Let's talk about the contract charts and things to think about when considering the various data points. Consider it an update to the <a href="https://x.com/snorlax_uw/status/1641587416598298625">March 2023 tweet</a> seen here:&nbsp;&lt;IMG:https://i.imgur.com/8vNUk9F.png&nbsp;This view can be reached by:<ul><li>looking up a contract in the <a href="https://unusualwhales.com/flow/option_chains">Contract Look up</a></li><li>clicking the contract's expiration date in the various feeds</li></ul>&nbsp;<h2>1) Contract volume and open interest:</h2>&nbsp;Volume and open interest are two of the main data points referenced when describing options activity. &nbsp;&nbsp;On August 16th the $WMT 86.67 strike January calls had 3,785 open interest. During that session these contracts saw over 20,000 volume, which is quite a large number when compared to 3.785. This opens the door to the theory that there is a significant amount of options being opened on these particular contracts (since you can't close what isn't already open). &nbsp;&nbsp;However not all volume is created equally. Consider the following image depicting the volume of 2 option contracts. &nbsp;&lt;IMG:https://i.imgur.com/LdRYHcs.pngOne contract has all the volume concentrated in a singular candle (to represent a singular trade) whereas the other contract shows the volume taking place throughout the day (smaller orders). &nbsp;Keep in mind that volume and open interest are relative values. For example I'd consider 1000 volume a lot relative to 50 open interest. I might not feel the same way about 10,000 volume and 9,000 open interest. &nbsp;&nbsp;<h2>2) What's the bid/ask skew?</h2>The mechanics of the bid/ask spread are fundamental to interpreting options flow and are generally used to identify buyers and sellers. &nbsp;Quick refresher: something with a bid of 1.00 and an ask of 1.10 can be SOLD for 1.00 or PURCHASED for 1.10. &nbsp;87% of all volume being at (or closer to) the ask price would suggest heavy buying activity on these contracts. Tie that in with what we went over in "Contract volume and open interest" and you can start to piece together that large opening buys (keep in mind that not all BUY transctions are buys to open) are taking place. &nbsp;&nbsp;<h2>3) What did the volume look like?</h2>Recall that expertly drawn image of the 2 volume charts. The singular activity (or in the case of these $WMT calls the concentrated activity) is what we're looking for: a whale or several whales piling into a contract. &nbsp;&nbsp;<h2>4) What % of the volume was from multileg trades?</h2>Options contracts can be transacted on their own or as part of larger, more complex trades. Any trade with 2 or more components is considered a multileg trade. &nbsp;Any trade that is transacted as part of a multileg trade is labeled with a trade code that is applied by the options exchange that executed the trade. The Unusual Whales platform receives data on every single options trade across all exchanges, and can thus identify what % of volume for any given contract was from a multileg trade.In the case of these $WMT calls none of the 20,000+ contracts traded was from a multileg trade so we don't have to worry about these [likely long] calls (bullish) as being part of a call credit spread (bearish).Meme for your enjoyment:&lt;IMG:https://i.imgur.com/eNAe22u.png&nbsp;<h2>5) Notional value?</h2>I mentioned earlier that volume and open interest are relative values. The overall value of the options flow is also relative. A $500,000 trade on AAPL is a relatively common occurrence, but $100,000 into a thinly traded small cap might be something to look further into.&nbsp;<h2>6) Historical charting</h2>A multiday lookback can be very helpful. &nbsp;You can see activity on these very same $WMT calls for multiple sessions in a row.Anyone remember that Roaring Kitty guy? Multiple days of $GME call flows seen here:&lt;IMG:https://i.imgur.com/RMVhcxv.png&nbsp;&nbsp;There are many more things that we need to consider when looking at flows but as it pertains to the contract charts I think the above information should get you quite far in your analysis.&nbsp;<h2>Related Articles</h2><ul><li><a href="https://unusualwhales.com/information/how-to-read-an-option-contract">How do I read an Options Contract?</a></li><li><a href="https://unusualwhales.com/information/how-can-i-know-if-a-contract-is-bought-or-sold-how-do-i-know-if-an-option-contract-is-being-opened-or-closed">How can I know if a contract is bought or sold/How do I know if an option contract is being opened or closed?</a></li></ul>

Breaking Down Information in the Option Contract Chart

In this article, we break down how to read and understand an Option Contract Chart, including the volume versus open interest relationship, the transaction sides, and notional value

Breaking Down An Option Contract Chart

Spot Hidden Trading Opportunities By Using The Market Map To Find Extreme Conditions

How To Check Your API Usage

The Discord options_screener Command Step-by-Step and How To Spot Institutional Option Trades With It

How to Plot the 0DTE Straddle Breakeven Prices on Your Periscope Chart and Why You Should Care

Earnings Date Differences Explained: Gaining Confidence in Your Unusual Whales Data

Delta Airlines $DAL Unusual Options Activity Lookback

What is the ETF Overview?

How to Fix 404 Errors when Using AI Tools with the Unusual Whales API

Theoretical Value

Book Value

Market Capitalization (Market Cap)

Mutual Fund

Par Value

Volatility Index (VIX)

Price-to-Earnings Ratio

Yield Curve

Value Stock

Treasury Note (T-Note)

Treasury Bond (T-Bond)

Treasury Bill (T-Bill)

Stock Split

Short Selling

Short Interest

Risk Tolerance

Revenue

Recession

Synthetic Short

Synthetic Long

Synthetic Position

Over-the-Counter (OTC) Market

Money Market Fund (MMF)

Stop Order

Market Order

Limit Order

Interest Rate Risk

Periscope FAQ

How To Interpret Periscope Net Gamma Exposure

Quick Custom Alert Presets

Institutional Investor

Retail Investor

IPO (Initial Public Offering)

Hedge Fund

Growth Stock

Futures Contract

Fundamental Analysis

Technical Analysis

Float

Short Squeeze

Flow Review February 12, 2025: Unusual Activity on $KWEB and a Follow Up Trade

Flow Review June 15, 2024: How we used Unusual Whales to know when Roaring Kitty exited his GameStop, $GME calls

Flow Review June 5, 2024: A Breakdown of Roaring Kitty's GameStop $GME options activity, and how we tracked it

Flow Review January 30, 2025: Identifying Put Writes with $AMZN and tracking Unusual Options Activity in $CLS

Flow Review September 4, 2024: Super Micro Computer, $SMCI, and its unusual trading days before major news event

Flow Review September 11, 2024: PLTR and DELL join the S&P500, a look back at their options activity beforehand

Flow Review September 2024: Unusual Shorting Flow and how to Spot PUT Writing with $CRWD

Flow Review November 2024: Trading around Crypto stock $CLSK around Trump's Election

Flow Review November 2024: Unusual Options Activity around Microsoft $MSFT and $AI news

Probability of Profit (POP)

Flow Review $COF August, 2024: Following a $COF trader using Historical Flow

Flow Review $SMCI, October 2024: Walking through SMCI Unusual Flow

Flow Review $TIGR, $PDD, $BABA October 2024: Breaking down Unusual Options Flow in Chinese Stocks, and how Options helped push the Chinese stock market frenzy