Quote side (AA, A, M, B, BB)
Also called Bid/ask indicator, trade side, aggressor side
Where an option trade filled against the bid and ask: above the ask, at the ask, at the mid, at the bid, or below the bid.
The quote side compares a trade's price with the bid and ask just before it. It's the main clue to whether a buyer or a seller pushed the trade.
| Letter | Filled | Usually means |
|---|---|---|
| AA | Above the ask | A buyer paying up |
| A | At the ask, or between the mid and the ask | A buyer |
| M | At the mid | Neither side; often negotiated |
| B | At the bid, or between the mid and the bid | A seller |
| BB | Below the bid | A seller in a hurry |
In Theta Vantage
The letter follows the size and price in the options flow table, from the flow's average price against the quote. A flow's direction comes from its trades' sides weighted by premium: a call bought or a put sold is bullish, a call sold or a put bought is bearish. Net premium drift uses the same idea for every trade: above the mid counts as bought, below as sold. The Put sells preset finds puts sold at or below the bid.