# Unusual Activity

Option contracts trading far more today than their open interest, by strike, so new positioning stands out from routine trading.

**Unusual Activity** lists the contracts whose volume today is far above
their standing open interest: a sign of new positions rather than existing
ones changing hands. Calls are drawn to the right and puts to the left, each
bar the contracts traded at that strike. The header counts how many contracts
qualify.

## What it shows

| Element | What it is |
|---|---|
| **Bars** | Contracts traded today, calls right and puts left |
| **Unusual contracts** (header) | How many contracts pass the threshold |
| **Largest premium** (Details) | The qualifying contract with the most money traded |
| **By side** (Details) | How many calls and puts qualify |

In **Details** you can show calls, puts or both, rank by **V/OI** (volume over
open interest) or by volume, set the threshold (1×, 2× or 5×), limit expiries
(0D, 7D, 30D or all), and switch between a **Ladder** and **Bubbles**.

Marked **(Beta)** in the widget picker: it is newer, and some of the options
data behind it can lag the live market by several minutes.

## Practical application

![Unusual Activity widget, illustrative example: five contracts with volume above open interest](https://q-bitf.com/docs-img/unusual-activity.png "Illustrative example data, not a real session. NQ, 30-day expiries, threshold 1×: 3 calls and 2 puts qualify. Largest premium 27,500 C (Nov 12) at $6.2M, v/oi 1.5.")

**Reading it.** Five contracts qualify, three calls and two puts. The longest
bar is the same-day 27,300 call: 3,100 contracts against 113 open, about
**27× its open interest**. **Largest premium** in Details is the 27,500 call
expiring Nov 12, at $6.2M, but its ratio is only **1.5×**: it already had
about 1,600 contracts open. The 27,750 call two weeks out traded 1,500 against
100 open (**15×**, $4.4M). On the put side, 26,500 four days out traded 1,800
against 90 open (**20×**).

**What it means.** The largest premium is not the most unusual trade. The
27,500 call is mostly existing positioning trading again. The 27,750 call two
weeks out and the 26,500 puts are most likely new positions, beyond the call
wall and under the put wall. Volume against open interest shows that
positions are opening, not whether they were bought or sold; check
[Order Heatmap](https://q-bitf.com/docs/widgets/order-heatmap) for the side.

**How to use it.**

- **Rank by V/OI** to find new positions; **rank by Volume** to find where
  the day's size went.
- **A high-ratio, high-premium contract a week or more out** is a view, not a
  day trade. Note the strike as a target.
- **High ratios on same-day options** are often short-term speculation; they
  matter for today's moves, not next week's.
- Check [Open Interest](https://q-bitf.com/docs/widgets/open-interest) the next day: if the
  open interest at that strike grew, the positions were held.