In today’s episode of Driven by Data, Matt and Tyler use the new time and sales summary to help develop a trading thesis. After reviewing the successful double calendar trade on IWM, we looked at the market intelligence tab to find stocks with big moves and unusual volume. This revealed Moderna, a biotech stock with some pretty significant large trades. Time and sales data revealed several large long dollar delta trades made early in the morning, which rode the stock upward the rest of the day. We discussed the importance of dollar delta for market-makers and how we can combine it with the total premium to develop a trading thesis. Due to the risky nature of biotech stocks, we turned to Moderna’s closest SPDR sector ETF, XLV, to scan for options trades with a bullish outlook - eventually finding and trading a short put spread.

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