Split Order
A large options order executed piecemeal on a single exchange over time to minimize market impact.
More Details
What is a Split Order?
A Split Order is a large options trade broken into smaller pieces and executed algorithmically on a single exchange over time. The goal is to minimize market impact and achieve better average pricing.
Learn more: Options Flow Features | Options Flow Scanner
Key Characteristics
- Single Exchange: All fills occur on one exchange
- Time-Weighted: Spread out over minutes or hours
- Price Priority: Sacrifices speed for better fills
- Algorithmic: Typically executed by trading algorithms
Split vs Sweep
| Aspect | Split | Sweep |
|---|---|---|
| Exchanges | Single | Multiple |
| Speed | Slow | Instant |
| Priority | Price | Speed |
| Detection | Harder | Easier |
Interpretation
Splits indicate the trader has time and is willing to wait for better prices. Less urgency than sweeps, but can still represent significant positioning.
TradesViz Implementation
TradesViz aggregates split orders to show the total position being built, even when individual trades appear small.
Where to find it in TradesViz
Example
500 contracts executed as 50 separate 10-lot trades over 30 minutes on CBOE.