When you first open an option chain, the wall of contracts can make it hard to see what truly matters. Where is attention building today? Is that activity unusual or just noise? Are traders leaning bullish or bearish—and are they doing it with simple single-leg orders or more complex multi-leg structures?
Market Chameleon’s Option Volume Report is built to answer those questions in minutes. It aggregates market-wide activity into a sortable, filterable view so you can quickly spot outliers, read sentiment, and decide where to focus deeper research.
Tool used: Market Chameleon — Option Volume Report
https://marketchameleon.com/Reports/OptionVolumeReport
If you begin by clicking into one symbol at a time, you risk chasing headlines or missing bigger shifts happening elsewhere. The Option Volume Report flips that workflow. You start broad—all listed options, one table—then progressively narrow to a short list of symbols that actually merit your time.
This approach helps you:
Prioritize: See which names are commanding attention right now.
Contextualize: Compare today’s flow to a symbol’s own 90-day history.
Characterize: Understand whether activity skews bullish or bearish and whether it’s driven by simple or sophisticated trades.
The report presents a structured table that you can sort and filter. Key columns include:
Contract Volume vs. Notional Dollar Volume
Toggle between raw contract counts and notional value. Notional helps you normalize activity across penny options and higher-priced contracts so you compare flow on an apples-to-apples basis.
Average Daily Volume (90-Day) & Relative Volume
You get a built-in baseline: the average notional volume over the last 90 trading days. The Relative Volume ratio (today ÷ 90-day average) shows whether current activity is unusually high or low for that specific stock.
Call % / Put % (Sentiment Gauge)
The split between call and put notional volume gives you a quick read on directional tilt across names—useful for building or validating a watchlist.
Trade Structure (Single-Leg, Multi-Leg, Contingent)
Identify whether interest is dominated by outright calls/puts or multi-leg strategies (spreads, butterflies, etc.). Contingent trades can indicate option flow paired with stock (e.g., buy-writes).
Use the report as a launch pad for more focused research:
Set your view: Choose Notional Dollar Volume to normalize across contract prices.
Sort by Relative Volume: Surface potential outliers—names with flows well above their recent history.
Scan sentiment: Check Call % / Put % to gauge direction of interest.
Check trade type mix: See whether single-leg or multi-leg orders are driving the tape.
Apply filters to narrow candidates:
Relative Volume > 2 to highlight unusual activity
Put % > 70–80% to find names with concentrated put flow
Multi-Leg % > 60–70% to focus on tickers seeing more sophisticated strategies
Once you’ve isolated a few symbols, you can drill into symbol-level tools for IV, order analysis, or earnings overlays—armed with context on why they’re worth your attention.
Build a smarter morning routine: Instead of scanning headlines, start with the table, sort by Relative Volume, and add the top outliers to your watchlist for the session.
Validate a thesis: If you already follow a name, use Relative Volume and Call/Put % as a quick check—is the market leaning with or against your view today?
Find ideas for further study: Heavy multi-leg activity can point to hedging or structured opinions worth unpacking in more detailed tools (term structure, skew, or earnings projections).
Prioritize where to spend research time: Let the data show you where the market is paying attention so you can focus on a manageable shortlist.
Prefer notional when comparing across symbols: Notional volume reduces the distortion you get from low-premium contracts.
Use Relative Volume as a context signal, not a trigger: A high ratio flags unusual activity, but you still want to understand the catalyst (news, earnings, macro) and structure (single vs. multi-leg).
Look for confluence: Unusual relative volume plus a strong call/put skew and a distinct trade-type mix can be more informative than any single column.
Keep a repeatable screen: Save a filter set (e.g., RelVol > 2, Put% > 70%, Multi-Leg% > 60%) you can run daily to maintain consistency.
You make better decisions when you start with a clear, market-level picture. The Option Volume Report gives you that perspective—showing what’s active, how it compares to recent history, and how traders are expressing their views—so you can quickly focus on the names that deserve deeper analysis.
Explore the tool:
https://marketchameleon.com/Reports/OptionVolumeReport
Market Chameleon provides market data and analytics for educational and informational purposes only and does not make recommendations or offer investment, tax, or trading advice. Options involve risk and are not suitable for all investors. Consider your financial situation, consult a licensed financial professional if needed, and review the Characteristics and Risks of Standardized Options (ODD) before trading. Past performance does not guarantee future results.