Why one extreme option quote is not a pattern

Scans run April 13 – 17, 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 scans

The mid-April tests covered a broader group of US equity options than the earlier scans. They were still exploratory and used minimum bid and volume filters to remove some contracts with very low activity.

The review raised a basic question for the reporting method: how much weight should be given to a ticker that appears once, compared with a ticker that produces qualifying results repeatedly?

One extreme quote is not a pattern

A ranking of the widest displayed spreads naturally gives priority to extreme observations. It does not show whether the same ticker appeared regularly, whether several strikes and expiries were involved, or whether the quote remained wide at another time.

For example, one ticker may appear once with a very wide displayed spread, while another may produce less extreme results across several contracts and scan sessions. The first observation is more visible in a ranking, but the second may provide a more consistent result within the limits of the scan.

Why coverage matters

Observation count provides context. An average based on a small number of contracts should not be compared directly with an average based on much broader coverage.

Repeated sessions provide a stronger test. Finding similar results at different times is more informative than recording one point-in-time quote. It still does not establish a permanent characteristic of the ticker.

Absence from the results is ambiguous. A ticker may fail to appear because its spreads were below the selected thresholds, because the relevant contracts did not meet another filter, or because the scan did not obtain a qualifying observation. Absence alone does not prove that every option was liquid or tightly quoted.

Contract coverage remains important. Several observations from one strike or expiry do not necessarily represent the rest of the option chain.

What this changed for Spreadsearch

This test supported a more structured approach to later reports: use a stable panel where possible, track how often each name appears, and distinguish a single extreme observation from repeated coverage.

This public summary does not reproduce the original contract-level market data. For more information about the tool and its limits, see How It Works.