WORKED SESSION STUDY · 4 NOVEMBER 2026
More call contracts.
Negative call premium.
Both can be true. Contract counts give every contract the same weight. Premium gives expensive contracts more weight.
New to these measures? Start with the five-contract illustration, then return to this real example.
The answer in one minute
For SPXW options expiring that day, the saved 09:35–09:36 ET minute contains 215 more eligible call contracts at the matched ask than bid, but $207,840 less call premium at the matched ask than bid. The two charts measure different things.
This is a calculation from a retained report, not a bullish or bearish verdict.
1,756 ask − 1,541 bid
$1,778,445 ask − $1,986,285 bid
Reproduce the calculation
These are eligible trade groups in the saved report. “Ask” and “bid” refer to the report’s matched-quote classification, not a claim about who traded or why.
| Measure | Calls | Puts |
|---|---|---|
| Ask contracts | 1,756 | 841 |
| Bid contracts | 1,541 | 1,509 |
| Ask − bid contracts | 215 | -668 |
| Ask premium | $1,778,445 | $942,450 |
| Bid premium | $1,986,285 | $1,537,210 |
| Ask − bid premium | -$207,840 | -$594,760 |
Call-minus-put net contracts: 215 − (−668) = 883. That is the single-minute contribution to this balance, not all contracts traded and not a complete-session running total.
What this cannot tell you
The minute also includes $1,505,385 of unclassified premium and $6,811,263 of excluded premium. Those amounts do not enter either net calculation. This example cannot identify opening versus closing positions or dealer inventory.
The retained revision contains 89 of 390 expected session minutes. Missing intervals are not zero. A selected-window observed balance can add the available contributions, but cannot recreate the full session.
Try the same investigation
- Open Net Flow and choose a saved minute.
- Compare net premium with Observed balance · selected window. Keep the selected window and coverage in view.
- Use Contributors and Trades to inspect what entered the result. Check exclusions before drawing a conclusion.
Source and reproducibility
SPXW · 0DTE · all loaded moneyness · 4 Nov 2026, 09:35–09:36 ET. Source receipt: 09:36:37 ET. Saved report exported at 15:15:13 ET. This is a retrospective revision; later corrections may be included. It does not establish what a viewer knew at 09:35.
Download the exact inputs and calculations (JSON)
Source response SHA256: 479e57ace3aeb803d171a662e8851c687c8c5aaccb4bc58834adeaab299b3bd3