Sweep orders

An option sweep is a market order that is split into various sizes to take advantage of all available contracts at the best prices currently offered across all exchanges. By doing so, the trader is “sweeping” the order book of multiple exchanges until the order is filled completely. These orders print to the tape as multiple smaller orders that are executed just milliseconds apart - When tallied, they can often times add up to some serious size. These type of sweep orders are especially useful for institution traders (smart money) who prefer speed and stealth.

Sweeps are large orders, meaning the trader who placed the order has a hefty bank roll, i.e. “smart money”. Sweep orders indicate that the trader wants to take position in a hurry, while staying under the radar - Suggesting that they are anticipating a large move in the underlying stock in the near future.

Cheat sheet for deciphering the option sweep post:

One Option is 100 shares

calls at the ask = bullish indication

calls above the ask = more bullish indication
calls at the bid = bearish indication

calls below the bid = more bearish indication
puts at the ask = bearish indication

puts above the ask = more bearish indication
puts at the bid = bullish indication

puts below the bid = more bullish indication

Date is Expiration
Price is Strike Price

Sweep means it needs to be routed more than one way
Number means how many routes

The next number is the number of options
@ = price of the option
vs means the number that was traded in the past
Earnings = next earnings date
Ref means what the price of the stock was when the option was lifted 

[company] Option Alert: [expiration] $[strike price] [call or put] Sweep ([number of sources orders coming from]) [near/at the ask/bid]: [current volume] @ $[price of contract] vs [open interest for contract] OI; Ref = last price underlying stock traded at