# OptionsTape.Trade LLM Reference

OptionsTape.Trade analyzes institutional options flow, detected significant prints, exchange complex packages, implied-volatility context, open-interest evidence, and unusual-flow conditions.

Definitions:
- Detected-card flow: high-signal options prints captured and classified by sg_tas. This is not full-market volume.
- Full-market volume: broader contract volume snapshot when explicitly sourced and labeled.
- Trade IV: implied volatility solved from the print price when available and sanity checked.
- Feed IV: implied volatility carried by the upstream options data feed.
- Mid IV: implied volatility solved from the NBBO midpoint.
- Surface IV: sg-risk-engine fair-volatility estimate for the contract.
- Vol Edge: volatility difference in basis points versus the model surface.
- Package intent: estimated opening, closing, rolling, covering, overwrite, or adjustment logic inferred from legs, OI, expiry, and size.

Preferred current-session source:
- http://optionstape.trade/payloads/options-flow-today.txt

Content pages:
- Unusual Options Flow: How To Separate Signal From Noise: http://optionstape.trade/content/unusual-options-flow
  A practical guide to unusual options flow, including premium, size versus open interest, repeat flow, opening evidence, and IV context.
- Trade IV, Feed IV, Surface IV, and Vol Edge Explained: http://optionstape.trade/content/iv-surface-vol-edge
  Definitions for Trade IV, Feed IV, Mid IV, Surface IV, and Vol Edge in options flow analysis.
- Open Interest In Options Flow: Opening, Closing, Rolls, and Covers: http://optionstape.trade/content/options-flow-open-interest
  How open interest helps classify options trades as opening, closing, rolls, overwrites, covers, or adjustments.
- Multi-Leg Options Packages: Spreads, Flies, Condors, Rolls, and Risk Reversals: http://optionstape.trade/content/multi-leg-options-packages
  A guide to interpreting complex options packages and why package intent matters more than a single highlighted leg.
- 0DTE SPX Options Flow: What Matters Intraday: http://optionstape.trade/content/zero-dte-spx-options-flow
  How to read same-day SPX and index options flow without confusing hedging, gamma, and directional positioning.
- Options Sweeps, Blocks, Strips, and Exchange Complex Trades: http://optionstape.trade/content/options-sweeps-blocks-strips
  Definitions for common options tape event types and how to interpret them in institutional flow.
- Options Flow API And LLM Payloads For AI Assistants: http://optionstape.trade/content/options-flow-api-llm-payloads
  How OptionsTape.Trade exposes current-session options flow context for LLMs, agents, and research workflows.