Block Order
A large options trade executed as a single transaction, typically negotiated off-exchange between institutions.
More Details
What is a Block Order?
A Block Order is a large options trade (typically 10,000+ contracts or $200,000+ premium) executed as a single transaction. Unlike sweeps, blocks are often negotiated privately between institutions.
Learn more: Options Flow Features | Options Flow Scanner
Key Characteristics
- Single Transaction: Entire order fills at one price
- Negotiated: Often arranged between counterparties before execution
- Large Size: Typically involves significant capital
- Lower Urgency: Time taken to negotiate suggests less time-sensitivity
Block vs Sweep
| Aspect | Block | Sweep |
|---|---|---|
| Execution | Single fill | Multi-exchange |
| Urgency | Lower | Higher |
| Price | Negotiated | Market |
| Signal | Strategic positioning | Urgent conviction |
Interpreting Blocks
Blocks may represent hedging activity, portfolio adjustments, or strategic positioning. They are less indicative of directional conviction than sweeps.
TradesViz Implementation
Track block trades separately from sweeps to distinguish strategic positioning from urgent directional bets.
Where to find it in TradesViz
Example
A 25,000 contract SPY 450P block trade executed at a single price of 3.50.