SweepCast is a financial software platform providing users with unusual options. It can scan for order flows, tape transactions, and filter them into the SweepCast database. Over the past few years, the investing narrative has shifted to retail vs institutions. And SweepCast is trying to give retail traders an even playing field. It was created by retail traders for retail traders and provides a direct look at where “smart money” is flowing. So, let’s get to this SweepCast review.
The site was founded in 2020. Therefore, it’s one of the industry’s newest options for activity scanners. SweepCast incorporates the motto ‘Beat the suits and ties.’ This is an obvious reference to retail traders taking on Wall Street. While SweepCast is still in its early stages as a fintech startup, its brand is rapidly gaining popularity amongst the investing community. Let’s look at some of the features of SweepCast and what sets the site apart from its competition.
Table of Contents
SweepCast Review Introduction
Before we get into this SweepCast review, let‘s quickly review the unusual options activity. As its name suggests, this revolves solely around the options market. What unusual options activity tracks is the volume and flow of higher-than-normal options trades, regardless of whether they are bullish or bearish. The main metrics are the number of contracts and how many orders are coming through. Following this so-called smart money is a strategy that retail traders incorporate, which often works well. Large-volume option orders are usually indicative of things like insider knowledge.
Getting in before that information becomes public can give you an excellent entry point, and you could see a massive gain in the price of your options contracts. It could also indicate that smart money runs technical analysis algorithms on the stock and anticipates a breakout shortly.
SweepCast Offerings
The heart and soul of this SweepCast review is its unusual options activity scanner. This is the main feature of the site and really what users are paying the subscription fee for. SweepCast’s unusual options activity scanner is extremely efficient and has a wonderfully simple user interface.
The screen is color-coded, so you can immediately tell if an order is a put or call and if the sentiment is bullish or bearish. Incorporating your watchlist makes monitoring your favorite stocks to trade easy.
Hovering over the scanner provides incredible detail about the order of the options and any potential catalysts. For example, many options order flow comes in around quarterly earnings reports. SweepCast not only lists the strike price, expiry date, and the number of orders, but it also provides the earnings date.
Another feature well incorporated into my options scanning is the availability of historical data. Look back in time at previous orders. Then, compare that to how the options flow has been coming in recently and in the future. This is incredibly helpful when trying to learn how certain stocks trade. And how accurate previous large orders have been.
COURSE |  |  |  |
|---|---|---|---|
| DESCRIPTION | Learn how to read penny stock charts, premarket preparation, target buy and sell zones, scan for stocks to trade, and get ready for live day trading action | Learn how to buy and sell options, assignment options, implement vertical spreads, and the most popular strategies, and prepare for live options trading | How to read futures charts, margin requirements, learn the COT report, indicators, and the most popular trading strategies, and prepare for live futures trading |
| INCLUDED | Daily watch lists • Trade rooms • Trading scanners • Discord • Live streaming Day Trading > | Daily watch lists • Trade rooms • Options scanners • Discord • Live streaming Options > | Futures target levels • Trade rooms • Real time teaching • Discord • Live streaming Futures > |
Trading Community
SweepCast is trying to build a trading community rather than just a web-based platform. There’s an ongoing SweepCast chat room built right into the app. You can share ideas and theories with other traders. SweepCast has allowed us to chat and share within the same chatroom.
SweepCast offers full-in-app support via a live chat function and offers users some helpful articles. They can also be reached on social media via Twitter or Facebook. In addition to the chatroom, SweepCast offers a live Discord server with around-the-clock activity.
Currently, there isn’t a mobile-specific app. However, the platform is fully functional in web-based and mobile browsers. SweepCast is adding new functions and enhancements every month and recently added the ability to export. CSV files and personal account management. This is why we wrote this SweepCast review.
SweepCast Pricing Review
Here’s a SweepCast review of their pricing. The pricing structure isn’t outrageous for SweepCast. It’s more or less in line with much of its competition. If you can hit one big gain on an options flow alert from SweepCast, you’ve easily paid for your whole year’s subscription cost. The monthly charge for SweepCast is $39.99, which gives you full access to all of the site’s features. There’s also an annual cost of $249.99, a 40% discount from the monthly rate.
If you weren’t sure about committing to a monthly or annual subscription without trying the product, SweepCast offers a 10-day trial. It isn’t a free trial and will cost you $18.00 per trial, which is unusual. You’re better off paying for an entire month at $39.99 than paying $18.00 for only ten days.
One of the best parts about SweepCast is that the price you initially subscribe to is the price you will continue to pay. Even if SweetpCast raises the subscription prices in the future, you will be locked in at a lower rate. If you’re interested in subscribing to SweepCast, it benefits you to do so at this early stage.
SweepCast Competition Review
The unusual options activity market has surged in popularity over the past few years. The COVID-19 pandemic brought stock and options trading to the mainstream and magnified the retail vs. Wall Street narrative. Because of this, several unusual activity options and platforms have become extremely popular with retail traders. Hence, this SweepCast review.
1. FlowAlgo
One of the most popular platforms and one of the original unusual options activity scanners. FlowAlgo was founded in 2017 and offers users a full suite of options and activity features. Understandably, FlowAlgo’s subscription rates are more expensive than SweepCast, costing $99 monthly for the annual rate.
2. CheddarFlow
If you follow options traders on Twitter, you’ll most likely see them post screens from CheddarFlow. It has a familiar interface and provides clear data about options activity. CheddarFlow has three tiers of subscriptions ranging from $75 to $99 per month. ChedarFlow even incorporates TradingView charting so you can run your technical analysis in the app.
3. Unusual Whales
One of the more popular accounts on FinTwit, Unusual Whales, is a retail-friendly options flow scanner. Unusual Whales has a strong community of traders and offers a popular Discord server and a Twitter bot. The bot tweets options flow on Twitter for free. But it’s delayed from when paid users receive the alerts. Unusual Whales charges $30 per month or $330 per year, although the site does run subscription sales frequently.
4. BlackBox Stocks
Another popular FinTwit account, BlackBox Stocks, is a more established options flow scanner. It provides a robust scanning platform, although its user interface isn’t quite as intuitive or friendly as others. BlackBox Stocks also charges a premium subscription price of $99 per month or $959 per year, similar to FlowAlgo and CheddarFlow.
Is SweepCast Worth It?
Nothing in investing or options trading is guaranteed. With that disclaimer out of the way, unusual options activity can be a helpful tool to add to your investing strategy. Not every alert works out.
However, when it does, there’s the opportunity to make some pretty hefty gains. As I said, one big trade can easily pay for your entire year’s subscription. You do need to have SweepCast open as you trade, though.
This means that SweepCast is only worth it for active traders who trade options contracts. Long-term passive investors won’t get the same value from SweepCast as traders. In other words, this SweepCast review is for active traders.
What’s In Store for SweepCast?
There are many new features in the pipeline for SweepCast as the platform continues to build itself out. Hence our SweepCast review. Shortly, we can expect additions like dark pool data, filtering by ETF or stock, and SMS alerts for your watchlist. These are just some updates that SweepCast posts to keep users informed. Don’t be surprised if a mobile app is added in the future, considering how popular it is to trade directly from our phones.
Final Thoughts: SweepCast Review
We hope you enjoyed this SweepCast review. They’re the new kid on the block in the options flow scanner market. Some heavy hitters are well-established, like FlowAlgo and CheddarFlow, but sites like SweepCast and Unusual Whales are gaining popularity with retail traders. In my experience with SweepCast, it is an awesome site and extremely simple to learn. The user interface is clean, and enhancements are always added to the site to make it a more complete product. If you are interested, I’d sign up for a full month over the $18 10-day trial, and if you like it, lock in that price as early as you can!
Frequently Asked Questions
Investors cannot purchase shares of SweepCast because the company is privately held.
SweepCast is a month to month service. Users can cancel their account by emailing customer service at admin@sweepcast.com, or the Intercom Chat Box on their website.
An option trade is an order placed by an investor to purchase a contract of an underlying security for a fraction of the cost of purchasing shares. Options Sweeps show the unusual options activity of the underlying security.
A "Put Sweep Bullish" means that the Call was traded at the ASK. "Put Sweep Bullish" means that the Call was traded at the BID.
A sweep is a large trading order that's broken into smaller ones. This makes it easier for orders to filled more quickly on the exchanges.
