The four datasets
- Insider transactions. Officers, directors and large holders report trades on Form 4, generally within two business days. See what insider buying signals.
- Congressional trades. Members of Congress report most securities trades on periodic transaction reports, generally within 45 days. See how late congressional disclosures are.
- 13F holdings. Large managers report their long US equity positions each quarter. See what 13F filings show.
- Options flow. Unusual options activity can show where traders are positioning, but the direction of a trade is not always clear from the tape.
Why combine them
No single dataset is decisive. A cluster of insider buys in a stock that is also being bought by a fund with a good record is more interesting than either on its own. A congressional purchase in a stock where options activity has risen is a prompt to look harder, not a conclusion.
Where smart money misleads
- Insider sales are often about diversification, tax, or pre-arranged plans, so they are less informative than purchases.
- 13F filings show long positions only, and they are weeks old by the time you read them.
- Congressional disclosures can be late, and a trade can be unrelated to any committee work.
- Options flow can reflect hedging rather than a view.
How to use it
Use smart-money data to decide what to research next, then check the filing behind each item. Weigh the regime and news before you read anything into a cluster. Atradian's reliability page shows data freshness and known gaps.