Top Unusual Options Scanners
Top FlowAlgo Alternative
FlowAlgo is a data algorithm, or in other words, a tool that just gives information. It does not make financial recommendations or say you should use the data discovered by the algorithm for your own trades. It will provide you with option-related data. And it's entirely up to you what you do with it after that.
The Best Alternative to FlowAlgo is SweepCast. It's the most straightforward Unusual Options Activity Platform for traders. SweepCast may be used by swing or daily traders who want to learn where Smart Money is heading.
In this article, FlowAlgo alternatives are discussed, along with a comparison of FlowAlgo performance against the other systems. Additionally, we will discuss some of the best Unusual Options Activity Scanners.
What Are the Top FlowAlgo Alternatives?
FlowAlgo isn't the only option out there for tracking down smart money transactions in the stock and equity options markets. It monitors market-wide tape (time and sales) regularly.
The Best Alternative to FlowAlgo is SweepCast. SweepCast offers various useful features like:
FlowAlgo is an excellent tool for monitoring order flow, but it’s not the only option on the market. For FlowAlgo alternatives covering all bases and providing additional features, check out SweepCast Here.
What Are the Drawbacks of FlowAlgo?
FlowAlgo is a service that investors can sign up for to look at unusual options activity in the stock market. This includes information on any big-money options moves that are placed against stocks.
This may be utilized by retail investors to a limited extent to forecast option activity and bullish versus bearish sentiment surrounding the stock. That explanation may be complicated for non-option traders to comprehend.
Remember that FlowAlgo is a tool used by traders of all levels, and it provides information that can be used to make higher proportion options trades. The biggest drawback of FlowAlgo is its high price tag, and lack of direct chat 24/7 support, and a large discord community of traders.
FlowAlgo provides an easy way to monitor smart money activity by scanning market-wide tape (time and sales) for specific trading patterns across all US equities & equity options markets at various frequencies from real-time up to weekly recaps.
It provides multiple ways to filter data based on user preferences which can be helpful when analyzing large datasets like those offered by FlowAlgo. FlowAlgo gives users quick access with just two clicks through a user interface that is intuitive to use.
The similarities between FlowAlgo and SweepCast are many, but their differences make each service unique in handling market activity analysis of stocks, options & futures markets.
With many transactions, SweepCast helps our members understand what "smart money" is doing with big volume purchases and notifies them of unusual orders that come from the Stocks or ETFs they follow. We do the hard work so you can make educated decisions.
SweepCast makes it as quick and straightforward as possible for you to discover unique option flow data so that you may react. They provide a Live Chat Room for Unusual Options, making it simple for users to exchange ideas with other traders in the chatroom and take advantage of the SweepCast Unusual Options Platform.
Sweepcast may be an excellent alternative for Flowalgo users looking for an upgrade interested in being alerted on their smartphones when prices move in their stocks.
The Top Alternative to FlowAlgo: SweepCast
SweepCast is a FlowAlgo alternative for those looking to sort and filter through results and be alerted when prices move in their stocks. Users can also create watch lists outside Flowalgo’s interface, unlike FlowAlgo, which lacks any alert.
SweepCast provides constant price activity tracking regardless if users are logged into the service or not, making it an upgrade for FlowAlgo users who want alerts on their smartphones.
FlowAlgo is an automated Flow Trade service created to help folks find the best prices for their trades. It provides users with a searchable library of over 140 stocks, ETFs, and equities sorted by price movement in FlowTrade Pro and alpha-order pricing, along with the ability to create custom watchlists outside the FlowTrades interface.
In addition, Flow Trade alerts its subscribers when new orders are available via e-mail or SMS text messaging on iPhone/Android phones but has no such alerting system built into it like SweepCast does, as mentioned above.
Flow Algo Alternatives: What's The Best Option?
SweepCast offers users a free version so you can see how it works before upgrading, which also makes Sweeppcast another great option and what Flowtrade has to offer.
SweepCast may be your best alternative for FlowAlgo due to its vast selection of FlowTrades, FlowTrade Pro, and Flow Trade alerts.
Some of the most optimized features of SweepCast include
● Smart Option Flow Tracking- Optimized data showcases what key unusual options activity for the most critical tickers. Everything is color-coded to highlight unusual flow.
● Hover-Over Details- Hover over or click for details on unusual flow activity.
● Watchlist Setup- Set up a watchlist of favorites to monitor option activity.
● Historical Data- The option flow table keeps track of historical data like the total premium, expirations date, vol, and price.
You will receive an email notification with a link to the details of your trade or Flow Alert so that you don't have to be watching the screen at all times, waiting for something interesting to happen.
Top Unusual Options Activity Scanners
When most trading was still conducted on the floor, traders discovered a curious options activity (or any security for that matter) by shouting and hand signals.
The best unusual options activity scanners are:
● Market Chameleon
● Black Box Stocks
● Benzinga Pro
Analyzing unusual options activity is an excellent approach to spot when big investors buy and sell options. Options are advantageous since every option contract can be traded 100 stocks for low insurance, known as option premium.
The first step in detecting institutional trading behaviors is to use an unusual options activity scanner, but not every trade implies the same. As a result, it's critical to figure out what sorts of trades are possible and correctly identify them.
The Best Unusual Options Activity Scanner: Optionsonar
Optionsonar tracks and analyzes the flow of stock options contracts, following the smart money into the most important option trades on Wall Street. The program includes predefined screeners that allow you to come up with new trading ideas. Optionsonar monitors all major option transactions for any stock and categorizes them as either bullish or bearish.
In Optionsonar, dark orders, block trades, and sweep scanning are all utilized. It also scans for stock option positions with a larger contract volume than the open interest on the prior trading day.
There are a variety of tools and resources available to help you find out more about the market. Charts, option prices, volatility, technical analysis sentiment, strike prices, and other features are part of the screener results. Users can also change the scanner criteria and modify options expiration dates for volume, days to maturity.
Another Top Options Activity Scanner: Market Chameleon
Stock and options traders use Scanning & Research capabilities from Market Chameleon. The most common options scan criteria include unusual options activity, implied volatility ratings, options trading volume, buy-write searches, order flow sentiment, and open interest analysis.
The program offers several tools for tracking stock movements, including a stock overview page, weekly dividends and earnings reports, a pull-down menu of symbols to be tracked in real-time, and several advanced tools.
In addition to the fundamental functionality mentioned above, Intraday dividend announcements and earnings updates are also available. Here are some more features:
● Download past intraday dividend announcements and earnings updates.
● Minute data and historical prices of the previous trading session, as well as a lot more.
● Historical option chains are available for viewing.
For unusual options activity, covered calls, and other things like that, there are option screeners.
Block trades and trade reports are available too.
The total access subscription provides the best value and offers an incredible range of scans and data. A fantastic aspect is that subscribers can download the data to their computer for further analysis.
Another Of the Best Unusual Options Activity Scanner: Black Box Stocks
The Black Box Stocks dark pool trading activity scanner, options alerts, options flow analysis, news, and an options heat map are useful features. The data is broken into insights with a timestamp, name, expiration date, strike price (C/P), spot value (IV), and value.
A community for active traders, Black Box Stocks is also home to one of the most active options trading activity scans. Stock screeners, stock market discussions in the chat, and weekly events are just a few of the features that make them an all-in-one solution for novice traders.
Another Top Unusual Options Activity Scanner: Benzinga Pro
Benzinga Pro is a fantastic website for market news and research, and they have a paid tool called Benzinga Pro. You may use Benzinga Pro to search news based on keywords or create your own filters.
The information available on the site is quite limited, but it's sufficient to get a sense of what they offer. It contains basic information about their firm and services and an overview of how the newsroom works. The tool is useful for analyzing trends to make profitable trading decisions.
Many traders appreciate this product because it has a wide range of filters that may be used to find the best match for your needs out of thousands of stories every day. Option traders prefer using their signals software. With the signals software, you can search for option activity related to aggressive trades, big blocks, and option sweeps.
Another nice feature is checking to see whether the option order was fulfilled at the bid, ask, or outside market. Benzinga Pro provides stock screeners, a trading chat room, and trading strategy education similar to Black Box Stocks.
How To Find Unusual Options Activity
Unusual option contract activity entails identifying unusual options contracts that trade a lot of volume relative to the average daily volume.
If an option that usually trades a few contracts a day suddenly trades 5,000 contracts in a day, someone is betting that a big move is coming. Unusual options activity identifies specific options contracts that are trading a high volume relative to the contract's average daily volume.
There are several levels to which one may observe this volume. It could be a hedge, but the traders do get these bets incorrect on occasion, and unusual options activity might indicate that a major movement in the underlying stock is about to occur.
It's also important to keep in mind that options have an expiration date. This implies that the buyers of these huge option positions want the market to move before expiration.
Identifying Unusual Options Activity
The first requirement for unusual options action is that the total volume must be multiples of its average daily volume, usually at least five times the average daily volume. The higher, the better.
We'll examine any choice with a high relative volume, but we want to pay particular attention to options that make huge individual purchases.
A “large trader order” is a lot larger than the previous day's average volume. This indicates that one trader or institution makes a wager, implying that someone may have inside information. I consider a "big individual order" equal to about one day's worth of volume.
When it comes to traders looking for a simpler, more intuitive way to track the activity of smart money in the stock market, SweepCast is an excellent alternative. This unusual Options Activity Platform may be used by swing or daily traders and can provide insight into where Smart Money is heading.
SweepCast is a great option for traders who want to take advantage of Smart Money moves, learn how volatility impacts their trades, or have an easy way to keep track of all their positions in one place.