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Intra-Day Insider Top Trades Email Alerts

Subscribers to our Newsletter, Subscription Insider Data, Real-Time Email Alerts, and Free Top Trades Alerts all receive four emails each day the SEC is open. The emails each contain the top 20 largest dollar value insider purchases and sales filed at the SEC in the hours between each alert.

Timing of Alerts
Each working day, the SEC begins receiving insider filings at 6am, and stops accepting them at 10pm. We've organized our Alerts to trigger four times a day, at: 11:30am; 3:30pm; 7:30pm, and 10:05pm. In each email, the tables relay the Top Trades filed at the SEC during each block of time, and are not cumulative throughout the day. This ensures that clients see a broader range of filings, not repeats of massive transactions filed in the morning.

That said, insider filing volumes are not uniform at the SEC. The high filing time for insider transactions is between 3pm and 6pm. So while the 11:30am and 10:05pm emails may struggle to contain the full 20 purchases and sales during low volume filing periods (like during earnings season), the 3:30pm and 7:30pm emails will usually be chock full of much higher dollar-value trades.

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More, and Sooner
For Newsletter subscribers who look forward to the first two tables in the Largest Individual Trades section each issue, these alerts will be a boon. Instead of waiting until the weekly issue is published, you'll get this information practically on the fly! Actually, you'll be getting much more information that much quicker. The weekly tables in the Newsletter are limited to the Top 50 Trades only. That's a very useful summary, but still a limitation. Now, between the 20 intra-day Top Trades Alerts sent each week, you'll likely end up seeing every trade of any decent size before the Newsletter even gets published.

Transaction Types in the Alerts
We have also expanded the range of transaction types we screen through to aggregate our Top Trades Alerts, relative to what we include in the Newsletter's weekly Largest Individual Trades section. The insider data feed we've developed has many more specific transaction types than other services. Our proprietary algorithms make value-added changes to the intra-day insider data filed at the SEC on the fly, immediately turning it into much more useful information. As a result, we have specialized Transaction Type Codes that: differentiate between option-related purchases that are sold outright, partially, or not at all; demarcate non open-market trades that are gifts, from those traded at or near market prices, and; indicate if a transaction is related to a 10b5-1 plan.

In our Newsletter's weekly Largest Individual Trades section, we focus on presenting the most important transaction types given the limited space. This means screening just for B and AB transactions on the purchase side, and just for S and AS transactions for our sales tables. These equate to confirmed open-market purchases and sales, and well as the so-called automatic purchases and sales generated by 10b5-1 plans.

But for our Top Trades Alerts, we are also including OB transactions in the Top 20 Purchases (which represent option grants that are held completely instead of flipped for a risk-free profit), and OS transactions in the Top 20 Sales (which represent the complete sale of options just exercised). We decided on the expanded definition for purchases and sales for the Alerts to ensure that the 11:30am and 10:05pm Alerts would present as full a list of trades as possible.

While B and AB transactions are still the most important purchases to track, we regularly screen for OB trades in our own daily research. Although shares accumulated through option exercises are done at below market prices, the fact that an insider has chosen to hold onto them completely (not even selling some to pay for the exercise price and taxes) is a bullish indication.

The OS transactions (which stand for option-related sales) are also less important for relaying bearish sentiment than straight open-market sales, because an OS transaction usually reflects the risk-free flipping of an insider's incentive options. But they still provide some intelligence. After all, insiders aren't forced to sell all their incentive options after they exercise them. Even if an options grant is about to expire, an insider could subsequently choose to only sell enough shares in the open market to cover the exercise price of the options, and the taxes owed on the exercise. Insiders not selling all of an option exercise is more common than you think. We even have our own special transaction codes for them: OE* and OS*.

Common Errors to Look Out For
To make sure subscribers get Alerts as timely as possible, they are generated from filings as they arrive at the SEC. And we are not (yet, that is) able to correct all errors on the forms before they make it on the Top Trades Alerts. This is not a huge issue given that the vast majority of insiders filings are filled out correctly. But don't be surprised when (not if, but when) you see an outrageously high transaction price for a record in our Top Trades Alerts. One of the most common errors we see on the insider filings is for the insider (or, rather the person submitting the form for them) to put the total transaction cost of a trade in the field reserved for the transaction price. Fortunately, this error is quite glaring, and easy to ignore. But we've seen errors in practically every field of the insider forms at one time or another -- including incorrect tickers. We do our best to fix all imperfections, but feel free to let us know of any potential data errors you see.

Just getting started!
If you're confused by any of this discussion, feel free to give us a call with your questions. With just a little effort, you'll find our unique transaction codes are very intuitive -- and definitely more useful than how other services present insider data.

With our real-time, proprietary insider data feed, the ever increasing analytical tools included in our subscription Subscription Insider Data module, and a robust offering of Free Stuff, InsiderInsights.com is now a destination site for all an investor's insider data and research needs -- at a reasonable price, to boot. So take a tour, and give us a call if you have any questions about our new features. Also, let us know if there is a feature you would like us to add to our Subscription Insider Data module, or an aspect of our new Top Trades Alerts you think could be improved. The concept of the Top Trades Alerts started with customer feedback to begin with. We aren't about to stop listening to you all now.

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