In this section, we’ll explore BigShort’s indicators and how they can support your trading activities. We’ll begin by introducing the different indicators available on the platform. Not all indicators are created equal, and in the following discussions, we’ll group them according to their level or order of importance.
To make your learning experience clearer and more engaging, we’ve included helpful recommendations and video tutorial links. We encourage you to follow the suggested sequence to ensure a smoother and more efficient learning process.
Now, let’s dive into the BigShort Indicator Overview and Usage.
Indicators in Order of Importance
To help new users maximize the use of BigShort indicators, we’ve organized them in the order of their level of importance.
The further down the list, the less power they have to correctly contradict indicators higher up. e.g. Seasonality can serve to confirm higher importance indicators, but you’d never want to form a bearish bias based on Seasonality, when indicators such as HBD, GEX and DP are bullish.
There are enough times every day where nearly all indicators align, so be patient and wait for the silver platters!
Now, let’s take a look at the nine key indicators we’ll be studying together. 📚🤓
Price Action
Honey Badger Days
Dark Pool Prints
Insider Trades
Momo Shadow Bars/GEX (tied)
NOF
Short Exempt
SimSearch
Manipulation (disregard if you’re new, only for professionals, and only for specific high-volume situations)
Golden and Bronze Sweeps
Seasonality
It’s important to note that there’s no one size fits all rule. In some scenarios, you must look at GEX, DarkPools and MOMO Flow as a collective indicator, and in others one can neutralize the other. Most of this comes from practice and building intuition, so be patient, disciplined and watch the charts with an open mind to observe and learn patterns.
Price Action
It’s critical to build a strong foundation with reading, learning and recognizing Price Action patterns & setups. Do not skip this step. Please see the Price Action section for Price Action tips & guidance.
ChartGame was developed by BigShort to help users master this critical foundational component.
Squeeze Meter & Honey Badger Days
One of the most powerful day trading signals on BigShort is the Honey Badger Day (HBD), a rare setup that often leads to explosive moves. In this guide, we’ll walk you through how to recognize an HBD, what conditions trigger it, and how to trade it with confidence.
*Don’t have an Elite Membership? Get access to the most powerful; Elite tools and join the Elite Discord Channel HERE (hyperlink)
The Honey Badger signal appears daily between 6–7 PM PST. To spot it, check the Squeeze meter and focus on the Honey Badger SP500 values. If the squeeze meter reaches 3-HBD, the following day is considered a Honey Badger Day. The higher the value, the stronger the signal. A Honey Badger Day applies specifically to SPY.
Now that you understand what a Honey Badger Day is, let’s zoom in and see how it plays out on the 5-minute SPY chart.
On a Honey Badger Day, SPY often forms a typical U-shape pattern. This means a dip in the morning followed by a strong rally later in the day. While normal trades might last 5 to 15 minutes, Honey Badger Days call for a different approach. You buy the dips, hold through the midday chop, and aim to catch the late-day rally driven by bullish pressure.
To time your entries and exits, use the standard SmartFlow chart signals. Look for confirmation before entering and signs of exhaustion before exiting.
You notice that Net Option Flow is bearish, with a small bearish manipulation, and a gap up above the previous day's close price. In this case, you wait before adding to your position.
Once Net Option Flow switches from bearish to bullish, you begin scaling into your calls. If you want to learn more about Net Option Flow, check out the blog post on how to read it.
As more bullish Net Option Flow comes in, you gain confidence and continue to hold your position.
When price returns to the current day's open, you sell most of your position but keep a couple of runners since Net Option Flow remains bullish.
A bullish golden sweep gives you continued confidence to hold.
In the final hour of trading, Net Option Flow turns bearish, so you exit the rest of your position for a solid profit
Important Notes: HBD
- Honey Badger Days apply to SPY only.
- A Honey Badger Day is considered fulfilled when price reaches either the current day's open or the previous day's close, whichever is lower, within the last two hours of trading.
- These days typically show early morning weakness followed by a late-day rally.
Supplemental Resources for Studying Honey Badger Days:
What is a Honey Badger Day and How To Trade It:
Comprehensive Analysis of Honey Badger and Badgerish Days - Indicators and Trading Strategies:
Dark Pools
In this guide, we’ll introduce Dark Pools as a key feature in BigShort that helps traders understand institutional activity happening outside traditional exchanges. Dark Pool data offers valuable insights into hidden market dynamics. We’ll explain what Dark Pools are, where to find them on the platform, and how to use them effectively in your trading strategy.
Note: BigShort is the only platform that shows real-time Dark Pool trades directly on your charts, giving you instant visibility into hidden institutional activity as it happens.
What Are Dark Pools?
Dark Pools are private trading venues where large institutions place orders away from public exchanges. These trades are kept anonymous to prevent sudden price swings and often highlight key support or resistance levels in an asset.
Recap: Why Dark Pools Matter
Purpose: Dark Pools allow large trades to happen quietly, without causing sudden price changes in public markets.
Market Insight: These trades often reflect institutional sentiment. Activity below the current price may signal support, while activity above can suggest resistance or selling pressure.
Where to Find Dark Pool Data in BigShort
BigShort is the only platform that shows Dark Pool trades live on your charts, making it easy to spot key support and resistance levels as they form. You can explore Dark Pool activity in the following sections of the platform:
SmartFlow – View real-time Dark Pool trades for any ticker.
SF Segregated – Access real-time Dark Pool data, organized by ticker.
UltraFlow – See Dark Pool trades for selected indexes in real time.
💡 Tip for New Users:
Confluence is king! Dark pool signals are even stronger when they are supported by other traditional indicators and/or other signals in BigShort like price action, NoF, or SimSearch.
How Dark Pools Appear on Charts
Dark Pool activity is visualized directly on your charts for any ticker:
Representation: Gray circles located around or within candlesticks.
Circle size reflects the volume of shares traded in a five-minute period.
Circles dynamically grow or shrink based on real-time activity, much like candlesticks.
Relative Position:
Below the candlestick: Indicates support and often upward price movement.
Above the candlestick: Indicates resistance and often downward price movement.
Within the candlestick: Generally not a signal either way.
Clusters and the "Weight" of Dark Pools
Clusters Are Key: One single Dark Pool is rarely a strong signal. However, clusters of Dark Pools can indicate significant institutional activity.
Size Matters: Dark pools are more powerful signals when they are larger in size or further from the public price.
It's All Relative: Remember that the size of a Dark Pool should be judged relative to the historical activity for that ticker. A $20M Dark Pool might be huge for one ticker, but relatively small for another. Review historical days of the tickers you like to trade to get a sense of scale and a feel for what size Dark Pool really gets predictive.
Directional Impact:
Clusters Below Price Action: Often force the price up, as if the buoyancy of institutional buying is lifting the market.
Clusters Above Price Action: Often force the price down, acting like a ceiling or weight pressing the market lower.
How to Interpret Dark Pools on Charts
Dark Pools Below Price Action:
Large buyers accumulating shares at a discount.
Often signals confidence and bullish sentiment.
Example: If dark pool activity clusters below $684 and the price is currently $684, the level may hold and the price may rebound.
Dark Pools Above Price Action:
Large sellers unloading shares at a premium.
Often signals supply and bearish sentiment.
Example: If dark pool activity clusters above $668 while the price is approaching $668, the price may rise toward that level but struggle to break through or eventually reverse.
Pro Tips for Maximizing Dark Pool Data
Focus on Clusters: The more Dark Pools there are, the larger they are, and the further they are from the public price, the more likely they signal significant institutional sentiment.
Watch for the "Weight" Effect:
Below price: Dark Pools can act as a floor, lifting prices higher.
Above price: Dark Pools can act as a ceiling, pressing prices lower.
Combine Signals: Dark Pools are even more powerful when used alongside other indicators like NoF. Look for confluence with volume, price action, and other technical tools.
Daily Updates: Check DarkFlow regularly for updates to the Top 100 tickers with significant Dark Pool premiums.
Supplemental Resources for Dark Pool:
Understanding Dark Pools and DarkFlow in BigShort: https://help.BigShort.com/en/articles/10280483-understanding-dark-pools-and-darkflow-in-BigShort
What are Dark Pools? An Overview & How They Work:
GEX (Gamma Exposure)
Gamma Exposure (GEX) refers to the cumulative gamma held by market participants, especially market makers. It shapes price behavior by creating dynamic support and resistance zones. GEX is visualized through call walls (green lines) and put walls (red lines). When Put Walls rise, they exert bearish pressure. When call walls rise, they exert bullish pressure. These walls act as price magnets—levels where price tends to stall, bounce, or reverse—making GEX a powerful tool for anticipating market movement.
Delta
Delta measures how much an option’s price changes for every $1 move in the underlying stock. It reflects the sensitivity of the option’s value to price changes in the underlying asset. For portfolios, delta shows how much the total value shifts as the stock moves. A call option typically has a positive delta, while a put option has a negative delta. Traders use delta to gauge directional exposure and to manage hedging strategies.
Gamma
Gamma represents the rate of change of delta with respect to the underlying asset’s price. It captures the curvature in the relationship between an option’s price and the stock price. When gamma is large, delta adjusts rapidly as the stock moves, making positions more sensitive to sudden price jumps. Gamma is highest for at-the-money options nearing expiration, and it plays a critical role in how quickly market makers & institutions must rebalance their hedges.
Influence on Price Action
Together, Delta, Gamma, and GEX influence how price reacts to movement and volatility. Delta drives directional exposure, Gamma controls how quickly that exposure shifts, and GEX reveals where price is likely to stabilize or accelerate. These metrics help traders identify key levels, anticipate volatility, and understand the mechanics behind support and resistance zones shaped by hedging flows.
GEX appears by default on BigShort charts as colored lines over the candlestick pane. You can choose between 0DTE, 7DTE, or All DTE views by toggling options in Chart Settings.
Green line = Call Wall
Red line = Put Wall
Turquoise line = Zero Gamma Flip
We’ve designed GEX to be easy to read, especially for new users so you can quickly spot key levels and understand how options flow may influence price movement.
A Simple rule of thumb:
Put wall rising (red line moving up) → bearish pressure
Put wall falling (red line moving down) → bullish pressure
Call wall rising (green line moving up) → bullish pressure
Call wall falling (green line moving down) → bearish pressure
Note: These rules are only applicable when the green line is ABOVE the red line, which it is in most cases. If the red line is above green, disregard these rules.
As with all indicators, look for a confluence of signals from multiple indicators to help strengthen your trading decisions.
💡 Tip for New Users:
It’s like free money when the red line goes up and the green line goes down. That’s bearish. If the green line goes up and the red line goes down, that’s bullish.
GEX Additional Resources:
GEX - within BigShort Candlestick charts
Order Flow: SmartFlow & Momo Flow
Order Flow refers to all filled orders in the exchange. BigShort groups these orders into two main categories.
SmartFlow reflects fast, automated trading—think algorithms and high-frequency strategies. It moves too quickly to react in real time, so we recommend skipping it for now.
Instead, focus on MomoFlow. It’s driven by human reaction times, making it easier to follow, interpret, and act on. Great for building confidence as you learn the ropes.
MomoFlow
The MomoFlow pane helps you track momentum-driven trades, often called “dumb money” because they reflect emotional or reactive decisions. That’s why MomoFlow works as an inverse indicator: when momentum traders are all-in on one side, market makers often take the opposite side.
💡 Tip for New Users:
MomoFlow shadow bars are generally more reliable on days other than Monday. That’s because SPY tends to be more momentum-driven on Mondays, especially in the morning, which can make MomoFlow signals less predictable during that time.
More in-depth studies in the “Indicators in Order of Importance” section. 👌
Momo Shadow Bars
MomoFlow, sometimes called "momo" or "shadow bars" by our users, tracks emotional and discretionary buying and selling activity. It includes trades from retail investors and larger, less-structured orders from institutions. This type of flow is driven by human speculation about price direction, making it slower and more deliberate than automated strategies.
💡 Tip for New Users:
MomoFlow often reflects emotional trading, meaning it can act as an inverse indicator. If you spot a large shadow bar pointing down, that suggests momentum traders are selling. Market makers may be stepping in to buy the dip. Think of it like a seesaw: when most of the MomoFlow leans heavily in one direction, there’s less room for price to keep moving that way. That’s when market makers often push it in the opposite direction.
Key Characteristics of MomoFlow
Human-driven speculation: Reflects sentiment-driven trading from retail and institutional investors.
Ticker-specific behavior: MomoFlow is an inverse indicator for many tickers, but other tickers seem to be driven by Momo activity.
Day-specific trends: Though MomoFlow tends to be a good inverse indicator for SPY, it reverses on Mondays and tends to drive action, often referred to as "Momo Mondays."
Predictive power: In the short term, MomoFlow can provide actionable insights, especially for tickers like SPY. It’s also good to see multiple shadow bars pointing in the same direction in succession, this strengthens the signal.
Warnings When Using MomoFlow
Be cautious of Momo Mondays—ensure that other indicators, like NOF, don’t counteract MomoFlow signals.
Some tickers may behave differently from SPY. Historical charts can help identify patterns for individual tickers.
💡 Tip for New Users:
Price movement on some tickers is much more driven by MomoFlow activity than others. Make sure you are reading our Member's Only Discord to benefit as the community discovers these opportunities.
Reading MomoFlow Charts
The easiest place to view MomoFlow is in the SF Segregated tab. In this section, MomoFlow is displayed in its own dedicated graph, making it easier to analyze emotional and discretionary trading activity without distractions.
MomoFlow Chart Basics
In the MomoFlow chart, bars pointing up indicate buying, while bars pointing down indicate selling. These bars are always grey, which is why many users refer to them as Shadow Bars.
You’ll also see a red line on the chart. This line represents the accumulation tally and helps you track the overall direction and behavior of momentum flow throughout the day.
💡 Tip for New Users:
Confluence is king! When Momo signals agree with Dark Pool or NOF, that's powerful. When all three agree that can be a very reliable signal of upcoming price movement.
MomoFlow Exhaustion
One important theory to understand when using MomoFlow is the concept of exhaustion. When MomoFlow trends hard in one direction for an extended period, it can signal that the market is becoming overextended. A reversal in the opposite direction often results in an outsized move.
This occurs because when one side of the market becomes too crowded, a smaller volume of trades in the opposite direction can trigger a significant reversal. Think of it like two opponents pushing against each other: when one side exerts all their strength and becomes tired, the other side can easily push the other with much less effort.
Momo Key Takeaways:
Monitor sustained trends in MomoFlow to identify potential exhaustion points.
Be prepared for sharp reversals if the indicator begins to shift in the opposite direction.
Use historical charts to better understand how exhaustion patterns develop for specific tickers.
Using MomoFlow for Market Insight
MomoFlow helps you understand human sentiment and discretionary trading behavior. It reflects emotional decisions from retail traders and larger investors, offering a unique lens into momentum-driven activity.
As BigShort’s founder often notes, no single flow tells the entire story. Use MomoFlow alongside other BigShort indicators such as Smartflow, NOF and Dark Pool data to build a more complete view of market dynamics.
Smart Flow
Key Characteristics of SmartFlow
Algorithmic strategies: Driven by predefined rules and formulas, not human discretion.
Manipulative potential: SmartFlow can sometimes represent “fake” or manipulative activity aimed at influencing price discovery.
Reading SmartFlow Charts
The easiest place to view SmartFlow is in the SF Segregated tab. As the name implies, this section displays SmartFlow in a dedicated graph, making it easier to analyze directional flow and spot key shifts in sentiment.
SmartFlow Chart
As with many other charts in BigShort, pointing up denotes buying and pointing down denotes selling.
There are four possible colors of the bars on this chart:
Dark Green: SmartFlow is buying and MomoFlow is selling
Lime Green (Bearish): SmartFlow is buying and MomoFlow is also buying
Red: SmartFlow is selling and MomoFlow is buying
Pink: SmartFlow (Bullish) is selling and MomoFlow is also selling
The green line on the chart is the accumulation tally of the activity on the chart, allowing you to clearly see the direction and overall behavior of the day.
Example of Bullish and Bearish Signal Using SmartFlow
A BULLISH signal is generated when a pink bar appears and aligns with other bearish BS indicators.
A BEARISH signal is generated when a lime bar appears and aligns with other bullish BS indicators.
Supplemental Resources for Momo Shadow Bars/GEX:
Understanding SmartFlow and MomoFlow Indicators:
Getting Started with BigShort - New Users:
BigShort: GEX! User Q&A 7/16/2025 MUST WATCH!!:
SimSearch (Similarity Search)
The Science Behind Similarity Search
Our approach is rooted in the understanding that market behavior often reflects human emotional patterns. We all wake up at the same time, eat lunch at the same time, get tired at the same time, etc. And just like our daily routines follow predictable rhythms, stock prices fluctuate in recognizable waves. This is why intraday studies are useful, and Similarity Search translates these emotional currents into actionable data.
How to Access Similarity Search
In the BigShort app, click UltraFlow in the side menu. From there, choose which UltraFlow you’d like to view at the top left of the screen under the date search. From there, click the Similarity Search (beta) button next to the historical button. At the bottom of the BigShort chart, you’ll now see the 5 dates with the most similar price patterns to today’s, and the SS median line, which is the median of all 5 days. Click the dates to toggle them on and off.
How Similarity Search Works
Activates 30 minutes after market open
Updates every 2 seconds for real-time analysis
Continuously refines results as more data points come in
Key Features
Displays 5 most similar historical trading days
Provides a median trend line for comparative analysis
Covers major index ETFs: SPY (S&P 500), QQQ (Nasdaq 100), DIA (Dow Jones)
Interpreting the Chart
Unified directional trends in all historical days suggest stronger predictive power
Divergent patterns in historical days indicate higher market uncertainty
Best Practices
We recommend using Similarity Search along with our Net Option Flow indicator to fine-tune your entry and exit points.
Final Thoughts
UltraFlow Similarity Search offers a unique lens through which to view market dynamics and is not available anywhere else but at BigShort.com. Drawing from almost a decade of historical data, traders can leverage powerful pattern recognition to make more informed trading decisions in real time.
UF SimSearch Summary
UltraFlow Similarity Search offers a unique lens through which to view market dynamics and is not available anywhere else but at BigShort.com. Drawing from almost a decade of historical data, traders can leverage powerful pattern recognition to make more informed trading decisions in real time.
NOF (Net Option Flow)
Net Option Flow (NOF) is a key feature in BigShort, providing traders with insights into market sentiment by analyzing real-time options activity. Whether you’re looking at SmartFlow, SF Segregated, or Ultraflow in BigShort the Net Option Flow chart equips you with powerful tools to uncover trading opportunities.
This guide explains what Net Option Flow is, where to find it, and how to interpret the chart to integrate it into your trading strategy.
What is Net Option Flow?
Net Option Flow visualizes activity in the options market. It tracks three key metrics
Net Call/Put Flow: The net premium of all buying and selling of calls and puts.
Net Unusual Call/Put Premium: Net premium from large trades, such as sweeps or blocks.
Daily Running Accumulation of Net Call/Put Flow (NOFA): A running tally of net premium flows over the course of the trading day.
Net Option Flow (NOF) offers a unique and refined approach to analyzing options activity, addressing key limitations of traditional option volume metrics:
Differentiating Buys and Sells:
Traditional option volume treats buying and selling equally, counting 1 million contracts bought and 1 million contracts sold as the same. In contrast, NOF differentiates between buys and sells, with buys pointing up and sells pointing down.
This differentiation helps traders clearly identify trends in buying and selling, offering a more nuanced view of market sentiment and potential turning points.
Dollar-Weighted Reality:
Traditional option volume does not consider the value of trades. For example, 1,000 contracts bought for $0.01 are treated the same as 1,000 contracts bought for $10. NOF addresses this by weighting trades based on their dollar value:
Larger trades with higher premiums carry more weight, emphasizing their importance.
Small, low-dollar trades contribute proportionally less, reducing noise.
Net Premium Flow:
While traditional volume simply adds up all activity (buys and sells combined), NOF takes it a step further by deducting sells from buys. This creates a net dollar-weighted metric that reflects the actual sentiment of the market participants, providing traders with a clearer understanding of the flow of money into calls and puts.
Note: BigShort is the only trading software out there with this approach to analyzing and displaying Option Flow directly in line with price charts for maximum usability by traders.
Where to Find the Net Option Flow Charts
The Net Option Flow chart is visible in these sections of BigShort:
SF Segregated- https://app.BigShort.com/sfSegregated/SPY/20251010
Ultraflow- https://app.BigShort.com/ultraflow
In each section, you’ll find the Net Option Flow chart, which visualizes the three key metrics.
Understanding the Net Option Flow Chart
The Net Option Flow chart consists of three primary elements: hills, bars, and the green line.
Hills: Net Call/Put Flow
The hills represent net premium flow for calls and puts, color-coded and directional:
Light Blue Hills: Call flow
Purple Hills: Put flow
Direction Matters:
Hills pointing up indicate buying activity.
Hills pointing down indicate selling activity.
🔎 Looking Closer: In the standard BigShort 5-minute chart, each hill represents the net flow in that five minute period. That's why you will often see hills growing and shrinking during the current five minute period. Just like the price candlestick, it is a live reading of orders as they come in.
Bars: Unusual Call/Put Premium
The bars that appear with the hills highlight unusual options activity, specifically large trades:
Light Blue Bars: Unusual call premium
Purple Bars: Unusual put premium
Direction Matters:
Bars pointing up indicate buying.
Bars pointing down indicate selling.
🔎 Looking Closer: Unusual activity is defined by large trades (typically over $1M in premium), including sweeps (urgent trades across multiple exchanges), blocks (large single-exchange trades), and splits.
Green Line: Daily Running Accumulation (NOFA)
The green line represents the cumulative net flow of calls and puts over the course of the trading day, tracking whether there are more dollars flowing into bullish or bearish positions. It updates in real time to provide a broader view of market sentiment. If the green line is above zero on a 5min chart, this means that the net sum of past options trades throughout the day is positive. If the green line is below zero, this means that the net sum of past options trades throughout the day is negative.
Examples
The chart above shows the Option Flow for SPY for an entire trading day. Notice the very large blue hill downward during the morning. This is showing a 5 minute period with significant call selling. You can see the corresponding plummet in the green line (NOFA) because what was otherwise a morning of net positive signals was brought basically to zero by that huge wave of selling calls.
Here we can see the first 45 minutes of trading on 12/18/24 for NVDA. This morning is clearly dominated by significant call buying (and some mild put selling). Both are bullish signals.
How to Use Net Option Flow Effectively
Read Hills and Bars
Identify Buying vs. Selling: Pay attention to the direction (up or down) of hills and bars.
Watch Colors:
Light Blue: Call activity
Purple: Put activity
💡 Tip for New Users:
While both buying and selling activity provide insights, buying is generally a stronger directional signal. For example, buying calls reflects a clear bullish sentiment, as it’s an outright bet on upward price movement. Conversely, selling puts, while also bullish, can be driven by strategies like collecting premiums or managing volatility, making it less directional. Similarly, buying puts is a stronger bearish signal than selling calls, as it represents a direct bet on downward price movement.
Compare Spikes & Review Raw Numbers
Look at the size of hills relative to previous days to gauge the significance of current activity.
It is critical to remember that the Net Option Flow chart uses auto-scaling. This means that what looks like a huge spike might actually be quite small relative to that ticker.
⚠Important: This point cannot be stressed enough. Make sure you review historical NOF levels for the ticker you are looking at so you understand what actually constitutes big/small moves. Additionally, when you mouse over the chart you can see the raw numbers for NOF or Unusual Premium.
Know Your Ticker
Net Option Flow patterns vary across tickers. For example, a large spike in TSLA might mean something entirely different than a similar spike in SPY or QQQ. Context is critical.
Power Hour Caution
Be cautious when interpreting Net Option Flow during the last hour of trading ("Power Hour"). Large institutional trades can distort typical sentiment patterns.
Combine with Other Indicators
As always, use Option Flow alongside price action, volume, or other BigShort indicators for a comprehensive analysis.
Confluence is king!
Why Net Option Flow Works
Option Flow provides a transparent view into options market sentiment. Here’s why it’s effective:
Leverage Signals Confidence: Options involve significant leverage, making large trades a sign of high conviction.
Directional Clarity: Buying calls is unambiguously bullish, while selling calls is bearish. Similarly, buying puts is bearish, and selling puts is bullish.
Smart Money Insight: Large trades often originate from informed institutions or insider-level confidence, providing actionable signals for retail traders.
Golden and Bronze Sweeps
Sweeps in BigShort are indicators that show unusual options activity. They alert you to significant options trades that can signal market direction changes.
From time to time you might also see colored vertical lines on the NOF chart. These indicate sweeps and are color coded.
Golden: a large, unusual option transaction that has been analyzed as "bullish”
Bronze: a large, unusual option transaction that has been analyzed as "bearish”
Gray: No Sentiment
NOF Exhaustion
One important theory to keep in mind when using Net Option Flow (NOF) is the concept of NOF Exhaustion. This occurs when the indicator trends strongly in one direction for an extended period, and then begins to reverse. The resulting move in the opposite direction is often outsized.
The theory behind NOF Exhaustion is that when one side of the market (buying or selling) becomes overly crowded, it can create an imbalance. A reversal is then triggered by relatively smaller volumes as the dominant side "tires out."
Picture two opponents both pulling a rope in tug of war. Person 1 is exerting 100% of their strength...pulling with everything they can. But they eventually tire out. And when they do and their muscles finally release from the effort of exertion the other opponent is going to gain a lot of ground even if they are only pulling with the same effort they were before
Martian Net Option Flow
As of April 2025, "Martian Net Option Flow" and "Martian NOFA" were added as the default to three charts - SF Segregated, SmartFlow, UltraFlow. "Martian Net Option Flow" and "Martian NOFA" was discovered by one of our own users (@Martian) and displays Net Option Flow slightly differently by subtracting the Net Unusual Option Premium from the Net Option Flow.
NOF is made of 2 components: Regular Options Flows and Unusual Options Flows.
Classic NOF shows both together.
Martian NOF only shows Regular Options Flows. Though in the chart UO bars are still shown, they are not used for the hills or NOFA.
To activate the original NOF with slightly different math, simply go to Chart Settings and click on "Net Option Flow (beta)". Using both can yield additional insights to advanced users.
Summary
BigShort's novel Net Option Flow is a versatile and powerful tool for understanding market sentiment and identifying trading opportunities. By tracking net flow, unusual activity, and cumulative trends, you can uncover insights that set your trading apart.
Supplemental Resources for Net Option Flow:
Net Option Flow: A Complete Guide:
Getting Started with BigShort - New Users: