Why null option scan results should be reported

Scans run August 31 to September 11, 2026 via Spreadsearch

Editorial note (September 25, 2026): This page was substantially revised to replace the original scan-data summary with a methodology note. The original URL and reporting period have been retained for continuity.

Purpose of the review

The original early-September report used a compound condition: a contract had to show both a sufficiently wide dollar spread and a clearly uneven displayed bid/ask size relationship.

The original report recorded that no observation combined its wide-dollar-spread condition with a significantly lopsided displayed book. That outcome should be reported rather than replaced with a weaker threshold after the results are known.

How a null result can occur

The examples below are hypothetical and are not market data. Assume that a scan requires a minimum $1.00 spread and a bid size at least five times the ask size.

Example A has the wider spread. Example B has the stronger displayed size imbalance. Neither satisfies both conditions, so the compound scan returns no result.

Why the criteria should remain fixed

Changing a threshold after the scan encourages cherry-picking. It makes the result depend on what was found rather than on the rule selected in advance.

A null result still has narrow meaning. It shows that no captured contract met every active condition. It does not establish that the condition never occurred outside the selected tickers, contracts, or scan times.

Repeated null results may inform product design. They can show that a condition is too restrictive for a particular panel, but any change should be documented and tested in a later period.

What this means for Spreadsearch

Reporting empty outcomes is part of a credible research process. It prevents the reports from presenting only the periods that produced visually interesting examples.

All numerical examples in this public summary are hypothetical. For more information about the scan workflow, see How It Works.