OptionMetrics launches IvyDB TradeFlow with 5-minute retail flow data. 2026-10-01 04:14:27 Key takeaways. * OptionMetrics launched IvyDB TradeFlow, a US options dataset classifying retail and institutional participation across exchanges. * Zero-day contracts represented 59% of S&P 500 Index options volume in 2025, with retail comprising roughly 50% to 60%. * US brokers received more than $1 billion in options payment for order flow in one quarter based on regulatory filings. OptionMetrics launched IvyDB TradeFlow, a US options dataset that classifies buying and selling pressure, execution location, trade size, and inferred retail or institutional participation across every US exchange. The product addresses a core challenge in options markets where trade prints do not reveal whether the buyer or seller initiated the transaction or identify the beneficial owner. OptionMetrics uses a proprietary classification process to infer trade direction, aggressiveness, and participant type from observable trade and quote data. The dataset provides five-minute, 30-minute, and end-of-day intervals with history extending to January 2016, covering a period when zero-day options and app-based retail trading expanded significantly in US equity options markets. OptionMetrics Launches IvyDB TradeFlow with Retail and Institutional Classification. IvyDB TradeFlow develops the company's earlier IvyDB Signed Volume product. The dataset covers every US exchange and provides three interval options: five-minute, 30-minute, and end-of-day. Historical data extends to January 2016. The classification process uses trade-description codes, venue information, volume-weighted average price, and the sequence of events to assign directional volume. The methodology measures aggressiveness relative to the National Best Bid and Offer. Labels include retail-like or institutional-like participant types, though these represent model inferences rather than verified identities from exchange feeds. OptionMetrics previously placed its IvyDB datasets on Snowflake, including end-of-day history and selected intraday snapshots. TradeFlow adds a higher-frequency view focused on transaction behaviour. TradeFlow addresses midpoint trade classification challenges. A trade at the offer is often classified as buyer initiated, while one at the bid is treated as seller initiated. That approach becomes uncertain when quotes move quickly, several legs execute together, or the trade occurs at the midpoint. US options market fragmentation adds complexity because prints and quotes arrive from multiple exchanges. IvyDB TradeFlow uses trade-description codes, venue information, volume-weighted average price, and event sequence to assign directional volume and address midpoint trades. The methodology distinguishes active demand from liquidity provision more precisely than a simple bid-or-ask rule. A surge in call volume has different implications if it consists of customers lifting offers than if market makers are trading packages around the midpoint. Gross volume can rise while net buying pressure falls. The dataset separates those dimensions instead of reading every large print as directional conviction. Zero-Day options represented 59% of S&P 500 Index volume in 2025. Zero-day contracts represented 59% of S&P 500 Index options volume in 2025. Cboe estimates put the retail share of that activity at roughly 50% to 60%. Short-dated options have compressed the period between trade initiation, hedging, and expiry. Dealers may hedge option exposure in the underlying stock or futures market. Concentrated buying and selling can contribute to intraday price and volatility patterns. Participant classification helps quantitative traders, risk managers, and academics separate customer demand from dealer response. OptionMetrics illustrated the product with five-minute buyer and seller initiated volume in options on a large S&P 500 exchange-traded fund around a Federal Reserve decision. Net imbalance turned negative after the policy release, which the company interpreted as post-event de-risking and a volatility unwind. Retail flow data influences institutional execution strategy. Retail flow now affects execution strategy and infrastructure across equities, options, and other markets. A ten-year TradeFlow history gives researchers time to compare the market before and after the surge in zero-day and app-based options trading. US brokers received more than $1 billion in options payment for order flow in one quarter, based on aggregated regulatory filings. That market depends on the ability of wholesalers to price the risk and informational content of incoming orders. Execution quality can vary materially between brokers and routes. Research found differences in price improvement across retail options brokers. OptionMetrics already supplies long-run pricing history used in derivatives research and expanded its equity inputs through the acquisition of dividend forecaster Woodseer. TradeFlow adds a behaviour layer. Classification models provide estimates, not verified identities. Lot size is not a perfect identity marker. Institutions can trade small orders through algorithms, retail customers can submit larger or multi-leg strategies, and wholesalers can aggregate flow. Any analysis should test the stability of OptionMetrics' classification rules across venues, periods, and product types. The dataset converts complicated market messages into a readable signal, but the label can look more certain than the inference beneath it. The chart showing classified selling exceeding buying after a Federal Reserve event cannot establish by itself that the market expected unchanged rates beforehand or identify the motivation of each seller. Those are interpretations that require supporting evidence from prices, implied volatility, positioning, and the policy surprise. The product does not make anonymous options markets identifiable. It creates a structured estimate of who may be trading, in which direction, and with what urgency. Unusual flow is a prompt for analysis, not a complete explanation. Faq. What does OptionMetrics IvyDB TradeFlow classify in US options markets? IvyDB TradeFlow classifies buying and selling pressure, execution location, trade size, and inferred retail or institutional participation in US options trades. The dataset covers every US exchange and provides five-minute, 30-minute, and end-of-day intervals with history extending to January 2016. OptionMetrics uses a proprietary process that analyzes trade-description codes, venue information, volume-weighted average price, and event sequence to assign these classifications, though labels represent model inferences rather than verified identities from exchange feeds. How much of S&P 500 Index options volume consisted of zero-day contracts in 2025? Zero-day contracts represented 59% of S&P 500 Index options volume in 2025. Cboe estimates cited in the source put the retail share of zero-day options activity at roughly 50% to 60%. Short-dated options have compressed the period between trade initiation, hedging, and expiry, with dealers potentially hedging option exposure in the underlying stock or futures market. How much did US brokers receive in options payment for order flow in one quarter? US brokers received more than $1 billion in options payment for order flow in one quarter, based on aggregated regulatory filings. That market depends on the ability of wholesalers to price the risk and informational content of incoming orders. Execution quality can vary materially between brokers and routes, with research finding differences in price improvement across retail options brokers. Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

OptionMetrics has launched IvyDB TradeFlow, a new product providing data and analytics to distinguish retail from institutional options trading. The platform tracks volume, buying and selling pressure, lot sizes, and trade locations for every option daily since January 2016. IvyDB TradeFlow processes trade data from all US exchanges at five-minute, 30-minute, and end-of-day intervals. It uses a proprietary algorithm to classify participant activity and order flow, incorporating trade description codes and exchange venue data alongside volume-weighted average price. The product measures trade aggressiveness relative to the SEC's National Best Bid and Offer. It aims to help quantitative professionals, options traders, and academic researchers understand market positioning and liquidity. The tool addresses growing retail investor participation in options markets, which can influence underlying stock prices and volatility.