OptionsTape.Trade guide

Options Sweeps, Blocks, Strips, and Exchange Complex Trades

Definitions for common options tape event types and how to interpret them in institutional flow.

Direct answer: A block is a large single print that may represent one institutional decision. It is useful when paired with price, IV, OI, and whether it traded near the bid, ask, or midpoint.

Block trades

A block is a large single print that may represent one institutional decision. It is useful when paired with price, IV, OI, and whether it traded near the bid, ask, or midpoint.

Sweep trades

A sweep is rapid execution across venues or prints in the same contract. Sweeps can show urgency, but urgency alone does not prove direction without bid/ask and package context.

Strip trades

A strip is related flow across multiple strikes, often same underlying, expiry, and option side. It can indicate gamma construction, skew expression, or systematic hedging.

Exchange complex trades

Exchange complex trades are multi-leg packages. They should be interpreted as packages first because individual legs can have misleading standalone sentiment.

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