What we do

Options data, research, and analytics

Our team has spent decades in options markets. The question we work on is what the market is actually doing: how activity behaves across names and sessions, where correlations hold and where they break, and which flow is anomalous for a given name rather than merely large.

Answering that at the scale of roughly seventy million contracts a session takes infrastructure most firms do not have. We process the raw OPRA prints, classify them, and reconstruct the orders behind them, because the tape carries no order IDs and no statement of intent. Until that is done, the record is a list of executions rather than a picture of what traded.

We publish what that work turns up. The workspace our own desk trades from is available for licensing, and so is the data layer underneath it. We do not publish recommendations.

Side, read against the NBBO 9 rungs

01 Below bid
02 At bid
03 Inside bid
04 Mid
05 Inside ask
06 At ask
07 Above ask
08 Locked
09 Crossed

Aggression, not intent. A locked or crossed book is recorded as what it was, not resolved to a side.

Paper · 2026-08-25

Order flow: tagged and reconstructed

The usual reading of the options tape is that a print is an order. A print at the offer is a buy. A wall of prints is one order worked. Two contracts printing together are a spread someone opened.

That sentence treats a report as a reconstruction, and a reconstruction as a fact. A print is a print. An order, a side, and a structure are constructions. Some of those constructions are tagged at the exchange. Most are inferred. They are not the same object.

Read the paper

Thirty-three prints resolving into three reconstructed orders — **From the paper.** Same minute, 25 August 2026, 10:12–10:13 ET. Thirty-three auto prints, three names, three reconstructed sweeps.

Notes and papers

Written from the desk, on method rather than conclusions. Nothing here is investment advice.

All notes and papers