This section outlines the core areas of the application. As there are several features and concepts that appear across multiple pages, we’ll dive deeper into those Key Concepts and Indicators later. First, it’s important for you to understand the lay of the land, what makes each tab unique, and how to leverage them together in a streamlined trading workflow.
Don’t worry about whether all these make 100% sense right now. After you’ve studied all Indicators and Concepts, you can circle back here.
Dashboard
The Dashboard is your morning routine. It provides several scanners that highlight the most unusual activity, indicating imminent moves and continuations.
These screeners are based on Key Concepts & Indicators available throughout BigShort. Please see the applicable indicator for full detail.
Below are the screeners available:
Positive NOFA (Martian)
Positive NOFA (Martian) indicates a net bullish sentiment, where the green accumulation line stays above zero—signifying steady inflows into bullish options positions. Unlike regular NOFA, the Martian variant excludes unusual option premiums, focusing solely on regular market activity. A rising Positive NOFA (Martian) reflects increasing bullish momentum as more capital flows into call buying and put selling.
Negative NOFA (Martian)
Negative NOFA (Martian) indicates a net bearish sentiment, with the green accumulation line below zero—signaling steady outflows into bearish options positions. When NOFA is negative and continues to decline, it reflects increasing bearish momentum as more capital flows into call selling and put buying. Like its positive counterpart, the Martian NOFA excludes unusual option premiums, focusing only on regular market activity for a clearer view of true sentiment.
Positive Momo Flow
Positive MomoFlow occurs when the red accumulation line rises above zero, indicating strong net buying activity from retail traders and “dumb big money” throughout the day. However, because MomoFlow often acts as an inverse indicator, elevated positive readings may signal potential downward price movement. As buying becomes more crowded, market makers gain greater incentive to drive prices lower. Shadow bars pointing upward typically confirm this buying pressure from momo participants.
Negative Momo Flow
Negative MomoFlow occurs when the red accumulation line drops below zero, indicating strong net selling activity from retail traders and “dumb big money” throughout the day. Because MomoFlow is typically an inverse indicator, sustained negative readings often suggest potential upward price movement. As selling becomes more crowded, market makers gain greater incentive to drive prices higher. Shadow bars pointing downward usually confirm this selling pressure from momo participants.
Expensive Options
The Expensive Options panel highlights stocks with high implied volatility and elevated option premiums. These conditions suggest the market expects significant price movement, making the options more costly. Traders often view this as an opportunity for selling strategies, such as covered calls, credit spreads, or iron condors, where they can collect higher premiums upfront. Selling into high volatility can be advantageous if the trader expects the stock to stabilize or move less than the market anticipates.
Cheapest Options
The Cheapest Options panel features stocks with low implied volatility and relatively inexpensive option premiums. This typically reflects a calm market outlook or reduced uncertainty around the stock. Traders may use this data to initiate buying strategies, such as long calls or puts, debit spreads, or volatility breakout plays. Because the options are cheaper, these trades require smaller price movements to become profitable, making them attractive when a trader expects volatility to increase.
SE (Short Exempt)
The SE panel highlights stocks currently flagged as Short Exempt, meaning they’re exempt from certain short-selling restrictions. These stocks may be experiencing elevated trading activity or volatility. Traders often monitor SE tickers for potential momentum plays, especially when paired with strong flow or price action.
SE Failing 10 Days
The SE Failing 10 Days panel shows stocks that have consistently failed to maintain Short Exempt status over the past 10 days. This could signal weakening momentum, reduced volatility, or a shift in trading behavior. Traders may avoid these names or watch for reversals if conditions change.
SF Segregated & SmartFlow
SF Segregated and SmartFlow process, segment & aggregate millions of data points each second, and present it in visuals our feeble human brains can interpret and make decisions with.
Simply put, this is the story behind volume bars.
Is Smart Money buying or selling?
Is Smart Money net long or net short?
Are Momentum discretionary traders (MOMO) buying or selling & have they run out of steam?
How will Market Makers balance their books after a sharp move?
Does the Options market tell the same story as Spot? Or has a large bet been placed in Options, signaling a move in spot?
These are the questions you can answer in SF Segregated & SmartFlow screens. The answers will tell the story behind the opaque volume bars.
SF Segregated
If you’re a first-time or new user, we recommend starting with the SF Segregated Chart.
It provides a live overview of what’s happening with SPY, one of the most important market trackers. You’ll see the current price, recent movement, and whether traders are mostly buying or selling. This chart offers a simple way to spot opportunities and decide what to focus on next.
Click 👉 the SF Segregated menu, take a look around, and start exploring.
This is your first step in getting familiar with the platform.
SmartFlow
SmartFlow shows virtually all the same items as SF Segregated, so it ends up becoming a personal preference.
❗We recommend that new users stick to SF Segregated for their first couple weeks.
The Key Differences in SmartFlow vs SF Segregated
SmartFlow and MomoFlow subcharts are combined into one pane.
Market Maker Manipulation is visible (advanced users only)
SF M2
SF M2 predicts the direction stocks will go immediately after quarterly earnings are reported.
It’s part of the Elite/Professional subscription, which is offered to Professional Traders for $20k/mo.
UltraFlow
The UltraFlow tab in BigShort is a powerful tool designed to provide traders with a holistic view of market activity within different indexes. By aggregating data from all constituent tickers, UltraFlow offers insights into the collective flow of dollars, trading volume, and momentum across the index. This unique perspective allows traders to identify trends, manipulations, and anomalies that may not be apparent when analyzing a single stock or ETF.
🔍 To Clarify: For example, when you look at Net Option Flow for SPY in UltraFlow, you are not seeing the puts and calls being traded for the SPY ticker, you are actually seeing the sum of all puts and calls of all 500 companies that comprise the S&P 500! (Yes, this is a crazy amount of data, but we still bring it to you in real time.)
UltraFlow Indexes
There are five indexes that can be analyzed with UltraFlow. All are available by accessing the dropdown above the chart.
Similarity Search
UF also has the unique feature of Similarity Search (SimSearch). For a given index, SimSearch will analyze the entire history to identify days most likely to resemble today. These patterns of human behavior can be an incredibly strong predictor of what will unfold today.
UF Important Notes
Ticker Inclusion: UltraFlow data does not include the index itself. For example, UF QQQ shows the cumulative data for all 100 tickers tracked by the Invesco QQQ Trust but does not include data from the QQQ ticker.
Cumulative Indicators: SmartFlow, MomoFlow, Manipulation, and Net Option Flow all show the aggregate of the index's constituent tickers
Index Indicators: Price, Dark Pools, and MM Price Discovery all show activity on the Index itself.
🔍 Looking Deeper: SmartFlow and MomoFlow are calculated based on dollar-weighted values. This means flows are multiplied by share prices before aggregation, ensuring accurate representation of market activity.
Why was UltraFlow created?
UltraFlow was developed to bridge the gap between ETF-level and individual stock-level insights. While SPY and other ETFs are derivatives of their underlying stocks, trading activity in the constituents doesn't always align perfectly with the ETF's movements. UltraFlow helps traders:
Spot divergences between constituent flows and ETF performance.
Identify institutional activity, such as simultaneous trades in major S&P 500 stocks.
Gain a deeper understanding of how collective stock movements influence overall market behavior.
Within UltraFlow, you will find all the same concepts, indicators and chart features found throughout BigShort. For a deep dive on these features, refer to the relevant articles in BigShort Indicators & Key Concepts & Chart sections.
GEX Tab - Gamma Exposure
GEX, or Gamma Exposure represents net changes to delta exposure across the market, plotting changes to GEX at each strike, and critical price levels.
NOTE: If you are unfamiliar with Delta, Gamma or their relationship to each other, please take a spin on Options pricing & ‘The Greeks.” Some good resources:
Core Concepts:
Core Concept: Gamma Exposure
Green bars = Positive Gamma
Market makers hedge by selling into rallies, which dampens volatility above current price.
Red bars = Negative Gamma
Market makers hedge by selling into declines, which amplifies volatility below current price.
↔️X-axis = Notional gamma exposure (in millions of dollars)
↕️Y-axis = SPY option strike prices
Gravity HP = Mean Reversion Zone
Acts as a magnet level where call and put gamma exposure balance.
When SPY drifts from this level, dealer hedging flows tend to pull it back, creating sideways or choppy price action.
Support & Resistance Zones
Put HP (e.g., 678)
Maximum put gamma → buying pressure → acts as support
Call HP (e.g., 684)
Maximum call gamma → selling pressure → acts as resistance
These levels behave like intraday magnets, guiding price action.
Zero HP = Volatility Trigger
Above Zero HP (e.g., 671.5)
Positive gamma zone → muted volatility, price tends to range
Below Zero HP
Negative gamma zone → expanded volatility, price moves become larger and faster
SPY often oscillates between Put HP (support) and Call HP (resistance) when above Zero HP, with Gravity HP acting as a central pull.
*HP = Hedge Pressure
Key GEX Levels are also available as chart indicators. More info: GEX (Gamma Exposure)
Seasonality
The Seasonality tab in BigShort provides a unique perspective on the historical performance of SPY, broken down by calendar date and day of the week. This tool helps traders identify patterns and trends that have occurred consistently over the past 30 years, offering insights that can add an extra layer to your trading strategy.
What Does the Seasonality Tab Show?
Calendar Date Performance:
The top chart displays SPY's historical performance for each calendar date over the past 30 years.
Key metrics include:
Average Return: The average price change for SPY on that specific date.
Percent Positive: The percentage of years SPY closed higher on that date.
Day of the Week Performance:
The bottom chart on the Seasonality tab summarizes the historical performance of SPY based on the day of the week (Monday through Friday).
Key Metrics include:
Average Return: How SPY has historically performed every day of the week.
Percent Positive: The likelihood of SPY closing higher on each weekday.
How to Use the Seasonality Tab
Pre-Market Planning:
Before the trading day starts (or even the day prior), use the Seasonality tab to gain a directional bias for the day.
For example, November 24th is historically one of the most bullish trading days of the year, with:
83% Positive Close: SPY has closed higher 83% of the time on this date.
+0.73% Average Return: SPY has averaged a 0.73% increase on this date historically.
Adding Context to Your Trades:
Seasonality is a weaker force in the market compared to real-time indicators, but it can help frame your strategy.
Use it as an additional layer of analysis alongside tools like SmartFlow, Dark Pools, and other proprietary BigShort indicators.
Pro Tips for Using Seasonality
Look for Confluence: Combine seasonality trends with other market indicators to build a stronger case for your trades.
Identify Key Dates: Use the calendar date performance chart to spot historically bullish or bearish days.
Weekday Patterns: Use the day-of-week chart to identify recurring trends, such as whether Mondays or Fridays tend to perform better or worse.
Supplemental Resources for Seasonality:
OptionFlow
Introduction
OptionFlow allows users to explore large and/or unusual option activity for any ticker.
💡 Tip: A condensed version of this OptionFlow data can also be viewed on the SmartFlow or SF Segregated tabs by clicking the "Options Details" button from the options above the price chart.
Looking Around
As with other BigShort sections, you can select any ticker and date at the top left of the page.
The table will then show you all large and unusual option activity for that ticker. In addition to traditional info about the options, every trade is also analyzed by our system for sentiment and can be assigned: bullish, bearish, or no sentiment. This is done via proprietary BigShort algorithms and can be used to help you understand what these options trades might be indicating about the market sentiment of the stock.
For users who want to dig a little deeper, there are some filtering options in the upper right hand corner of the page, like the ability to show only flows that expire within a month of today's date.
DarkFlow
DarkFlow is a discovery tool that provides a ranked list of tickers with the most significant current Dark Pool activity. It helps traders identify where large off-exchange trades are happening across the market, rather than focusing on a specific ticker.
To best understand this tab and how to use it in your trading strategy, we recommend reading our complete article about dark pools and DarkFlow.
Squeeze Meter
The Squeeze Meter is a proprietary analysis of SPY Ultraflow. It means that there is a lot of shorting in the market, which also means that all of those shorts need to be bought to cover, which creates bullish pressure in the market. That bullish pressure tends to present in the latter half of the day.
This is called a Honey Badger Day (HBD), completely unique to BigShort and typically signals high probability setups: ~90% for 3-HBD!
Read more about HBD here.
Spodin
Why Spodin Exists
Market Makers can monitor pending limit and stop orders and use that data against you. Spodin is our closed-system solution—your alerts remain completely private.
WTF is Spodin?
Spodin (short for Spear of Odin) is our proprietary closed-system alert. With it, you can set personalized price alerts that are sent directly to your phone via call or text when specific price levels are reached. By using Spodin, you can rest assured that your price alerts remain confidential and secure, which eliminates the risk of your trading intentions being exploited by market makers.
How to Access Spodin
In the BigShort app, click Spodin in the side menu.
Add your Phone Number
Be sure to add your phone number in the upper right corner to ensure you receive your alerts.
How to Set a Spodin
Click on the search box in the upper-right corner to find your desired ticker.
Enter the ticker, then press enter. Then enter the price target, and what message you'd like to receive when that ticker trades for that value. You can choose whether you'd like Spodin to call, text, or both. Then click "Add Alert."
How to Reset a Spodin
When the price target of the Spodin is hit, you'll receive a call/text to the phone number you added. The triggered Spodin will be highlighted in teal, and will not alert you again. You can choose to reset the Spodin, meaning you'll receive another call/text when that price is hit, by selecting "Reset" under Options.
How to Edit a Spodin
If you'd like to edit an existing Spodin, hit "Edit" under Options and type in your new price target.
How to Delete a Spodin
If you'd like to delete an existing Spodin, simply hit "Delete" under Options and your Spodin will be removed.
Short Volume
The Short Volume Tab’s primary feature is Short Exempt (SE). SE is a special short-selling designation that sidesteps certain trading restrictions, particularly the short sale restriction (SSR).
Uptick Rule Exemption: Under the SSR, traders can only short on an uptick (i.e., when the stock trades above the last sale price). A short exempt order bypasses this rule.
Market Maker Liquidity: Most short exempt orders come from market makers who must maintain liquidity. It’s not a blanket exemption for all shorts. This means high SE is likely a sign that the market makers are out of position and the stock needs to reposition.
Why Does Short Exempt Lead to Volatility?
Ultimately, it’s a Short Squeeze. When SE is historically high, it means a small # institutions are holding this short bag, and will have to cover it. Covering a short means buying. Buying pressure will drive the price up.