The Tape Flow Data tab provides a real-time feed of options trades showing you key info for each transaction. This data can be helpful in identifying the sentiment of market participants, with three important dimensions to watch for:

• Direction: Call buying or put selling can indicate a bearish outlook behind the trade, while put buying or call selling can indicate a bullish outlook.
• Conviction: Large premiums, options purchased above the ask or sold below the bid, and longer-dated expirations may indicate more certainty behind the trade.
• Size: Orders that are large in size may have a more significant impact on the market, and can indicate institutional interest in the name.

The flow data defaults to an unfiltered view of all trades across all tickers. This can be further refined using the filters panel on the left, so you can focus on specific names or trades you’re interested in seeing (see the prior section covering Tape Filters). The flow data window also allows you to sort by any column in the table.

The flow data is additionally available beneath the HIRO window showing both options trades and the HIRO signal at the same time. This can be valuable to understand the specific trades that are influencing hedging pressure, and can help validate insights from the HIRO indicator.

SpotGamma Alpha subscribers can access SpotGamma Tape here.