Snapshots of The Information Content of Unusual Option Activity

Quickly apply original, key PMR-published papers with Snapshots—a short article companion that distills PMR research into compressed, digestible takeaways, so you can put the paper’s core ideas to work in your investment process—fast. This Snapshot article is based on research arguing that properly defined unusual option activity (UOA), especially in out-of-the-money, near-maturity call options, is associated with positive abnormal stock returns, although that predictive value has weakened since 2020 as the strategy has become more widely followed.