Flow Feed Columns/Glossary

• Side: The Side refers to which side of the bid/ask spread an order fills on. For example, if the bid/ask spread of a contract is $0.95 and $1.00, and the transaction fills at $0.99, that would be considered “Ask Side.”
• DTE (days to expiration):
  • The DTE for an options contract is the number of days remaining until that contract’s expiration
• SP (Underlying): SP/Underlying refers to the stock price at the time of the options transaction.
• % Out of The Money (OTM):
  • “Out of the money is an expression used to describe an option contract that only contains extrinsic value. Percent (%) OTM refers to how far out of the money that particular contract is. If a stock is trading at $100 per share, the $105 Call contract for that stock would display as “5% OTM”
• IV: Implied Volatility 
• % Change:
  • The ‘percentage change’ in an option’s contract represents the change in the respective contract’s price from the previous close. A contract that closed the previous day at 1.00 that is now trading at 1.50 would have a ‘% Change’ of 50%.
• % Diff:
  • The ‘percentage difference’ is the difference between the stock price and the transacted contract’s strike price. This value can be both positive (out of the money) and negative (in the money).
• % Floor:
  • ‘% Floor’ is the total percentage of volume for a given option’s contract that took place via a Floor Trade.
• % Multi:
  • ‘% Multi’ is the total percentage of volume for a given option’s contract that has been labeled as a ‘multi-leg trade.’ Also see multi-leg.
• % Total Vol:
  • ‘% Total Vol’ is the percentage value of total volume for an overall equity that is being taken up by the respective options contract.

For example if an option’s contract has a ‘% Total Vol’ value of ‘35%’ that means that for every 100 trades for the respective equity 35 of them were for the respective options contract.

• Ask:

The ask price represents the minimum price that a seller is willing to take for that same security.

• Bid:
  • The bid price represents the maximum price that a buyer is willing to pay for that same security.
• Bid-Ask Spread:
  • The bid-ask spread is the difference between the highest price that a buyer is willing to pay for an asset and the lowest price that a seller is willing to accept.
• Buy to Open (BTO)/Buy to Close (BTC):
  • “Buy to open is a term used by brokerages to represent the establishment of a new (opening) long call or put position in options.” “Buy to close is used when a trader is net short an option position and wants to exit that open position.” You can find out more information here: Four Ways Options Transact.
• Dark pool:
  • “A dark pool is a privately organized financial forum or exchange for trading securities. Dark pools allow institutional investors to trade without exposure until after the trade has been executed and reported.”
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• In The Money (ITM):
  • “In the money is an expression that refers to an option that possesses intrinsic value. A call option is in the money (ITM) if the market price is above the strike price. A put option is in the money if the market price is below the strike price. An option can also be out of the money (OTM) or at the money (ATM). In-the-money options contracts have higher premiums than other options that are not ITM.”
• Multi-leg:
  • “A multi-leg options order is an order to simultaneously buy and sell options with more than one strike price, expiration date, or sensitivity to the underlying asset’s price. Multi-leg options orders allow traders to carry out a complex options strategy that involves several different options contracts with a single order. Multi-leg options orders save traders time and usually money, as well. Traders will often use multi-leg orders for complex trades where there is greater uncertainty in the trend direction.” “A common multi-leg options order is a straddle, wherein a trader buys both a put and a call at or near the current price.” You can learn more about spotting multi-leg trades in the Flow Feed by watching the YouTube video on shortcut links.
• Open Interest (OI):
  • “Open interest is the total number of outstanding contracts.” OI is not updated during the trading day.
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• P/C Ratio:
  • The Put/Call Ratio compares the total number of puts and calls traded. The put-call ratio is calculated by dividing the number of traded put options by the number of traded call options.
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