Big option flows

Markers for the Deribit option trades where the most money changed hands. They answer: where did someone pay up for options, for which strike, and did they buy or sell? Off by default; turn it on in Indicators → Options (estimated, Deribit) → Big option flows.

What you see

A diamond is a call, a square is a put. Teal: the customer (the side that hit the trade) bought. Magenta: the customer sold. Bigger marker = more premium paid. Each sits at the time of the trade and at its strike, shown on the perp's price scale. A strike off the chart shows as an arrow at the edge (at most 3 per edge, the largest). In the picture the markers sit on round strikes: calls sold at 80,000 several times and once, large, at 82,000 on the afternoon of 30 October (magenta diamonds); puts bought at 76,000 and 78,000 (teal squares). Hover one for the trade; a hover reads like Call bought · $1.2M premium · 80,000 strike · exp 31 Oct (0DTE) · IV 52 % · block. IV is the option's implied volatility (how big a move its price assumes); a block is a large trade agreed privately and reported to Deribit.

How to read it

• Premium is the money paid for the option (price × quantity, in USD). It measures how much was at stake.
• A call bought pays off if price rises past the strike. A put bought pays off if price falls below it.
• Several markers at one strike mean money is focused on that price.
• The expiry matters: a 0DTE trade expires within a day; a monthly one is a longer view.

What it tells you

Where large option money went, and which way the aggressive side traded. It does not tell you whether a trade opened or closed a position: Deribit does not publish that. A "call bought" can be a new bet on a rise or someone closing a short call.

How to use it

Hover the largest markers near price. Note the strike, the expiry and bought or sold. A strike with several big trades that also sits near a gamma line or a level is a price worth watching closely. Then read the flow there as usual; the option trade alone is not a reason to enter.

Common mistakes

• Reading every bought call as "someone knows price will rise". It can be a hedge, a spread leg or a closing trade.
• Ignoring the expiry: a big 0DTE trade says nothing about next week.
• Thinking the marker is a target. It shows the strike of an option, not where price must go.

Which trades are shown

Counts are from 30 days of Deribit trades, measured on 31 October 2026. In Settings you can change the premium floor, keep only some expiries (0DTE, 1, 7 or 31 days), keep only bought or sold trades, and hide a call and a put of the same strike and expiry traded in the same second (a straddle or offsetting legs; hidden by default). The chart's notes say which floor is in use.