Why it matters
A large share of institutional options flow is not a single contract. It is a structure: buy one strike, sell another, and the two legs together express a view that neither leg does alone. Read as separate prints, a spread is confusing. One leg looks bullish, the other bearish, and the premiums do not add up to anything meaningful. Read as a package, it is one position with one cost and one thesis.
The Options Flow feed pairs the legs and prints them as one row. The strategy label tells you the shape: Spread, Ratio, Calendar, Diagonal, Straddle, Strangle, Risk Rev, or Combo for three or more legs. The premium column on that row is the net figure, shown dotted so you can tell it apart from a single print, coloured for a net debit or a net credit. Hover it for the net against the total.
Net debit, net credit, net premium, total premium
- Net debit: the package cost money overall. The bought legs cost more than the sold legs collected. Debit strategies risk the debit and profit if the view plays out.
- Net credit: the package collected money overall. The sold legs brought in more than the bought legs cost. Credit strategies profit if the position expires worthless or can be bought back cheaper.
- Net premium: the net debit or credit of the package, what it cost or collected. This is the figure on the strategy row.
- Total premium: the sum of every leg's premium regardless of direction, the gross dollars that changed hands.
What it does not tell you
- The net figure is not the risk. A credit spread collects money up front and can lose several times that amount. Net premium tells you what was paid or collected, not what is at stake.
- Direction needs the structure, not the legs. A call spread bought for a debit is bullish; a call spread sold for a credit is bearish or neutral, even though both contain a call bought at the ask.
- A package can be a hedge. Spreads and collars are how large holders protect positions. A big put spread can be insurance, not a bearish bet.
- Legs that print apart may not pair. If the two sides of a spread execute seconds apart on different venues, they may appear as separate rows. Read the surrounding prints when a leg looks odd on its own.
What it looks like in the data
Two vertical spreads, one bought for a debit and one sold for a credit, from consecutive sessions.
12:48:10 pm ET with AAPL at $322.60. Bought the $340 call at $5.00 at the ask ($6.00M) and sold the $360 call at $1.35 at the bid ($1.62M). Strategy: SPREAD. Paid $3.65 per spread. Not a recommendation.
| Trade | Session | Leg 1 | Leg 2 | Net premium | Total premium |
|---|---|---|---|---|---|
| AAPL call spread | Sep 10, 2026 | Buy 12,000 × $340 C at $5.00 (A) | Sell 12,000 × $360 C at $1.35 (B) | $4.38M debit | $7.62M |
| QQQ call spread | Sep 11, 2026 | Sell 1,500 × $715 C at $35.25 (B) | Buy 1,500 × $780 C at $8.48 (A) | $4.02M credit | $6.56M |
The AAPL package paid $3.65 per spread for a structure that pays at most $20 per spread if the stock is above $360 at expiry: a bullish bet with a defined cost. The QQQ package, on December contracts, collected $26.77 per spread for selling the $715 call and buying the $780 call as protection: a position that keeps the credit if QQQ stays below $715 and is worth at most a $65 loss per spread above $780. Same strategy label, opposite views, and the net premium sign is what tells them apart.
