3. ๐ŸŒŠ Flow / ๐Ÿ”ฎ Dark Pool


Let’s get you familiarized with the ๐ŸŒŠ Flow and the ๐Ÿ”ฎ Dark Pool

One of the most common questions we’ve received from users is, “What do you mean by ‘follow the flow?'". Here’s our response: the ๐ŸŒŠ Flow tool catches and displays the trade details for every single options order transacted across all exchanges.

Flow

Only orders greater than $200k in total premium will be automatically pushed into the feed. Performing any search will display all orders, including those under the $200k threshold.

โ„น๏ธ For best results please view the Flow via a desktop, and with the Chrome browser. You can also view the Flow feed via the mobile application but you will have less functionality. An extremely abridged version can be found in the #flow-alerts channel in the Discord server.


โš ๏ธ When utilizing the Flow tool please note the following:

Any options trade placed may be a part of trade that has more than one component/leg to it. For more information on different options strategies view: Options Trading Strategies: A Guide for Beginners and 10 Options Strategies to Know

Not all BUY orders are BTO and not all SELL orders are STO. Some BUY orders will be buying to close as opposed to buying to open and vice versa.

Emojis are an estimation: do not trade off emojis alone.


๐Ÿ“– Breaking down the Flow:

Marketstate

  • Use Navigation to bring up the Flow navigation menu. This will be discussed later in this Doc.

  • Select Filters to bring up the filtering menu. This will also be discussed later in this Doc.

  • Select Table settings to adjust your column headers.

Show Charts will pull up the Flow charts; the information seen in the charts will be discussed later in this Doc. Use the Watchlist button to create custom filters you can quickly toggle to. Alternatively you can bookmark any flow page to save the filters on it, as each page’s URL is unique to the filters currently selected. Depending on your selection, you can view 50/100/150 or 250 transactions in your Flow feed. โ„น๏ธ Help will link you to this Doc for quick reference. You can flip between Flow pages using Prev and Next.

When the module displays ‘Marketstate’ the rest of the numbers are referencing the market as a whole. The P/C Ratio is the ratio of Puts to Calls. The Call and Put Prem values reflect the total amount of premium (in dollars) transacted for that day. The Call and Put Vol values reflect the total volume of contracts traded for that day. If you specify a ticker the module will also display the overall % of premiums of all ๐Ÿ‚ bullish and ๐Ÿป bearish contracts traded that day. โ„น๏ธ This portion of the feed is only available to Super-Buffet/Premium (Live) users.

SNOWstate


๐Ÿ”Ž Note the column headers in blue:

Columns

Clicking on any of the column headers (Underlying, OI, etc.) will bring up a pop-up window with more information.

You will also find trades marked with certain symbols next to the ticker (โ€˜โš ๏ธโ€™, โ€˜โ—โ€™, etc.). Please hover over these for a description of what the symbol is indicating.

More information on terms/concepts featured on Unusual Whales can be found in the ๐Ÿ“– Glossary/Terminology Doc. Additional information can also be found on the ๐Ÿ“ Resources Doc and the ๐Ÿ“ FAQ.


๐Ÿ“ Filters

Before we discuss the Navigation menu, let’s talk about the Filters menu. Selecting Filters will bring up a side-menu, from which you can set custom parameters to narrow your Flow results. Each of the filter parameters has a ‘โ“’ that can be selected to view additional information. There are other filters available that are not visible in this screenshot.

Snowfilter


๐Ÿ“– Navigation

The Navigation menu houses all of the different Flow tools. You will also find preset Flow filters for your convenience. You can view the parameters for any of these presets by selecting one and then viewing the preset values inputted in the Filter menu.

  • ๐ŸŒŠ Flow - The Flow tool. Flow charts will be discussed later in this Doc.

  • ๐Ÿ—ž๏ธ LIVE News Flow - Live news, pushed into the feed. You can select preset filters or use the dropdowns to look for certain types of articles. As always, you can use the search bar to look for a specific ticker.

  • ๐Ÿ”ฎ Dark Flow - The Dark pool trade feed. The filters behave similarly to those of the Flow tool.

  • ๐Ÿ‘จโ€๐Ÿ”ฌ Intraday Analyst - You’ll find an assortment of Flow tools aggregated here for any ticker of your choosing, including largest daily trades by premium, highest active chains, and more.

  • ๐ŸŽŸ๏ธ Tickers - Using the Tickers menu you can search your desired ticker to see Historical Flows, daily charts, and Flow Levels information. Charts will be discussed later in this Doc.

  • ๐Ÿ”ฅ Hot Chains and Tickers - A feed of the hottest tickers and options chains, by premium and volume respectively.

  • ๐Ÿ—๏ธ Sector Flow - A feed of the sectors, sorted by highest call premium.

  • ๐Ÿคฃ Emoji Flow - A visualization of how bullish or bearish the sentiment is towards a particular emoji.

  • โŒ› Halts + IPOs - A running tracker of tickers that have been halted/unhalted or have IPO’d.

  • ๐Ÿ’ƒ Group spreads, straddle, sweeps, blocks, and option strategies - Selecting this will bring up an experimental flow feed. This feature is still in beta.


๐Ÿ“Š Charts

There are 5 types of pie charts. They are available to view from a variety of different locations within the Flow, and the timeframe of data you’d like to examine will determine the location from which you should seek these charts out.

flowchart

  • # of Calls/Puts: This pie chart compares the number of call vs put transactions. This is otherwise known as the put call skew.

  • Volume Calls/Puts: This pie chart compares the total number of call vs put contracts transacted.

  • Premium Calls/Puts: This pie chart compares the total premium transacted for calls vs puts.

  • Ask vs Bid Side: This pie chart displays the skew of transactions that were on the ask side vs those that were on the bid side.

  • ๐Ÿ‚ vs ๐Ÿป Premiums: This pie chart aggregates and displays a skew of ‘bullishness’ or ‘bearishness’ based on the previous four charts.

When viewing these charts it is important to understand that: a high call to put skew is not necessarily bullish and a high put to call skew is not necessarily bearish, as calls and puts can both be bought and sold. The only chart that will be able to give any reading on bullishness or bearishness is the ‘๐Ÿ‚ vs ๐Ÿป Premiums’ chart.

Charts seen from the ๐ŸŒŠ Flow page will come in pairs. The top set of charts, labeled ‘Total Aggregate Across Entire Flow For Today’, will show you the skew of the total flow across all securities for the current day. The bottom set of charts, labeled ‘Flow for Alerts with current filters’, will show you the skew for only the data on the current page of Flow results (50, 100, 150, or 250, as determined by your setting).

Using the ๐ŸŽŸ๏ธ Tickers page you can view charts for all daily activity for the specified ticker.

Flow Levels charts can accessed from the ๐Ÿ‘จโ€๐Ÿ”ฌ Intraday Analyst view and the ๐ŸŽŸ๏ธ Tickers page. These charts operate the same way, and provide a quick glance at predetermined premium levels ($1k+, $5k+, $15k+, $30k+) throughout the day.

You will also find charts labeled Breakdown by expiry and Breakdown by strike. For these: the x-axis represents the various contract expiration dates and strike prices, respectively, and both y-axis represent the overall premium transacted for the respective expiration dates and strike prices.

Breakdownchart

โ„น๏ธ Please note that the charts shown here do not belong to the example Flow feeds shown in this Doc.


๐Ÿ”ฎ Dark Pool

The ๐Ÿ”ฎ Dark Pool feed displays trades happening on private exchanges, also known as a ‘Dark Pool.’ You can read more about these exchanges here and here.

DarkPool

Similarly to the Flow feed the column headers will help you identify all of the pertinent information. The four types of ‘Side’ outputs are: AA BUY (above-ask buy), BUY, SELL, and BB SELL (below-bid sell).

You can hover over any sold or trade code for a description of the code. These codes can help identify why trades may be missing ‘Side’ data.

You can also visit the ๐Ÿ“– Glossary/Terminology Doc for more information.


Please continue to the next page for information on the ๐Ÿ”” Unusual Alerts.