Knowledge Base

UNDERSTAND THE TAPE

Corporate insiders file Form 4 every time they trade their own company's stock. The data is public, legally required, and historically predictive. Here's how to read it.

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Fundamentals
WHAT IS SEC FORM 4? INSIDER FILINGS EXPLAINED
The filing insiders must submit within two business days of trading their own stock. What it is, who files it, what's on it, and why open-market buys carry a signal.
5 min read
Fundamentals
SEC FORM 4 TRANSACTION CODES EXPLAINED (FULL LIST)
Every Form 4 transaction code in plain English - P, S, A, M, F, G and the rest. What each one means, and which codes actually signal insider conviction.
6 min read
Fundamentals
IS INSIDER BUYING BULLISH? WHAT THE DATA ACTUALLY SAYS
Open-market insider purchases have beaten the market for decades, but only certain kinds. Here is what actually matters, what to ignore, and how to tell the difference.
7 min read
Signal
WHAT IT MEANS WHEN A CEO BUYS THEIR OWN STOCK
A CEO stepping into the open market with their own money is one of the strongest insider signals there is. Here is what it means, when it matters most, and the traps to watch for.
6 min read
Signal
INSIDER BUYING NEAR 52-WEEK LOWS
When insiders buy their own stock near its 52-week low, it is one of the highest-conviction signals in the data. Why buying weakness matters, and how to avoid the value traps.
6 min read
Fundamentals
10B5-1 PLANS EXPLAINED: WHY NOT ALL INSIDER BUYS ARE EQUAL
A 10b5-1 plan lets insiders trade on a pre-set schedule. Here is why that makes most plan sales meaningless, and why a plan set up to buy is one of the strongest signals of all.
6 min read
Signal
FIRST INSIDER BUY IN YEARS: THE RARE SIGNAL WORTH WATCHING
When an insider who has not bought in years suddenly steps in, the break from routine is often more telling than the dollar amount. Why it matters and how to read it.
5 min read
Fundamentals
REAL INSIDER BUYS VS OPTION EXERCISES
An insider "buying" far below the market price is usually not a real open-market buy. How to spot option exercises, warrants, and placements dressed up as insider purchases.
6 min read
Fundamentals
HOW TO READ AN SEC FORM 4
Every insider transaction gets filed on a Form 4 within two business days. Most investors ignore them. Here's exactly what each field means and what to pay attention to.
7 min read
Signal
WHAT IS CLUSTER BUYING AND WHY DOES IT MATTER?
One insider buying is interesting. Three buying in the same month is a signal worth paying attention to. Here's why cluster buying is one of the most reliable patterns in the data.
6 min read
Strategy
HOW TO ACTUALLY USE INSIDER TRADING DATA
The data is public. The filings are free. So why don't more investors use it? Because raw Form 4s are a mess to parse. Here's a practical framework for turning the signal into a process.
12 min read
Fundamentals
LEGAL VS ILLEGAL INSIDER TRADING: WHAT IS THE DIFFERENCE
Most coverage conflates two very different things. Here is what makes insider trading illegal, what makes it legal, and how the legal kind becomes a usable investment signal.
7 min read
Signal
HOW TO FIND STOCKS WITH INSIDER BUYING
A step-by-step process for screening SEC Form 4 filings to find stocks where executives and directors are buying with their own money. What filters to apply and what to skip.
8 min read
Signal
CLUSTER BUYING: A STEP-BY-STEP EXAMPLE
What does a genuine cluster buy signal actually look like in Form 4 data? A worked example with scoring, plus a side-by-side comparison of a real cluster vs a stock plan false positive.
8 min read
Strategy
INSIDER BUYING VS ANALYST UPGRADES: WHICH PREDICTS PERFORMANCE BETTER
Analyst upgrades move stocks immediately. Insider buying moves them slowly. The research on which signal is actually more predictive over 6 to 12 months, and how to use both together.
9 min read