# Big option flows

Source: https://tactiq.pro/docs/big-option-flows · Options gamma · updated 2026-10-31

The Deribit option trades with the largest premium, at their strike: diamonds calls, squares puts, teal bought, magenta sold. Opening or closing is unknown.

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**.

![A 30-minute BTC chart from 28 to 31 October with big option trades as markers: magenta diamonds at 80,000 and 82,000 (calls sold), teal squares near 76,000, 78,000, 79,000 and 80,800 (puts bought), teal diamonds at 79,000 and 80,000 (calls bought), one magenta square near 76,000, and small triangles at the top and bottom edges.](https://tactiq.pro/docs/chart/gamma-big-flows.webp)

*BTC perp, 30m, 28–31 Oct 2026: the largest option trades by premium, drawn at their strike.*

- **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

| Coin | Shown from (premium, default) | About how many a day |
| --- | --- | --- |
| BTC | $250,000 | 15 |
| ETH | $50,000 | 10 |

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.