Performance calculations: average gain and average drawdowns are based on the stock's performance (not option's) from the closing date that the option trade is made to its next swing high/low within the option trade's expiration. Use the UOA database for details on the actual options trades.

Days to expiration (DTE): expiration is taken into context when determining if a trade was successful or not. For example a 7DTE call may be considered successful if the stock increased 2-3% while a 90DTE call would require a larger move of 7-8%.

Criteria: aside from DTE, a trade is considered successful if the underlying stock's swing high is greater than the swing low (for calls and vice versa for puts) from the closing date that the option trade is made AND if the actual option trade gained at least 50% from the price it was traded at.

Exclusions: repeat flows in the same strike and expiration of a stock will only be counted once. Long dated options (e.g. LEAPS) may be excluded but will be added later after they've played out. DITM (Deep-in-the-money) options which don't reach the minimum 50% threshold gain on options, but still move in the right direction will be excluded. ITM flow trades that are less than $1M in net premium are not included.

Trade Types:
ITM Flow = In-the-money flow
Roll = Rolling for debit
Bull Synthetic = Synthetic long stock position (bullish)
Bear Synthetic = Synthetic short stock position (bearish)

Metrics:
• Max Gain = Best move in trade direction
• Max Drawdown = Worst move against trade
• Duration = Days to peak move

Stats:
• Success Rate = percentage of trades that were profitable
• Average Gain = Average maximum gain for profitable trades only
• Average Drawdown = Average maximum loss for unprofitable trades only