> ## Documentation Index
> Fetch the complete documentation index at: https://docs.gextron.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Tape Reading

> Real-time order tape for equities and options in Gextron Pro.

# 📊 Tape Reading (Pro)

Tape Reading is a **Pro-only feature** in Gextron. It gives you a **real-time stream of every transaction**, so you can see how price reacts when it hits **P-Trans, N-Trans, MaxReward, MaxPaint, or AOIs**.

<Callout type="info" title="Real-time always on">
  The **Tape is always streaming**. No refresh needed — every transaction is captured and displayed the instant it crosses.
</Callout>

***

## What you get in Pro

<Tabs>
  <Tab title="Equity Tape">
    • Shows **every stock transaction** hitting the tape.\
    • Same **color coding** as Option Flow.\
    • Useful for seeing how equities behave at **levels** (buyers or sellers stepping in).

    <img src="https://mintlify.s3.us-west-1.amazonaws.com/gextron/images/tape/equity-tape.png" alt="Equity Tape example" />
  </Tab>

  <Tab title="Option Tape">
    • Shows **every option transaction** in real time.\
    • Same **color coding rules** as Unusual Options Activity.\
    • Filter by **Premium** (as low as \$1) or **Days to Expiration (DTE)**.\
    • Same filter operators: `>`, `>=`, `=`, `<`, `<=`.

    <img src="https://mintlify.s3.us-west-1.amazonaws.com/gextron/images/tape/option-tape.png" alt="Option Tape example" />
  </Tab>
</Tabs>

***

## Color Coding in the Tape

The Tape uses the **exact same system** as Option Flow:

<Tabs>
  <Tab title="Text Colors">
    * **White text** → Neutral (often spreads / noise).
    * **Red text** → Bearish:\
      • **Put** bought at ask\
      • **Call** sold at bid
    * **Green text** → Bullish:\
      • **Call** bought at ask\
      • **Put** sold at bid
  </Tab>

  <Tab title="Background Colors">
    * **Red background** → Aggressively bearish\
      • **Call** filled below bid\
      • **Put** filled above ask
    * **Green background** → Aggressively bullish\
      • **Call** filled above ask\
      • **Put** filled below bid
  </Tab>
</Tabs>

<Callout type="tip">
  The Tape updates instantly — use **clusters of aggressive orders** at levels as confirmation.
</Callout>

***

## Filtering the Tape

You can filter the Option Tape to isolate only the transactions that matter:

* **Premium filter** → e.g., `>= 1000000` shows only **\$1M+ option trades**
* **DTE filter** → focus on contracts with **2–3 weeks to expiry** instead of noisy 0DTE
* **Equity Tape** → shows all equity prints (no premium filter, but color still applies)

<Callout type="success">
  Filtering lets you **cut through noise** and see only the **institutional-sized, high-probability prints**.
</Callout>

***

## What to read next

<Columns cols={2}>
  <Card title="Option Flow" icon="arrows-left-right" href="/features/option-flow">
    See how to interpret sweeps, blocks, and unusual activity.
  </Card>

  <Card title="Risk & Reward" icon="scale-balanced" href="/trading/risk-reward">
    Structure trades using levels and Tape confirmation.
  </Card>
</Columns>