SweepCast Review

SweepCast Review

SweepCast provides unusual options activity in real-time for retail traders so that they can follow the smart money and not have to trade blindly. SweepCast can be used by swing traders or day traders to give you insights into what the so called “smart money” is doing by identifying large volume orders and sending alerts to members on any unusual orders that occur across the markets they are following, including Stocks and ETFs. The built-in algorithm can do all of the heavy lifting and in-depth research on behalf of investors and traders so that they can remain focused on making informed decisions. In this SweepCast Review, we will look at what it is, how it works and the key features. Hopefully you can then decide if this is a trading tools that you would consider using as part of your daily trading routine.

What is SweepCast?

Founded in 2020, SweepCast is a fintech specializing in low-cost option order flow analysis tools. SweepCast gives users insights into what the smart money is doing with large volume orders and alerts users when there are unusual orders that take place on the Stocks or ETF they follow. The platform can run in your web browser or mobile and has a chat room where you can share ideas with other users.

SweepCast Platform
SweepCast Platform

The trading tool does all of the hard work for you so that you can concentrate on your trading. They specialise in Unusual Options to deliver real-time order flow data, not random trading signals. The aim is to get simple Unusual Options Flow to the user as soon as possible so that they can react to it accordingly.

The SweepCast platform has been developed and built by a normal group of traders who were looking for the information that the platform provides but found it difficult to get a reliable source. Hence, why they created SweepCast to solve this problem. Built by traders, for traders!

It is a reasonably affordable software that everyday traders can use to gain vital insights into various market which can be difficult to find. The development team are always willing to listen to user feedback in order to continuously innovate and improve the already powerful SweepCast trading tool.

What is Unusual Options Activity?

Unusual Options Activity identifies options contracts that are trading at a higher volume relative to the contract’s open interest. Unusual Options can provide insight on what “smart money” is doing with large volume orders, signalling new positions and potentially a big move in the underlying asset.

While any option that is trading a high relative volume is worth taking a look at, we may want to pay extra attention to the options that make large individual orders. For example, if the average daily volume for the option is about 10,000 contracts, we’re looking for orders of 10,000 contracts or more. Although this can be a positive sign, it’s not always a requirement because some traders will hide their size by executing orders in small blocks.

What is Smart Money?

Smart money refers to the capital that institutional investors, central banks, and other professionals or financial institutions control. The common people think of smart money as the investment made by individuals having an in-depth understanding of how markets play and have information that is never known to a normal investor.

Smart Money trading simply means that you trade according to institutional trading strategies that are tailored to the perspectives of Smart Money. Smart Money has more access to knowledge and resources than retail traders have at their disposal.

SweepCast Features

The SweepCast platform has all of the important features for traders and investors to find trading opportunities on their preferred asset classes. Some of the more prominent features of the software include the following:

Smart Option Flow Tracking

SweepCast does the heavy lifting so that users don’t have to. They are using a vast amount of data to discover and show what is key unusual option activity for some of the most important tickers with minimal hassle. Everything is shown in different colours which helps to make it easier to pinpoint specific areas of unusual flow.

SweepCast Smart Option Flow Tracking
SweepCast Smart Option Flow Tracking

Detailed Information

If you want to find out more detailed information about a specific unusual option activity, you can simply hover or click on the relevant section and it will show you the exact price level that the trade took place at, what the Open Interest vs Volume was and if there are earnings coming up.

SweepCast Detailed Info
SweepCast Detailed Info

Watchlist Setup

You can create favourites and watchlist to follow the trading instruments that are the most important to you. Users can monitor the option order flow through the custom “watchlist” filter and even setup desktop alerts if you don’t want to look at the tape all day long.

SweepCast Watchlists
SweepCast Watchlists

Historical Data

SweepCast provide historical data available which can be useful as you can look up orders and get access to the important details of past orders which include total premium, expiration date, vol, price, and spot where they took place within the option flow table.

SweepCast Historical Data
SweepCast Historical Data

SweepCast Community

As the core of the SweepCast platform there is a friendly and welcoming community where you can work alongside fellow traders. You can share insights, ideas and experiences with other SweepCast members whereas the development team will be happy to listen to your feedback regarding the platform and any features you would like to see implemented within it. The community is also a great place to learn from the experiences of others which can help to improve your own trading skills and knowledge.

How much does SweepCast cost?

You can get a 10-day trial for $14, a monthly subscription for $39.99, or an annual membership for $249 per year which is a saving of 40% compared to the monthly package. The packages include the following features:

  • Real Time Order Flow
  • Custom Watchlist Builder
  • Live Chat Room
  • Historical Data + Details
  • Export Data to CSV
  • Premium Support

SweepCast Conclusion

In the simplest terms possible, SweepCast is an online provider of financial market alerts based on unusual options activity. They are really trying to build a trading community, rather than just a web-based platform. SweepCast aims to give friendly guidance to those who may be unfamiliar with options trading and order flow insights. The software comes as a holistic solution, allowing retail traders improved insight into unusual and often important stock market activity. You can share ideas within the free chatroom with other likeminded traders.

I actually prefer a trading tool that takes into consideration large volume orders from significant big money players because these can cause market movements. I would much rather want to know where the smart money is going than listen to one self-proclaimed trading guru who claims to have discovered a magical trading signal that wins all of time.

In terms of improvements, I would like to see SweepCast add dark pools just as competitors such as FlowAlgo do, albeit delayed by a few hours or days. Dark pools are networks that are usually private exchanges or forums, which allow institutional investors to buy or sell large amounts of stock without the details of the trade being released to the wider market. Dark pools can also be referred to as dark pool liquidity, or dark liquidity.

If you are looking to follow the smart money and want to improve your chances of beating the market, SweepCast is certainly worth a look. I think it would be great if they added a free trial even if it was limited and only for a few days. However, it is priced fairly and there is a discounted trial available if you wish to give it a go before making a long-term commitment.

SweepCast

$14
7.7

Functionality

7.0/10

Usability

8.0/10

Versatility

8.0/10

Features

  • Discover Unusual Options Activity
  • Follow the Smart Money
  • Various financial markets
  • Real-time data
  • Web and mobile platform
  • Alert notifications
  • Historical data
  • Watchlists
  • Online community
  • 10-day trial