Options traders are always searching for an edge, right? Spotting those big, unexpected trades, maybe the kind that hint at smart money moving in or out, can make all the difference.
Unusual options activity scanners help you hunt down these major trades fast. Let’s dig into the top five scanners for unusual options activity and how you can actually put them to work.
What Is Unusual Options Activity?
Unusual options activity pops up when contracts trade at volumes way above their daily average. These hefty trades usually come from institutions or insiders who might know more than the average trader.
If you track this activity, you might spot market shifts before they hit the headlines. It’s not a guarantee, but it’s definitely a head start.
The Top 5 Unusual Options Activity Scanners
1. BlackBoxStocks
BlackBoxStocks delivers real-time alerts for unusual options activity. The platform uses simple, visual indicators to keep things clear.
Key Features:
- Real-time options flow data
- Automated alerts for unusual trades
- Color-coded signals: green means bullish, red means bearish
- Heat maps to show what’s hot across sectors
- Stock and options screeners
Pricing: Monthly subscription starts at $99.97, with annual discounts if you want to commit.
Best For: Active day traders who crave instant alerts and visual data.
2. OptionStrat
OptionStrat mixes unusual options activity scanning with strategy-building tools. It’s a bit of a Swiss Army knife for options folks.
Key Features:
- Options flow data filtered by size and type
- Profit/loss calculators
- Strategy builder with visual P&L graphs
- Historical options chain data
- Mobile app so you can check trades on the go
Pricing: Basic plan starts at $35/month. Premium features run $75/month.
Best For: Traders who want to analyze unusual activity and build strategies on top of it.
3. Market Chameleon
Market Chameleon dives deep into options analysis, adding a historical twist to unusual activity.
Key Features:
- Historical options volume analysis
- Unusual options volume scanner
- Options strategy backtesting
- Earnings analysis tools
- Pre-market and after-hours data
Pricing: Basic features start at $39/month. Premium plans go up to $99/month.
Best For: Data-focused traders who want stats and context, not just raw numbers.
4. InsiderFinance
InsiderFinance zeroes in on unusual options activity and connects it with insider trading.
Key Features:
- Real-time options flow data
- Insider trading correlation
- Dark pool order detection
- Custom alert settings
- Historical data access
Pricing: Subscription starts at $49/month. You get a 7-day trial to test the waters.
Best For: Traders who want to see if insiders and options flow are telling the same story.
5. Cheddar Flow
Cheddar Flow keeps things clean and simple for tracking options flow. The interface is straightforward and the filters are powerful.
Key Features:
- Premium and unusual options flow
- Advanced filters for contract type and size
- Dark and block trade detection
- Sentiment analysis
- Mobile app with alerts
Pricing: Starts at $65/month. Annual plans save you a bit if you’re in for the long haul.
Best For: Options traders who want clear data and mobile access, no fuss.
How to Use Unusual Options Activity Scanners Effectively
Set Up Smart Filters
Don’t just watch everything, filter for what matters:
- Contract size: Stick to trades above $50,000 in premium
- Trade type: Focus on opening positions, not just closing ones
- Expiration dates: Adjust timeframes to fit your style
- Strike prices: Keep an eye on out-of-the-money options with big volume
Look for Patterns, Not Just Single Trades
One big trade? That can fool you. Instead, watch for these patterns:
- Several large trades in the same direction
- Consistent activity over multiple expiration dates
- Unusual activity right after news or before a big announcement
- Options trades that don’t match what the stock’s doing
Verify With Other Indicators
Don’t rely on options flow alone. Double-check with these:
- Company news and upcoming events
- Technical analysis on the stock chart
- Sector performance overall
- Analyst ratings and price targets
Track Success Rates
Keep tabs on your results. Seriously, write it down:
- Note the date, strike price, and expiration
- Record the underlying price when you spotted the activity
- Track the outcome after expiration
- Calculate win/loss ratios for each scanner and filter setup
Implement Risk Management
Don’t go all-in just because you see a big trade. Manage your risk:
- Limit positions to a small slice of your portfolio
- Try defined-risk strategies like spreads
- Set stop-losses before you jump in
- Take partial profits when things go your way
Common Mistakes to Avoid
- Chasing every alert without thinking it through
- Forgetting about the time frame of the activity
- Ignoring the bigger market context
- Putting too much on a single unusual options trade
- Skipping checks for earnings or dividend dates
Final Thoughts
Unusual options activity scanners can give you some pretty interesting data, but you’ve got to know how to read it. The five scanners here each take their own route to tracking what the so-called smart money is up to.
If you use these tools with solid filters and a bit of pattern recognition, you might spot potential market moves. Toss in some risk management, and you could improve your trading results, or at least avoid some headaches.
Unusual options activity shouldn’t be your entire strategy. It works best as just one piece of the puzzle.
Mix these signals with technical analysis, some fundamental research, and, honestly, good risk management. That’s usually how you get the best shot at success.