OPLN
OPENLANE, Inc.
NYSEUSDEQUITY
Consumer Cyclical
DELAYED
Buy
+31/100
Last price
34.96
▼ 0.36 (1.02%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
Lower pane
Overlay another symbol
Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
—
H —
L —
Range —
Vol —
vs
Drag pan · Pinch zoom · Hold crosshair · pick a tool then drag to draw
Open
—
Prev close
35.32
Day high
35.48
Day low
34.67
Volume
789.35K
Market cap
$4.27B
P/E (TTM)
—
52W range
24.32 – 42.90
Trailing performance
Returnvs SPY
1W
+1.01%
-0.9%
1M
-1.41%
-2.6%
3M
-11.61%
-16.1%
6M
+17.75%
-0.4%
YTD
+17.39%
+3.1%
1Y
+23.32%
+6.9%
3Y
+134.32%
+52.1%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on OPLN open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
+8.44M
Net buying
Buy transactions
10
16.56M shares
Sell transactions
6
8.11M shares
Net transactions
+16
Buys less sells
Sell : buy shares
0.5 : 1
Mixed
Insider-held shares
9.72M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Sep 30, 26 | SMITH MARY ELLEN Director |
STOCK | 773 | $26.38K | Direct |
| Aug 24, 26 | PETER KELLY J. Chief Executive Officer |
BUY | 14.83K | $500.00K | Indirect |
| Aug 13, 26 | IGNITION ACQUISITION HOLDINGS LP Beneficial Owner of more than 10% of a Class of Security |
SELL | 8.00M | $274.88M | Indirect |
| Aug 7, 26 | PRICE DWAYNE P Officer |
— | 441 | — | Direct |
| Jun 30, 26 | SMITH MARY ELLEN Director |
STOCK | 607 | $25.03K | Direct |
| Jun 5, 26 | JACOBY STEFAN Director |
STOCK | 6.03K | $220.01K | Direct |
| Jun 5, 26 | GALVIN CARMEL Director |
STOCK | 6.03K | $220.01K | Direct |
| May 28, 26 | IGNITION ACQUISITION HOLDINGS LP Beneficial Owner of more than 10% of a Class of Security |
CONVERSION | 16.42M | $291.54M | Indirect |
| May 27, 26 | HERRING BRADLEY Chief Financial Officer |
— | 16.19K | — | Direct |
| May 14, 26 | MITCHELL WILLIAM CLYDE Officer |
SELL | 6.50K | $234.26K | Direct |
| May 8, 26 | RICHER TOBIN P Officer |
SELL | 4.00K | $153.24K | Direct |
| May 6, 26 | COLEMAN CHARLES S Officer |
CONVERSION | 19.76K | $272.93K | Direct |
| May 6, 26 | RICHER TOBIN P Officer |
CONVERSION | 66.71K | $1.09M | Direct |
| May 6, 26 | COLEMAN CHARLES S Officer |
SELL | 19.76K | $708.70K | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
COLEMAN CHARLES S |
Officer | 74.33K | Conversion of Exercise of derivative security |
COYLE JAMES P. |
Officer | 58.51K | Sale |
GALVIN CARMEL |
Director | 23.36K | Stock Award(Grant) |
IGNITION ACQUISITION HOLDINGS LP |
Beneficial Owner of more than 10% of a Class of Security | — | Sale |
JACOBY STEFAN |
Director | 53.66K | Stock Award(Grant) |
MITCHELL WILLIAM CLYDE |
Officer | 15.91K | Sale |
NOWLIN MARTY J |
Officer | 17.20K | Conversion of Exercise of derivative security |
PRICE DWAYNE P |
Officer | 16.17K | Conversion of Exercise of derivative security |
RICHER TOBIN P |
Officer | 24.70K | Sale |
SMITH MARY ELLEN |
Director | 40.54K | Stock Award(Grant) |
Fundamentals
Market cap$4.27B
Enterprise value$6.58B
Revenue (TTM)$2.08B
Gross profit$951.40M
EBITDA$444.80M
Net income$-63.90M
EPS (TTM)$-0.85
Free cash flow$26.38M
Total cash$189.70M
Total debt$2.47B
Book value / share$12.78
Shares outstanding122.07M
Float112.95M
Short % of float2.80%
Dividend yield0.00%
Beta (5Y)1.28
Valuation & profitability ratios
Trailing P/E—
Forward P/E20.11
PEG ratio1.22
Price / sales—
Price / book2.74
EV / revenue3.17
EV / EBITDA14.78
Gross margin45.85%
Operating margin16.80%
Profit margin9.67%
Return on equity11.15%
Return on assets4.58%
Debt / equity157.36
Current ratio1.17
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $1.93B | $1.79B | $1.70B | $1.53B | +8.2% |
| Operating revenue | $1.93B | $1.79B | $1.70B | $1.53B | +8.2% |
| Cost of revenue | $1.15B | $1.08B | $998.20M | $913.30M | +6.6% |
| Gross profit | $782.90M | $708.70M | $697.50M | $615.90M | +10.5% |
| Selling, general & admin | $445.20M | $408.60M | $421.80M | $436.30M | +9.0% |
| Total operating expense | $579.30M | $558.10M | $582.50M | $555.10M | +3.8% |
| Operating income | $203.60M | $150.60M | $115.00M | $60.80M | +35.2% |
| Net interest income | -$18.10M | -$21.80M | -$25.20M | -$40.20M | +17.0% |
| Pre-tax income | $192.20M | $157.90M | -$146.50M | $38.60M | +21.7% |
| Tax provision | $14.50M | $48.00M | $8.30M | $10.00M | -69.8% |
| Net income | $177.70M | $109.90M | -$154.10M | $241.20M | +61.7% |
| Net income to common | -$103.10M | $49.20M | -$199.20M | $201.20M | -309.6% |
| Basic EPS | -0.96 | 0.46 | -1.82 | 1.30 | -308.7% |
| Diluted EPS | -0.96 | 0.45 | -1.82 | 1.30 | -313.3% |
| EBIT | $210.30M | $179.70M | -$121.30M | $78.80M | +17.0% |
| EBITDA | $302.00M | $274.90M | -$19.80M | $179.00M | +9.9% |
| Basic shares | 107.40M | 106.85M | 84.67M | 108.91M | +0.5% |
| Diluted shares | 107.40M | 106.85M | 84.67M | 108.91M | +0.5% |
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $141.50M | $143.00M | $93.50M | $225.70M | — | -1.0% |
| Cash & short-term investments | $141.50M | $143.00M | $93.50M | $225.70M | — | -1.0% |
| Accounts receivable | $314.10M | $248.20M | $291.80M | $270.70M | — | +26.6% |
| Total current assets | $3.01B | $2.85B | $2.84B | $3.02B | — | +5.6% |
| Property, plant & equipment | $162.10M | $216.40M | $245.70M | $208.40M | — | -25.1% |
| Goodwill & intangibles | $1.49B | $1.50B | $1.59B | $1.83B | — | -0.8% |
| Total assets | $4.72B | $4.62B | $4.73B | $5.12B | — | +2.2% |
| Total current liabilities | $2.60B | $2.57B | $2.48B | $2.64B | — | +1.5% |
| Current debt | $5.50M | $222.50M | $154.60M | $288.70M | — | -97.5% |
| Long-term debt | $530.10M | — | $202.40M | $205.30M | $1.85B | — |
| Total debt | $588.60M | $282.90M | $427.40M | $573.70M | — | +108.1% |
| Total liabilities | $3.48B | $3.28B | $3.40B | $3.60B | — | +6.2% |
| Retained earnings | $586.70M | $689.80M | $624.40M | $822.90M | — | -14.9% |
| Shareholder equity | $1.24B | $1.34B | $1.33B | $1.52B | — | -7.6% |
| Working capital | $407.70M | $286.00M | $363.10M | $379.20M | — | +42.6% |
| Net tangible assets | -$248.30M | -$158.70M | -$261.80M | -$313.40M | — | -56.5% |
| Shares issued | 106.18M | 106.85M | 108.04M | 108.91M | — | -0.6% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $177.70M | $109.90M | -$154.10M | $241.20M | +61.7% |
| Depreciation & amortisation | $91.70M | $95.20M | $101.50M | $100.20M | -3.7% |
| Stock-based compensation | $14.60M | $14.70M | $16.50M | $16.60M | -0.7% |
| Change in working capital | $81.10M | $39.80M | -$26.20M | -$133.10M | +103.8% |
| Operating cash flow | $391.90M | $292.80M | $237.00M | -$455.00M | +33.8% |
| Capital expenditure | -$55.40M | -$53.00M | -$52.00M | -$60.90M | -4.5% |
| Investing cash flow | -$149.00M | -$70.90M | -$90.50M | $2.15B | -110.2% |
| Share buybacks | -$604.90M | -$30.00M | -$22.20M | -$182.20M | -1,916.3% |
| Dividends paid | -$38.60M | -$44.40M | -$44.40M | -$22.20M | +13.1% |
| Financing cash flow | -$257.90M | -$173.90M | -$279.90M | -$1.61B | -48.3% |
| Free cash flow | $336.50M | $239.80M | $185.00M | -$515.90M | +40.3% |
| End cash position | $185.40M | $183.70M | $158.90M | $277.70M | +0.9% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $554.60M | $527.90M | $494.30M | $498.40M | $481.70M | +5.1% |
| Operating revenue | $554.60M | $527.90M | $494.30M | $498.40M | $481.70M | +5.1% |
| Cost of revenue | $332.10M | $296.50M | $302.80M | $298.30M | $281.30M | +12.0% |
| Gross profit | $222.50M | $231.40M | $191.50M | $200.10M | $200.40M | -3.8% |
| Selling, general & admin | $123.80M | $124.40M | $112.80M | $110.90M | $114.30M | -0.5% |
| Total operating expense | $155.00M | $157.60M | $149.00M | $145.10M | $146.00M | -1.6% |
| Operating income | $67.50M | $73.80M | $42.50M | $55.00M | $54.40M | -8.5% |
| Net interest income | -$10.00M | -$10.10M | -$9.90M | -$1.10M | -$3.10M | +1.0% |
| Pre-tax income | $61.10M | $65.30M | $31.70M | $56.10M | $51.70M | -6.4% |
| Tax provision | $16.80M | $16.40M | -$27.80M | $8.20M | $18.30M | +2.4% |
| Net income | $44.30M | $48.90M | $59.50M | $47.90M | $33.40M | -9.4% |
| Net income to common | $37.60M | $37.60M | -$166.80M | $27.60M | $16.70M | 0.0% |
| Basic EPS | 0.33 | 0.35 | -1.77 | 0.26 | 0.16 | -5.7% |
| Diluted EPS | 0.32 | 0.35 | -1.77 | 0.25 | 0.15 | -8.6% |
| EBIT | $71.10M | $75.40M | $41.60M | $57.20M | $54.80M | -5.7% |
| EBITDA | $93.40M | $98.30M | $64.90M | $79.90M | $77.80M | -5.0% |
| Basic shares | 113.94M | 107.43M | 106.21M | 106.45M | 107.18M | +6.1% |
| Diluted shares | 125.80M | 125.00M | 106.21M | 106.45M | 107.18M | +0.6% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Cash & equivalents | $189.70M | $180.10M | $141.50M | $119.30M | $119.10M | — | +5.3% |
| Cash & short-term investments | $189.70M | $180.10M | $141.50M | $119.30M | $119.10M | — | +5.3% |
| Accounts receivable | $391.20M | $415.70M | $314.10M | $354.10M | $305.90M | — | -5.9% |
| Total current assets | $3.33B | $3.21B | $3.01B | $3.11B | $2.90B | — | +3.9% |
| Property, plant & equipment | $153.90M | $157.80M | $162.10M | $162.50M | $167.10M | — | -2.5% |
| Goodwill & intangibles | $1.47B | $1.48B | $1.49B | $1.50B | $1.51B | — | -0.8% |
| Total assets | $5.01B | $4.90B | $4.72B | $4.82B | $4.64B | — | +2.2% |
| Total current liabilities | $2.85B | $2.77B | $2.60B | $2.68B | $2.51B | — | +3.0% |
| Current debt | $5.50M | $24.90M | $5.50M | $15.80M | — | $225.80M | -77.9% |
| Long-term debt | $529.20M | $529.70M | $530.10M | — | — | — | -0.1% |
| Total debt | $585.50M | $607.30M | $588.60M | $70.60M | $56.80M | — | -3.6% |
| Total liabilities | $3.44B | $3.65B | $3.48B | $3.39B | $3.22B | — | -5.8% |
| Retained earnings | $671.30M | $630.30M | $586.70M | $774.70M | $737.90M | — | +6.5% |
| Shareholder equity | $1.57B | $1.25B | $1.24B | $1.43B | $1.42B | — | +25.3% |
| Working capital | $478.30M | $438.30M | $407.70M | $428.50M | $395.40M | — | +9.1% |
| Net tangible assets | $105.70M | -$223.60M | -$248.30M | -$69.00M | -$91.70M | — | +147.3% |
| Shares issued | 122.93M | 105.96M | 106.18M | 106.45M | 107.18M | — | +16.0% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | $44.30M | $48.90M | $59.50M | $47.90M | $33.40M | -9.4% |
| Depreciation & amortisation | $22.30M | $22.90M | $23.30M | $22.70M | $23.00M | -2.6% |
| Stock-based compensation | $8.50M | $9.40M | $4.70M | $4.10M | $4.10M | -9.6% |
| Change in working capital | -$34.80M | $62.70M | $58.60M | -$17.50M | -$7.20M | -155.5% |
| Operating cash flow | $52.80M | $159.60M | $125.50M | $72.20M | $71.60M | -66.9% |
| Capital expenditure | -$13.80M | -$13.10M | -$14.70M | -$14.60M | -$14.20M | -5.3% |
| Investing cash flow | -$198.60M | -$44.70M | $46.50M | -$166.10M | $2.50M | -344.3% |
| Share buybacks | -$28.10M | -$25.70M | -$569.10M | -$26.40M | -$9.30M | -9.3% |
| Dividends paid | $0 | -$5.30M | -$5.30M | -$11.10M | -$11.10M | +100.0% |
| Financing cash flow | $155.50M | -$78.70M | -$138.00M | $99.00M | -$200.00M | +297.6% |
| Free cash flow | $39.00M | $146.50M | $110.80M | $57.60M | $57.40M | -73.4% |
| End cash position | $217.80M | $216.90M | $185.40M | $146.40M | $148.80M | +0.4% |
Options analytics
Put / call volume
0.11
Call-heavy session
Put / call open interest
0.19
Positioning, not flow
Max pain
30.00
-14.2% from spot
ATM implied vol
0.4%
Nearest strike to spot
Skew (10% OTM)
0.0%
Calls bid over puts
Call volume
37
Contracts, this expiry
Put volume
4
Contracts, this expiry
Heaviest call OI
40.00
159 contracts
Heaviest put OI
30.00
65 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 0.35 | 0.40 | +13.8% |
| Mar 2026 | 0.30 | 0.35 | +15.8% |
| Dec 2025 | 0.27 | 0.25 | -8.3% |
| Sep 2025 | 0.27 | 0.35 | +27.7% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 0.38 | 8 | $559.59M | +12.3% |
| Next quarter | 0.33 | 8 | $553.99M | +12.1% |
| Current year | 1.44 | 9 | $2.19B | +13.1% |
| Next year | 1.74 | 9 | $2.36B | +8.0% |
Analyst targets & ownership
Mean target$46.22
High target$52.00
Low target$43.00
Implied upside32.21%
Analyst count9
ConsensusBUY
Strong buy / Buy4 / 3
Hold2
Sell / Strong sell0 / 0
Held by insiders7.91%
Held by institutions89.53%
Institutions holding473
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
34.76
+0.57% from price
SMA 20
34.81
+0.42% from price
SMA 50
35.72
-2.13% from price
SMA 100
37.08
-5.72% from price
SMA 200
33.55
+4.21% from price
EMA 12
34.88
+0.23% from price
EMA 26
35.03
-0.21% from price
EMA 50
35.57
-1.71% from price
RSI (14)
49.1
Neutral
MACD (12,26,9)
-0.15
Hist 0.15
ATR (14)
0.79
2.25% of price
Realised vol 30D
20.5%
Annualised
Bollinger upper
35.63
20, 2σ
Bollinger lower
33.99
20, 2σ
50 / 200 cross
Golden
35.72 vs 33.55
Trend bias
Above 200
+4.21%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
0.85
Less volatile than market
Correlation to SPY
0.34
Loosely linked
Realised vol 30D
20.5%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-22.1%
Peak to trough
Max drawdown 5Y
-41.0%
Peak to trough
ATR 14
0.79
2.25% of price
Beta (reported)
1.28
5Y monthly, from filing
Short interest
Shares short
2.59M
Prior 2.21M
Change vs prior
+17.1%
Shorts adding
% of float
2.80%
Normal
% of shares out
2.12%
Against total outstanding
Days to cover
2.0
Liquid
Float
112.95M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Aug 6, 26 | Barclays | MAINTAINED | Overweight | Overweight |
| Jul 22, 26 | Barclays | MAINTAINED | Overweight | Overweight |
| Jul 9, 26 | B of A Securities | MAINTAINED | Neutral | Neutral |
| Jun 11, 26 | Stephens & Co. | MAINTAINED | Overweight | Overweight |
| May 27, 26 | JP Morgan | UPGRADE | Neutral | Overweight |
| May 7, 26 | JP Morgan | MAINTAINED | Neutral | Neutral |
| May 7, 26 | Barclays | MAINTAINED | Overweight | Overweight |
| Feb 19, 26 | JP Morgan | MAINTAINED | Neutral | Neutral |
| Jan 23, 26 | Stephens & Co. | MAINTAINED | Overweight | Overweight |
| Jan 21, 26 | Barclays | MAINTAINED | Overweight | Overweight |
| Jan 16, 26 | JP Morgan | MAINTAINED | Neutral | Neutral |
| Nov 12, 25 | Barclays | INITIATED | — | Overweight |
Dividends & splits
Forward rate—
Forward yield0.00%
5-year avg yield2.80%
Payout ratio0.00%
Ex-dividend dateMar 19, 2020
Next pay date—
Last split2642:1000
Split dateJun 28, 2019
SEC filings
Corporate Changes & Voting Matters
8-K · 2026-09-28
Corporate Changes & Voting Matters
8-K · 2026-08-04
Corporate Changes & Voting Matters
8-K · 2026-06-12
Corporate Changes & Voting Matters
8-K · 2026-06-08
Corporate Changes & Voting Matters
8-K · 2026-05-29
Corporate Changes & Voting Matters
8-K · 2026-05-05
Proxy Statements
DEF 14A · 2026-04-24
Corporate Changes & Voting Matters
8-K · 2026-03-03
Headlines
Firing on All Cylinders: OPENLANE (NYSE:OPLN) Q2 Earnings Lead the Way
StockStory · 21d ago
Implied Volatility Surging for OPENLANE Stock Options
Zacks · 21d ago
1 Small-Cap Stock Worth Investigating and 2 We Turn Down
StockStory · 22d ago
1 of Wall Street’s Favorite Stocks for Long-Term Investors and 2 We Ignore
StockStory · 23d ago
Has OPENLANE (OPLN) Stock Run Ahead Of Fair Value?
Simply Wall St. · 32d ago
1 Services Stock for Long-Term Investors and 2 We Avoid
StockStory · 33d ago
OPLN or RACE: Which Is the Better Value Stock Right Now?
Zacks · 41d ago
Openlane Insider Bought Shares Worth $499,999, According to a Recent SEC Filing
MT Newswires · 42d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.