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OptionsUpdated daily after close · snapshot 2026-10-20

Unusual Options Activity — Daily Top 30 Bullish & Bearish

A free unusual options activity scanner. Each session it reads 2,861 option chains and ranks the 349 that clear the liquidity and earnings filters. Each name is scored on three chain-derivable factors: OTM open-interest growth against the symbol's own recent history, today's volume-to-OI ratio on OTM contracts, and IV against the symbol's own 30-day baseline, each then normalised across the eligible universe. Call-side and put-side books are ranked independently. Neither label proves that the options were bought or predicts the stock's next move.

The answer · unusual options2026-10-20market close
PUT-SIDE TILT

1 call-side and 2 put-side composites cleared the 1.5 score cutoff. Put-side breadth outnumbered the opposite side by more than 50%.

Top call signature
XP +1.59
Primarily relative IV
Top put signature
XP +1.71
Primarily relative IV
Recent repeats
6 / 5
of 30, same-side in ≥2 of 10 sessions
Two-sided today
4 names
XP · CORT · CRWV · GWW
Eligible
349
Scanned
2,861
History
103 sessions

“Call-side” and “put-side” describe which OTM book produced the statistical outlier. End-of-day chain data cannot identify buyers versus sellers, trade initiators, institutions, or spread legs.

Today's reading

As of market close on October 20, 2026, the scanner ranked 349 of 2,861 scanned US optionable stocks. 1 call-side and 2 put-side signatures cleared the 1.5 composite-score threshold, a put-side tilt. The highest call-side score is XP at +1.59, driven primarily by relative IV; the highest put-side score is XP at +1.71, driven primarily by relative IV. 6 of 30 call-side names and 5 of 30 put-side names appeared in at least two of the latest 10 ranked sessions. 4 names appear on both lists today. These are unusual call/put signatures, not proof of buying direction or a price forecast.

Sources, methodology & freshnessDaily full-chain snapshots across ~3,200 US optionable equities (Polygon-compatible API) · Daily snapshot ~1:30 PM PT (30 min after cash close)Data as of 2026-10-20 · Open ↓
Source
Daily full-chain snapshots across ~3,200 US optionable equities (Polygon-compatible API)
Methodology
Weighted composite of 3 cross-universe z-scored factors: OTM OI growth + vol/OI ratio + IV vs 30d median
Updates
Daily snapshot ~1:30 PM PT (30 min after cash close)Data as of 2026-10-20
Maintained & reviewed by Yuriy Matso — methodology shown on the page.
01

Call-side rankings

OTM call books ranked by the composite. “Bullish” is the scanner's conventional label for a call-side signature; it does not establish call buying. Open a row for the raw factors and recent-list persistence.

Top 30 — OTM Call-Side Signatures30 ranked
Index & ETF books in this top 30#30 EWY· ranked like any other book, labelled so a fund is not read as a company
#SymbolScorez OI Δz Vol/OI
1XP
XP Inc.
+1.59+0.08σ+0.23σ
2TEAM
Atlassian Corp
+1.49+0.17σ-0.06σ
3CHYM
Chime Financial, Inc.
+0.91+0.10σ-0.02σ
4CLMT
Calumet, Inc. /DE
+0.66+0.28σ-0.07σ
5MRNA
Moderna, Inc.
+0.57-0.09σ+0.18σ
6GILD
GILEAD SCIENCES, INC.
+0.49-0.08σ-0.08σ
7CEG
Constellation Energy Corp
+0.48+0.23σ-0.06σ
8INSM
INSMED Inc
+0.46+0.06σ-0.08σ
9FRO
Frontline plc
+0.43+0.13σ-0.07σ
10SE
Sea Ltd
+0.43+0.16σ-0.03σ
02

Put-side rankings

OTM put books ranked independently on the same factors. Put activity can be directional, protective, short-volatility, or part of a multi-leg structure; the table measures unusualness, not trade intent.

Top 30 — OTM Put-Side Signatures30 ranked
Index & ETF books in this top 30#2 EWZ#6 LQD#9 SOXX#22 TNA#26 EFA#28 IWM· ranked like any other book, labelled so a fund is not read as a company
#SymbolScorez OI Δz Vol/OI
1XP
XP Inc.
+1.71+0.81σ-0.08σ
2EWZETF+1.69+2.02σ-0.10σ
3WYNN
WYNN RESORTS LTD
+1.40+2.70σ-0.09σ
4CRWV
CoreWeave, Inc.
+1.39+1.30σ+0.01σ
5VAL
Valaris Ltd
+1.32-0.45σ+0.09σ
6LQDETF+1.19+3.25σ+0.07σ
7SBUX
STARBUCKS CORP
+1.17+2.69σ-0.15σ
8REGN
REGENERON PHARMACEUTICALS, INC.
+1.17+2.48σ+0.03σ
9SOXXETF+1.13+2.31σ-0.01σ
10MCHP
MICROCHIP TECHNOLOGY INC
+1.08+2.49σ-0.12σ
03

Signal context

Two-sided today · 4 names on both lists

Unusual call and put books at once. Two-sided unusualness says nothing about direction.
XPXP Inc.
Call-side #1
+1.59
led by relative IV
Put-side #1
+1.71
led by relative IV
CORTCORCEPT THERAPEUTICS INC
Call-side #13
+0.37
led by relative IV
Put-side #20
+0.84
led by OTM OI growth
CRWVCoreWeave, Inc.
Call-side #22
+0.25
led by relative IV
Put-side #4
+1.39
led by relative IV
GWWW.W. GRAINGER, INC.
Call-side #26
+0.22
led by relative IV
Put-side #25
+0.71
led by OTM OI growth

What is driving today's scores?

Farther right means a larger OTM OI change; higher means more volume relative to the standing OI book. Point size is the composite score. A violet outline marks IV at least 1.5σ above the eligible universe.

call-side listput-side listAxes are symlog-scaled so outliers do not flatten the field.

Which signatures keep returning?

Current top-30 names ranked by same-side appearances across the latest 10 sessions. Repetition distinguishes recurring activity from a one-session print; it does not establish directional accuracy.

6/30 call-side repeats5/30 put-side repeats4 names on both lists today2026-10-07 → 2026-10-20
04

What happened next

Over 103 ranked sessions since 2026-05-23, names on the call-side top 30 lagged the scanned universe 20 sessions later (median -1.79% against -0.69%, 43% higher against 47%), and put-side names matched it (median -0.61%). Neither list has behaved like a directional forecast. That is the finding, and it is published rather than assumed away.

Bucket5 sessions10 sessions20 sessionsN
Call-side top 10-0.49% · 46%↑-0.78% · 44%↑-1.49% · 43%↑971
Call-side top 30-0.45% · 46%↑-0.87% · 44%↑-1.79% · 43%↑2,918
Call-side top 30, ex-ETF (partly reconstructed)-0.57% · 46%↑-0.98% · 44%↑-2.19% · 43%↑2,710
Put-side top 10-0.30% · 46%↑-0.36% · 48%↑-0.60% · 47%↑958
Put-side top 30-0.30% · 47%↑-0.50% · 47%↑-0.61% · 47%↑2,903
Put-side top 30, ex-ETF (partly reconstructed)-0.40% · 47%↑-0.65% · 46%↑-0.71% · 47%↑2,672
All scanned names (baseline)-0.19% · 47%↑-0.36% · 47%↑-0.69% · 47%↑299,801
SPY (baseline)-0.11% · 48%↑+0.17% · 52%↑+0.60% · 61%↑98

Median return of the underlying from the snapshot-date close and the share of observations that ended higher, beside the same statistics over every scanned name (baseline) and SPY. 83 sessions have a complete 20 sessions window. Descriptive tendencies, not signals.

The scanner changed twice: on 2026-09-03 the open-interest factor began measuring each name against its own history (version 2), and on 2026-10-20 the lists began requiring a stock price of $30 and $5M of options premium traded that day (version 3; scores are unchanged, only the lists narrow). The study covers every version; the archive records which one produced each session's lists, and the per-version split lives in the published JSON.

  • Windows overlap: consecutive sessions share most of their forward path, so n overstates independent observations.
  • Single regime: 103 sessions from 2026-05-23; no bear-market coverage.
  • Entry is the snapshot-date close; the scan is published after that close, so the first session's return was not tradable.
  • Version 1 ex-ETF rows are reconstructed from today's ETF list.
  • 1 session(s) dated on a non-trading day are entered at the last close on or before that date.
05

Score and coverage notes

Reading the score

  • +2.5 or higher — a very large weighted composite for this session. Inspect the factor map: one extreme input can produce the score.
  • +1.5 to +2.5 — the page's “strong” threshold. It is a transparent cutoff. It carries no probability and no expected return.
  • +0.5 to +1.5 — above the composite center but less exceptional; rank can still place it in the top 30 on a quieter side.
  • −0.5 to +0.5 — near the composite center for the session.
  • The three inputs are cross-sectional z-scores. Their weighted composite is not re-standardized, so the composite itself is shown without σ.
  • Persistence shows that activity kept ranking, not that its direction was correct. What the ranked names did afterwards is measured against the scanned universe in the “What happened next” section above.
  • Since 2026-09-03 the open-interest factor measures each name's change against its own recent sessions before the cross-universe comparison, so the largest option books no longer lead by size alone. Fund and ETF books stay in the rankings and carry an ETF tag.

How Unusual Options Activity Works

  1. 1
    Pull the full options chain for the universe
    Each trading day after the cash close (~1:30 PM PT), we snapshot the full options chain for every name in the universe via a Polygon-compatible market-data API — roughly 3,200 US optionable equities sourced from the easy-to-borrow list. The full chain (every strike × every expiration with OI, volume, IV, and Greeks) lands on disk for the scoring pipeline.
  2. 2
    Aggregate OTM positioning per symbol
    For each name we compute the $-notional of open interest in calls more than 3% OTM (above spot) and puts more than 3% OTM (below spot). Keeping a fixed distance from spot makes the cross-universe comparison consistent and separates the two option sides. We compare today's OTM $-notional with the prior snapshot; that measures a changing standing book, not whether the long or short side initiated it.
  3. 3
    Compute the three scoring factors
    Factor 1 is the day-over-day dollar change in OTM OI. Factor 2 is today's OTM volume divided by OTM open interest, which compares session activity with the standing book. Factor 3 compares average OTM IV with the symbol's own accumulating 30-session baseline, then normalizes that reading across eligible names. These inputs identify unusualness; snapshots cannot prove buying versus writing or reconstruct spreads.
  4. 4
    Filter out the noise
    Names with options volume below 5,000 contracts/day are excluded to reduce unstable ratios in thin books. Names with earnings releases in the next 7 days are separated because scheduled-event positioning would otherwise dominate the ranking. Since October 20, 2026 the lists also require a stock price of at least $30 and at least $5M of options premium traded that day, so a large ratio in a small book cannot reach the top; those names are still scored, and every exclusion gets a reason code visible in the UI.
  5. 5
    Z-score normalize across the universe
    For each factor we compute the mean and standard deviation across eligible names that day, then express every symbol relative to that cross-section. A 2.4σ OI-growth reading means 2.4 standard deviations above that session's eligible-universe mean; because the distributions can be skewed and heavy-tailed, the page does not translate z-scores into assumed normal-distribution percentiles.
  6. 6
    Composite weighted score, with graceful fallbacks
    Call-side Score = 0.45·z(call OTM OI growth) + 0.25·z(call vol/OI) + 0.30·z(call relative IV). The put-side score mirrors it. When IV history is insufficient (<20 sessions), weights rescale across OI growth and volume/OI; when OI growth is also unavailable, volume/OI stands alone. The UI states which model is active.
  7. 7
    Rank and surface the top 30
    The top 30 call-side and top 30 put-side composites are surfaced independently each day. Expand any row for raw inputs, factor z-scores, short-dated OI share and recent same-side persistence. The D3 factor map shows which input drove the outliers; the persistence chart uses the accumulating daily top-30 archive.

Who Uses Unusual Options Activity

Active Swing Traders
Use the rankings as an idea list, then check the underlying chart, catalyst and individual factor mix. A watchlist name with a recurring signature deserves research; this page does not treat recurrence as validated directional confirmation.
Options Traders
Use the IV factor to find names whose OTM volatility is unusual relative to both their own baseline and today's eligible cross-section. Strategy choice still requires the volatility surface, event calendar, spreads and trade prices that this end-of-day summary does not provide.
Macro / Cross-Asset Traders
Compare the count of strong call-side and put-side signatures as a breadth description. A large imbalance says where unusual contracts clustered that session; it cannot identify net market direction because buyers, sellers, hedges and multi-leg trades are not observed.
Long-Term Investors
Watch for unusual put-side activity on holdings and call-side activity on watchlist names as prompts for a news, earnings and risk review. Neither side is attributed to “smart money,” and both can represent hedges or spreads.

Pro Tips

01
Don't trade single-day spikes blindly
One day of high volume/OI can be dominated by a block or short-lived event. Use the persistence chart to distinguish repeat appearances from a one-session print, while remembering that recurrence has not been presented as a tested return signal.
02
Inspect the factor mix behind the composite
A high score can come from extreme OI growth, volume/OI, relative IV, or a combination. The factor map uses symlog axes so a single outlier remains visible without flattening every other name. IV can rise for event risk and supply/demand changes; it does not reveal trade direction by itself.
03
Cross-check the excluded list
A name excluded for earnings can still have active options, but the main ranking deliberately removes scheduled-event books. The excluded panel shows examples and counts; this page does not calculate the earnings implied move for them.
04
Use the underlying chart as context, not confirmation
The featured cards place price and share volume beside the option signature and verified catalyst. Co-movement helps explain what the market was reacting to, but it still cannot identify the holder or intent of the option position.
05
Score magnitude matters
The page marks 1.5 as its transparent composite-score cutoff, while the top 30 can extend below it. Read rank, magnitude and factor composition together. The inputs are cross-sectional z-scores, but their weighted composite is not re-standardized and is not a probability or forecast.
06
The scanner is best used as a starting filter
Treat the top 30 as a daily idea-generation list. It is not a list to buy outright. Cross-reference with chart structure, sector context, and your existing thesis. The UOA signal answers "where is positioning unusual?" — you still need to answer "and does that fit my strategy?"

Common Issues & Solutions

A name I expected to see isn't on the list▾
Five reasons something might not appear: (1) options volume below 5,000 contracts/day → excluded as illiquid. (2) Earnings inside 7 days → excluded since the positioning is event-driven. (3) A stock price under $30. (4) Less than $5M of options premium traded that day. (5) Score below the top 30 cutoff. The UI shows the full ranked list with scores, and the "excluded" panel surfaces names that hit a filter with their reason code.
Day 1 scores look weaker than expected▾
On launch day the scanner has no prior snapshot, so OI change and the relative-IV factor are unavailable. The composite falls back to volume/OI. The information set expands after a prior snapshot exists and again once at least 20 IV observations have accumulated; the coverage card states the available model.
A high-score name turned out to be a single block trade▾
The score is computed from an end-of-day chain, but one large block can move the volume/OI factor significantly. The 5,000-contract liquidity floor reduces thin-book instability without eliminating concentration risk. Use the factor and persistence charts to see whether the reading is isolated; neither chart proves future direction.
Why no "smart money" claim?▾
The source does not provide participant identity, opening/closing flags, trade initiator, bid/ask execution context, or spread linkage. The scanner therefore describes unusual OTM call-side and put-side books and makes no “smart money” or directional-accumulation claim.

Frequently Asked Questions

What is unusual options activity?▾
Unusual options activity is an options-book pattern that differs from a stated baseline. This scanner combines day-over-day OTM open-interest change, session volume relative to OI, and relative IV, then normalizes each factor across eligible names. It identifies statistical outliers, not participant identity or trade intent.
How do you decide bullish vs bearish?▾
The conventional “bullish” label means the OTM call-side composite ranked highly; “bearish” means the OTM put side ranked highly. Both sides use OI growth, volume/OI and relative IV. A name can appear on both lists, which establishes two-sided unusualness but does not by itself prove a binary event or a volatility strategy.
Do you use real-time data?▾
No. We snapshot once daily after the cash close so the chain reflects end-of-day OI and volume. The scanner is built for daily / swing positioning analysis, not intraday signals. Intraday UOA would require a paid options tape feed.
Can you distinguish call BUYING from call WRITING?▾
No. A daily chain snapshot lacks bid/ask execution context, initiator side, opening/closing flags, participant identity and spread linkage. OI and IV changing together can be consistent with several mechanisms, but cannot resolve buying versus writing. The composite measures unusualness without claiming that distinction.
What's the universe?▾
Roughly 3,200 US optionable equities sourced from the pipeline's easy-to-borrow universe. The live coverage cards state how many chains were fetched and how many cleared the current filters (5,000 contracts, earnings, a $30 stock price and $5M of premium); excluded counts and samples are shown rather than relying on a fixed typical-day estimate.
Why exclude names with earnings within 7 days?▾
Scheduled earnings can sharply reshape OI, volume and IV for reasons specific to the event. Separating those names keeps the general ranking from being crowded by known earnings repricing. Once the window passes, the name can re-enter if it clears the other filters.
When does the full three-factor model activate?▾
The first snapshot can use volume/OI alone. OI change becomes available after a prior snapshot exists. Relative-IV scoring requires at least 20 accumulated observations for a symbol, after which the three-factor weights activate where inputs are available. The coverage card states the current mode; no mode is described as a directional guarantee.
Is the scanner free?▾
Yes. The live rankings, factor detail, persistence history, researched catalysts and the forward-return study are all public, with no account and no paywall. The calculation and its limits are documented on this page so the model can be evaluated before it is used.

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