Reading a print
What each Option Flow column means - side, type, size at fill, flags, Vol / OI and Next-day OI - plus the net premium side rule and why some prints are left out of totals.
Each row on the Option Flow tape is one options trade. This page explains every column and the rules behind the totals.
The columns#
| Column | What it shows |
|---|---|
| Time | When the print happened, in your time zone |
| Ticker, Strike, C/P | The contract |
| Expiry, DTE | Expiration date (for example 10/30/26) and days to expiry (0d is today) |
| Side | Where it filled: Above ask, Ask, Mid, Bid or Below bid, with a meter. Hover for the exact spot (for example "Ask 92%"). |
| Type | Sweep: filled across several exchanges at once. Single: one fill. |
| Size @ fill | Contracts and fill price, for example "1,200 @ $1.48" |
| Premium | Size × fill × 100 |
| Flags | Why the print stands out (below) |
| Next-day OI | Whether open interest rose the next session (below) |
Optional columns, from the Columns panel: Date, Side %, Vol / OI, OTM, IV, Score, Spot, Bid / ask spread, Exchange.
Flags#
| Flag | Rule |
|---|---|
| Golden | $1M or more in premium, filled at or above the ask |
| Aggressive | A sweep of $250K or more, 0 to 7 days to expiry |
| Unusual | $50K or more, with the day's volume above open interest |
| Repeat ×N | The ticker printed 3 or more times within a 12-minute window |
Vol / OI#
Vol / OI shows the contract's volume today against its open interest, for example "5,000 / 1,200". It turns bold when volume is above open interest. Volume above open interest suggests new positions are being opened, though it can't say which side opened them.
Next-day OI: did it stick?#
Open interest updates once a day. Next-day OI checks the following session to see whether open interest rose by roughly the size of the print:
- Confirmed
- Partial
- Not confirmed
- Expired (the contract expired first)
- Pending (the next session's numbers aren't in yet)
It's a confirmation after the fact, not a prediction. The column appears once some loaded prints have a result.
The side rule#
Bought and sold come from the vendor's execution estimate for each print. As the page puts it:
Net premium = premium at or above the ask minus premium at or below the bid, from the vendor's execution estimate. Mid prints are left out.
So:
- Bought: at or above the ask.
- Sold: at or below the bid.
- Mid: shown on the tape, but not counted in net premium.
The same rule is used across Option Flow, Stats, the ticker panel, the contract drill-down and Net flow on Pulse.
Prints left out of totals#
Some prints are reported in a way we can't fully trust. They stay on the tape, labeled, but are left out of every total:
| Label | Meaning |
|---|---|
| Unconfirmed | The day's reported volume for this contract doesn't cover this print. |
| Late report | Reported after 4:15 PM ET. |
Where they're excluded:
Stats shows how many were excluded, for example "12 prints excluded (late or unconfirmed)".
A print isn't a reason#
A print shows that a trade happened. It doesn't show why. A call bought at the ask can be:
- a new bullish bet;
- a hedge against a short stock position;
- one leg of a spread.
Look for repeats, size against open interest, and Next-day OI. Then check the ticker on Dealer Edge before reading anything into it.
Related#
Trade Echo docs are for product education only - not financial advice. Options trading involves substantial risk and is not suitable for all investors.