What counts as unusual options activity in OptionClaws?

A stock whose option volume today, across all calls and puts, is running well above its average over the prior 20 trading sessions. The Unusual Call Volume preset uses 2x as the threshold, then filters to individual calls with at least 1,000 contracts traded today and some open interest.

Does the scanner show order flow, block trades, or dark pool prints?

No. It works from volume, open interest, and quotes. It does not see individual orders, their size, or where they were executed, and it does not label trades as bullish or bearish.

Why does the ratio change during the day?

Today's volume keeps growing until the close, while the average it is compared with is for complete days. A stock at 1.2x mid-morning can finish the day above 2x without any single large trade.

Can I look for unusual put volume instead?

Yes. The ratio is a stock-level filter that works with every strategy, so switch the strategy to long put and keep the same volume filters. The per-contract volume and open interest then describe the put.

Can I get notified when a stock's volume spikes?

Not currently. You can save the scan and run it again whenever you want an updated reading; results reflect the latest intraday refresh.

Unusual options activity scanner

The OptionClaws unusual options activity scanner compares each stock's option volume today with its own recent average and lets you screen individual calls on the stocks where that volume is running hot. It measures volume, not intent: it can show that a stock's options are trading at twice their normal pace and that a particular call has traded more contracts than its open interest, but not who traded them, in what size, or whether they bought or sold.

Key facts

The unusual volume ratio is a stock-level figure: today's option volume across every call and put on the stock, as of the latest refresh, divided by the average daily option volume over the prior 20 trading sessions.
Because today's volume accumulates through the session while the average is for full days, the ratio starts low in the morning and rises as the day goes on.
Option volume and open interest are per contract: today's volume on that call, and the open interest on it. Open interest is published once a day, so it does not include today's trades.
Results are long calls on busy stocks, priced from live quotes. The scanner does not identify individual orders, block trades, or which side initiated a trade, and it is not a signal service.

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Supported filters

Unusual volume ratio (x): Today's total option volume on the stock divided by its 20-session average. The Unusual Call Volume preset requires 2x or more and sorts by it, so the stocks trading furthest above their norm come first.
Option volume: Contracts traded today on this specific call. A 1,000 minimum, as in the preset, keeps the list to contracts that are themselves active, not just quiet strikes on a busy stock.
Open interest: Contracts outstanding on this call as of the last daily report. Compare it with today's volume: volume well above open interest suggests new positions are being opened, a common rule of thumb rather than proof.
Avg option volume: The stock's average daily option volume over the prior 20 sessions. A floor keeps thinly traded names out, where a ratio of 3x can mean a few hundred extra contracts.
Total option volume: Today's option volume across the whole chain. Use it with the ratio to require both an unusual day and a large one in absolute terms.
Distance OTM (%): Distance from the stock to the call's strike; positive is out of the money. The preset keeps strikes within 15% either side of the stock, away from far out-of-the-money lottery tickets.
Days to expiration (days): Days to expiration. Short-dated calls cost less and react most to a quick move, but they also lose time value fastest. The preset allows up to 150 days.
Delta (anchor leg): Absolute delta of the call. Filtering for 0.30 to 0.60 keeps you in contracts that respond meaningfully to a move in the stock without paying for deep in-the-money premium.
Distance to breakeven (%): How far the stock must rise by expiration for the call to break even, as a percent of the price. It turns a busy contract into a concrete requirement.
Return at +1 ATR move (%): Return on the premium if the stock rises one expected move, daily ATR times the square root of days to expiration, by expiration. Negative means an ordinary rally is not enough.
Earnings: Volume often surges before a report for scheduled reasons. Exclude earnings before expiration to separate activity that has no calendar explanation, or require one to focus on it.
Exclude ETFs: Drop index and sector funds. Fund option volume swings with hedging across the whole market and can crowd a volume-sorted list.
Bid-ask spread ($) ($): The call's bid-ask spread in dollars. A contract with heavy volume and a wide market is still expensive to get in and out of.

Screening walkthrough

1. Find the stocks with unusual volume
Set the unusual volume ratio to a minimum of 2 and sort by it descending, as the Unusual Call Volume preset does. Every row on a stock shares the same ratio, because it describes the stock's whole option chain. Run the scan later in the session for a fuller picture: an early reading compares a partial day with full-day averages.
2. Narrow to the contracts that are actually trading
Require option volume of 1,000 or more on the call itself and open interest of at least 50. Then add the volume and open interest columns and compare them. A call that traded 3,000 contracts against 1,200 open interest is more likely to be seeing new positions than one that traded 3,000 against 40,000, where existing holders adjusting is an equally good explanation. Neither case is certain, because the same contracts can change hands many times in a day.
3. Separate scheduled activity from the rest
Add the earnings column. Heavy volume ahead of a report is common and has an obvious cause. Exclude earnings before expiration to see only the activity without one, and drop ETFs so market-wide hedging does not fill the list.
4. Decide whether the call is worth buying
The volume tells you nothing about price. Add breakeven distance, return at a one-ATR move up, and the bid-ask spread. A heavily traded call that needs a 12% rally in two weeks to break even is still a long shot, whoever was buying it.

Illustrative example

Illustrative example, not a live result

Illustrative unusual volume reading and the call behind it

Setup

Stock trading at $100.00; daily average true range (ATR) of $2.50.
Average daily option volume over the prior 20 sessions: 40,000 contracts across all calls and puts. Today so far: 100,000 contracts.
A 25-day $105 call has traded 3,000 contracts today, has open interest of 1,200, and is quoted at a $2.00 mid.

Arithmetic

Unusual volume ratio: 100,000 / 40,000 = 2.5x, above the preset's 2x floor.
Volume against open interest, read from the two columns: 3,000 / 1,200 = 2.5. Volume this far above open interest suggests fresh positioning, though the same contracts can trade back and forth, and it does not show whether buyers or sellers were the ones opening.
Distance OTM: ($105 minus $100) / $100 = 5%.
Max loss on one call: $2.00 times 100 = $200. Breakeven at expiration: $105 plus $2.00 = $107, which is 7% above the stock, or $7.00 / $2.50 = 2.8 daily ATRs.
One expected move: $2.50 times the square root of 25 = $12.50. At $112.50 the call is worth $7.50, a profit of ($7.50 minus $2.00) times 100 = $550, or $550 / $200 = 275%.
If the stock is still at $100 at expiration, the call expires worthless and the loss is the full $200.

Volumes, prices, and the ATR are made up for the arithmetic and do not describe a real stock or contract. Commissions are excluded.

Limitations and risks

The unusual volume ratio covers the stock's entire option chain, calls and puts together. A 3x reading can be driven by puts even when the call you are looking at is quiet; check the call's own volume.
The scanner does not see individual trades. It cannot tell you trade sizes, whether a trade was a buy or a sell, whether it opened or closed a position, or whether it was part of a spread with other options.
Today's volume is compared with full-day averages, so the ratio understates activity early in the session. Stocks without 20 prior sessions of volume history have no ratio and drop out of any ratio filter.
Open interest is updated once a day and does not reflect today's trading until the next report.
Heavy volume is not evidence that anyone knows something. Hedging, earnings positioning, index events, and rolling by large holders all produce the same readings. Treat results as a place to look, not a signal.
Quotes are refreshed intraday and are a snapshot, not a live feed. The scanner does not send alerts or place orders.

Frequently asked questions

What counts as unusual options activity in OptionClaws?: A stock whose option volume today, across all calls and puts, is running well above its average over the prior 20 trading sessions. The Unusual Call Volume preset uses 2x as the threshold, then filters to individual calls with at least 1,000 contracts traded today and some open interest.
Does the scanner show order flow, block trades, or dark pool prints?: No. It works from volume, open interest, and quotes. It does not see individual orders, their size, or where they were executed, and it does not label trades as bullish or bearish.
Why does the ratio change during the day?: Today's volume keeps growing until the close, while the average it is compared with is for complete days. A stock at 1.2x mid-morning can finish the day above 2x without any single large trade.
Can I look for unusual put volume instead?: Yes. The ratio is a stock-level filter that works with every strategy, so switch the strategy to long put and keep the same volume filters. The per-contract volume and open interest then describe the put.
Can I get notified when a stock's volume spikes?: Not currently. You can save the scan and run it again whenever you want an updated reading; results reflect the latest intraday refresh.

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Last updated 2026-09-28. Educational content, not investment advice. Options involve substantial risk and are not suitable for every investor. See our Terms of Service.