total size ≥200 | 75 | Accumulation pattern |
| Consistent Put Buying | 3+ put buys in 30 min + Total size ≥200 | 75 | Distribution pattern |
| Repeated Activity | 3+ similar trades in 5 minutes | 65 | Algorithmic or urgent trading |
Unusual Score
The unusual score (0-100) indicates how significant and unusual the trade is:
| Score | Priority | Frequency | Typical Characteristics |
|---|---|---|---|
| 90-100 | Critical | ~1-2% of alerts | Whale trades, multiple boosters, extreme urgency |
| 80-89 | Very High | ~5-8% of alerts | Large premium, sweeps, aggressive execution |
| 70-79 | High | ~15-20% of alerts | Significant size, volume spikes, good premium |
| 60-69 | Moderate | ~30-35% of alerts | Above-average trades, some unusual factors |
| 50-59 | Low | ~40% of alerts | Marginally unusual, meets minimum thresholds |
| <50 | Very Low | Not shown | Filtered out as noise |
Dashboard Metrics
| Metric | Description |
|---|---|
| Bullish/Bearish Flow | % of unusual activity by direction |
| Volume Spikes | Count of volume spike alerts |
| Large Premium | Count of big dollar trades |
| Momentum | Intraday momentum % |
| Exp Pressure | % of alerts expiring soon |
Quick Filters
| Filter | Shows |
|---|---|
| High Score | Score ≥80, Premium ≥$500K |
| Whale Trades | Only whale alerts |
| Volume Spikes | Only volume spike alerts |
| Aggressive Buying | Aggressive call buying |
| No ETFs | Exclude ETF/index options |
Important Context
Not all unusual activity is what it seems—the score measures statistical rarity and execution urgency, not “smart money is always right.”
- A large put buy may hedge a long stock book, an index portfolio, or a short call position—not a simple bearish bet on the name.
- A large sale at the bid can be closing a long, opening a short, or unwinding one leg of a spread; the tape alone rarely proves which.
- You typically see one contract line; multi-leg packages may not resolve into a single clean narrative without chain and time context.
- ETFs and indices often dominate flow for macro hedging; filters like “No ETFs” exist so you can focus on single names when that matches your process.
Always cross-check: corporate calendar (earnings, dividends, splits), headlines, key prices from option walls or your own levels, and whether realized vol is expanding or compressing.
Remember: Unusual activity is market intelligence, not a trading signal. Use it to ask better questions and allocate attention; combine it with risk limits, position sizing, and your own thesis before committing capital.
