Free Tool
Tape Central
About Tape Central
Inspect options fills across the bid-ask spread, compare execution quality, and explore trade distributions and contract-level activity.
How to use this tool
Select a ticker and configure the analysis using the interactive controls. Charts and market data load in your browser.
Sharpe Two provides options analytics for research and education. Explore our tools without an account.
Explore all free toolsFrequently asked questions
What is a fill position in options trading?
Fill position measures where your trade executed relative to the bid-ask spread. A value of 0.0 means you filled at the bid, 1.0 at the ask, and 0.5 at the exact midpoint. Understanding your fill position helps you evaluate execution quality and identify patterns in how your orders get filled across different times of day and market conditions.
What does 'near mid' mean for options fills?
A fill is considered "near mid" when it lands in the center band of the bid-ask spread, between 0.40 and 0.60 on the fill-position scale. That captures trades executed close to the midpoint rather than only exact-mid or better fills. The "% near mid" metric tells you what fraction of trades in a session landed in that center band. Higher is generally better.
How is fill quality measured?
Fill quality is measured by three key metrics: the percentage of trades near mid (pct_at_mid in the payload), the median fill position across all trades, and the average bid-ask spread. A lower median fill and higher near-mid percentage both indicate better execution. Tighter average spreads mean less slippage potential.
How do I read the fill distribution histogram?
The histogram shows how trades are distributed across the bid-ask spread. Green bars (center, 0.40–0.60) represent fills near mid. Gold bars (0.20–0.40 and 0.60–0.80) represent fills in the mid-range. Red bars (edges, 0.00–0.20 and 0.80–1.00) represent fills at the bid or ask. A healthy distribution is concentrated in the green zone, meaning most trades fill near the midpoint.
What do the scatter plot colors mean?
Each dot represents a trade plotted by time (x-axis) and fill position (y-axis). Green dots filled near mid, gold dots filled in the mid-range of the spread, and red dots filled near the bid or ask edge. The timeline view helps identify patterns — like whether fills improve during specific hours or deteriorate around market events.
What is the best hour to trade options?
The best hour varies by ticker and day. Tape Central identifies the hour with the highest percentage of fills near mid, helping you time your orders for better execution. Generally, the first and last 30 minutes of the session see wider spreads and worse fills. Mid-morning (10:00–11:00 ET) often shows the best execution quality.
Can I improve my options fill quality?
Yes. Using limit orders at or near the midpoint, trading during high-liquidity hours, and choosing contracts with tighter spreads can all improve your fill quality. Avoid market orders on options — the bid-ask spread is your biggest source of slippage. Start at mid and adjust toward the natural side only if you need a faster fill.
Which tickers are available in Tape Central?
Tape Central covers the most actively traded options tickers, including SPY, QQQ, IWM, AAPL, TSLA, NVDA, AMZN, MSFT, META, and more. These tickers represent the most liquid options markets, where fill quality data is most meaningful and actionable.