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Sweeps and blocks
Sweeps
A sweep is a large order that is split and executed quickly across several exchanges, taking the available liquidity at each one — often at increasingly worse prices. Many observers read sweeps as a sign of urgency: the trader preferred speed over a better price.
Blocks
A block is a large trade usually negotiated privately and printed as a single transaction, often near the mid-price. Blocks are common for institutions that want size without moving the market. They tend to suggest planned positioning — but they are also typical for hedges and spread structures.
| Sweep | Block | |
|---|---|---|
| Execution | Split across many exchanges in seconds | One large print, often negotiated |
| Price | Usually at/through the ask or bid | Often near mid |
| Common reading | Urgency | Planned size, possibly hedging |
| Main caveat | Algorithms and market makers also sweep | Direction often unclear |
Splits and repeats
The same participant may break a big order into several sweeps or repeat it over a few days. Grouping related prints by strike, expiry and time gives a more honest picture than reacting to one line.