Conditional Codes

Trades inside the data table showcase conditional codes in the COND column. Here are some general meanings:

Floor

A floor trader is an exchange member who executes transactions from the floor of the exchange, exclusively for their own account. Floor traders fulfill an important role in commodity and stock markets by providing liquidity and narrowing bid-ask spreads. Floor traders may also be referred to as individual liquidity providers or registered competitive traders.

Cross

A cross trade is a practice where buy and sell orders for the same asset are offset without recording the trade on the exchange. A cross trade also occurs legitimately when a broker executes matched buy and a sell orders for the same security across different client accounts and reports them on an exchange.

For example, if one client wants to sell and another wants to buy, the broker could match those two orders without sending the orders to the stock exchange to be filled but filling them as a cross trade and then reporting the transactions after the fact but in a timely manner and time-stamped with the time and price of the cross.

ISO

This means an order is an intermarket sweep order. Also known as a SWEEP. You can learn more about this type of order here

Auction

A call auction is a trading method in which a seller sets a minimum price to sell a security and the buyers set or fix the maximum price to buy the security. The security is offered to the highest bidder afterwards.

Auto

Automatic execution is a method for placing and executing trades without the need for manual input. Automated systems and trading algorithms allow traders to take advantage of signals to buy or sell an asset whenever that signal is identified, without the need for human interaction.

Unusual

Unusual option orders are defined by volume and/or trade size being greater then the open interest with increasing implied volatility. Not only does this show extreme urgency on the trader’s side, but it's also a good indicator to understand if the trader is being bullish or bearish on the underlying stock.

Opening

These are trades that have contract SIZE being greater then OI (open interest). The probability of these trades being bought is high.

Late

The "LATE" conditional statement in options trading typically refers to an order that is executed or activated in the market if certain criteria are met within a specific time frame. Conditional orders, including "LATE" orders, are more complex order types used in advanced trading strategies. These orders will only be executed if the specified conditions are satisfied. Common examples of conditional orders include limit, stop, stop-limit, and contingent orders.

Extend

Orders that have been placed in extended-hours

Single Leg

A trade involving one specific options contract, rather than multiple options positions combined.

Spread

A strategy that involves buying and selling two different options contracts on the same underlying asset, typically with different strike prices or expiration dates. Traders commonly use spreads to manage risk, reduce costs, or profit from specific price movements.

Straddle

A strategy that involves buying or selling both a call and a put option with the same strike price and expiration date. Traders typically use straddles when they expect a significant price movement in either direction or believe the stock will remain relatively stable, depending on the strategy.

Combo

A strategy that combines multiple options contracts into a single trade, typically involving both buying and selling options. These combinations allow traders to create more complex positions that can profit from different market conditions or help manage risk.

Multi-leg

An options trade involving two or more contracts executed together electronically as part of one strategy. These trades are processed through an exchange's electronic trading system, allowing multiple positions to be executed as a combined order.

Multi-leg auction

A multi-leg options trade executed through an electronic auction where multiple market participants have an opportunity to compete for the order. This process is designed to encourage competitive pricing and potentially provide traders with better execution prices.

Multi-leg cross

A multi-leg options trade where a buyer and seller are matched electronically to complete a combined options strategy. Unlike an auction, these trades are executed through a crossing mechanism without a competitive bidding period.

Multi-leg floor

A multi-leg options trade executed on a physical exchange trading floor rather than through a fully electronic trading system. These transactions may involve floor brokers or market makers who facilitate the execution of multiple options contracts together.

STK/OPT Auction

A trade that combines stock shares and options contracts into a single strategy, executed through an electronic auction. Multiple market participants have an opportunity to compete for the order, potentially improving the overall execution price.

STK/OPT electronic

A trade that combines stock shares and options contracts into a single strategy, executed electronically through an exchange. These transactions allow traders to execute stock and options positions together as one combined order, rather than placing separate trades.

STK/OPT Cross

A combined stock and options trade where a buyer and seller are matched electronically through an exchange's crossing system. The transaction is executed as a coordinated order without going through a competitive auction period.

STK/OPT Floor

A combined stock and options trade executed on a physical exchange trading floor rather than through a fully electronic system. These transactions may be facilitated by floor brokers or market makers to execute both the stock and options portions of the strategy together.

Updated on: 10/15/2026