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Insider Intel is a financial intelligence platform that tracks SEC Form 4 insider trading filings in real time. When a company director, executive, or major shareholder buys or sells shares in their own company, they are legally required to report it to the SEC within two business days. Insider Intel collects those filings the moment they appear, scores them using a six-factor AI model, and presents the results in an actionable way for individual investors.

The platform is built for retail and self-directed investors who want to know what company insiders are doing with their own money — without having to read raw SEC filings.

Go to the Charts view and type a ticker symbol in the search field. When the chart loads, click the heart (follow) icon near the company name to add it to your Company Watchlist. You can also follow companies directly from the Dashboard Transactions feed or the Buy Activity view.

• Dashboard — market-wide view. Recent insider transactions, live buy/sell ratio, and your watchlist with AI Signal scores.
• Charts — single-company view. Price chart overlaid with insider trade markers, trades table, and full AI analysis. Its AI Insights & News card adds the AI write-up, risk flags and the latest headlines for that stock.
• AI Insights — personalised daily summary. AI-generated write-ups for each company on your watchlist.
• Insider Screener — ranks individual insiders by how their past purchases have performed, with a 0–100 score and an A–E grade.
• Ask AI — a chat assistant that answers questions from Insider Intel's own data. It is also available from the round button on every other page.

Every stock with recent insider trading has a public page at herriot.ai/stock/TICKER (for example /stock/WGS). Anyone can open and share one without signing in. They are linked from Insider trades by stock in the site footer, which opens an A–Z list at /stocks.

What a stock page shows

• A plain-English summary and cards for the last 90 days and 12 months: how many buys and sales, how much, and by how many insiders.
• The recent open-market trades by individual insiders. Trades by the same insider within a week are combined into one line, with the number of trades and the average price.
• Scheduled and tax-related sales (10b5-1 and sell-to-cover) in their own section, and SPAC IPO purchases in another. See What do the trade types and labels mean?
• A link on every line to the Form 4 on SEC EDGAR, marked Form 4 ↗. Trades not yet matched to their filing link to the company's list of Form 4s instead (EDGAR Form 4s ↗).
• A few questions and answers, and a short list of other stocks with recent insider buying.

What it leaves out. Funds and 10% holders, trades flagged Special, and trades in other kinds of shares than common stock are not included. Neither are price charts, analyst data, the AI Signal, trading windows or insider track records. Those stay inside the app.

How it differs from Charts. A stock page is a quick, shareable summary of what insiders did. Charts adds the price chart with the trades plotted on it, the AI Signal and its score breakdown, analyst ratings, news and trading windows. The Open in Insider Intel button on a stock page takes you into the app on that stock; new visitors are asked to sign up first.

How current it is. The pages are refreshed about once an hour, using the same SEC Form 4 data as the app. A trade is shown by its transaction date and can be reported up to two business days later. A company with no individual-insider trades in the last 12 months has no useful page, so it is not listed in the A–Z index. The information is for general use only and is not financial advice.

Go to Monitor → Alert Rules and click Create rule. Choose trigger conditions: a new insider buy or sell for a specific ticker, a threshold number of purchases, a change in AI Signal level, or a combination. Manage delivery preferences in Settings → Manage Preferences.

Ask AI is a chat assistant that answers questions about insider trading using Insider Intel's own data. Open it from the Ask AI tab, or from the round Ask AI button at the bottom right of any other page. The button slides a chat panel in from the side, so you keep your place. The panel shows which tab and stock you are on and suggests questions to match. The panel and the Ask AI tab keep separate conversations.

What it can look up

• The current top AI-scored signals.
• A stock's insider filing activity, and its AI analysis and recommendation.
• Cluster buying, where several insiders buy together.
• How recent activity compares with a company's usual level.
• A named insider's trading history.
• Filings searched by size, role or date, and other stocks with similar buying patterns.

How it works. It looks answers up in our database while you wait, and a status line shows what it is checking. It is told to use those results and never to make up figures. It separates open-market purchases from other transaction types, and keeps answers short.

Things to keep in mind. It only knows what is in Insider Intel: SEC Form 4 filings for NYSE and NASDAQ companies, and our scores. It is not a source of live news or prices. Like any AI, it can get things wrong, so check anything important against the trades table or the filing itself on EDGAR. Insider trading data is one signal among many, and Ask AI's answers are not investment advice.

A full guided tour is on our roadmap for the beta launch. In the meantime, the Why Us page explains the six-factor AI Signal model, and the Roadmap page shows where the product is heading.

AI Outlook is a single-input score from Claude AI's qualitative analysis of recent insider filings — it reflects the AI's read of insider behaviour on a scale of 0–100 (50 = neutral). It is based on the most recent filings on record for that company.

AI Signal is a composite score from six weighted factors: insider buying activity (25%), analyst consensus (25%), price upside vs. target (20%), AI Outlook (up to 20%), insider track record (15%), and breakout pressure (10%). It drives the Accumulate / Watch / Hold / Caution / Avoid labels and is the more actionable of the two. Learn how it's built →

When the scores diverge, that gap is itself informative — it often reflects a tension between the qualitative AI read and what the quantitative signals are showing.

• Accumulate — strong positive signal across multiple factors (score ≥ 84/100).
• Watch — positive but not yet compelling; one or more factors strong (68–83).
• Hold — neutral; no strong signal in either direction (52–67).
• Caution — some negative factors present (36–51).
• Avoid — multiple negative factors aligned (below 36).

These labels are informational, not financial advice.

• Insider buying activity — 25%. Recent open-market purchases weighted by size, role seniority, and number of distinct insiders. A cluster bonus multiplier is applied when 3 or more distinct insiders buy within a 4-day window: 3–4 insiders ×1.15, 5–6 insiders ×1.25, 7 or more insiders ×1.35. This elevates coordinated buying — where multiple executives act in the same short window — above staggered individual purchases of equivalent total value.
• Analyst consensus rating — 25%. Aggregate analyst recommendation from Yahoo Finance, scaled by a coverage depth discount: the raw rating score is multiplied by min(analyst count ÷ 5, 1.0), so a Strong Buy backed by 1 analyst carries proportionally less weight than the same rating backed by 5 or more analysts. Full weight is reached at 5 analysts.
• Price upside vs. analyst target — 20%. Gap between current price and mean analyst price target.
• AI Outlook — up to 20%. Weight scales with confidence: High = 20%, Medium = 15%, Low = 0%.
• Insider track record — 15%. Historical performance of insider purchases for this company.
• Breakout pressure — 10%. Whether the chart shows a live ascending triangle: price coiling under a flat ceiling it has tested several times, with each pullback bottoming higher, or just breaking through. It only counts when a setup is live: if there is no pattern, or it has gone stale, the factor is left out and the other factors carry its weight. A failed pattern scores low.

Breakout Pressure is one of the six AI Signal factors (10% weight). It looks at the stock's daily price chart for an ascending triangle: the price keeps running into the same flat ceiling while each dip bottoms out higher than the last. The price is being squeezed up against the ceiling, a setup that often comes before a breakout. It is no guarantee, and we are still testing how well each factor predicts returns (see What is the roadmap for machine learning and AI model improvements?).

To see a stock's state, click its AI Signal tile or badge to open the score drawer and look at the Breakout Pressure row. The pattern is checked against the last six months of daily prices and refreshed daily. Each stock is in one of these states:

States that count in the score

• Coiling under resistance — the price keeps testing a ceiling while its lows keep rising, and a close above the ceiling would be a breakout. The closer the price sits to the ceiling, the higher the score: a stock coiling 2% below its ceiling scores higher than the same stock 10% below it.
• Fresh breakout — the price has just closed above its ceiling. A fresh breakout from a base like this scores highest.
• Pattern failed — the price has fallen below the rising support line that formed the pattern, so the setup has failed. This counts, and it scores low.

States that are left out

In these states the factor is not counted and the other factors carry its full weight, so a stock is never marked down just for having no pattern.

• Broke out, already extended — the price broke out and has since run well past its ceiling. The setup has already played out.
• No active setup — the price topped out a while ago and there is no live breakout setup. The drawer says roughly how long ago and where the price is now.
• No setup — there is no flat ceiling with rising lows in the last six months.
• Not enough history yet — the stock has too little price history. The pattern needs about three months of trading, as with a recent listing.
• Price history unavailable — we could not load the stock's recent prices just now. It is recalculated automatically.
• Calculating… / Not calculated yet — the pattern is being worked out, or has not been yet. It is refreshed daily, and the factor is not counted until it has a result.

When multiple insiders buy in a tight window, that coordination is a qualitatively stronger signal than the same total dollar value spread across isolated purchases over 30 days. A CEO buying $1M on Monday and a CFO buying $800K on Wednesday suggests a shared internal conviction that a standard per-trade count would not distinguish from two unrelated buys a month apart.

The cluster bonus is a multiplier applied to the Insider Buy Activity score (25% of the AI Signal composite) whenever 3 or more distinct insiders make open-market purchases within any 4-day rolling window in the 30-day lookback period:

• 3–4 insiders in 4 days — ×1.15
• 5–6 insiders in 4 days — ×1.25
• 7 or more insiders in 4 days — ×1.35

The multiplier is applied before the factor's 5.0 ceiling, so a strong pre-bonus score can still be elevated meaningfully. The cluster details — insider count, window span, and the multiplier applied — are shown in the score breakdown drawer on the Charts page.

Only individual insiders count toward the cluster threshold. Institutional investors (funds, partnerships, and LLCs) are excluded from the AI Signal scoring pipeline entirely, so a coordinated cluster reflects genuine executive conviction rather than a single large fund purchase split across filings.

A consensus rating is only as reliable as the number of analysts behind it. A single analyst calling a stock a Strong Buy is meaningful, but it carries far less evidential weight than ten analysts independently reaching the same conclusion. The coverage depth discount reflects this: the raw rating score is multiplied by min(analyst count ÷ 5, 1.0).

• 1 analyst → ×0.20 (20% of full weight)
• 2 analysts → ×0.40
• 3 analysts → ×0.60
• 4 analysts → ×0.80
• 5 or more → ×1.00 (full weight)

The discount is visible in the score breakdown drawer on the Charts page — the Analyst Consensus card shows the base rating, the depth discount applied, and the resulting adjusted score. If no analyst count data is available, no discount is applied.

What the price target is. The price target shown on Charts is the consensus mean of analysts' price targets, from Yahoo Finance, which typically look about 12 months ahead. The source does not give a time horizon, individual target dates or the analysts' names. Hover over the target in the Charts header to see the range, the median, how many analysts it is based on and when it was last updated. The Price Target Upside card in the score drawer shows the same range and analyst count.

No. Institutional investors — funds, partnerships, LLCs, and other entities identified as non-individual filers — are excluded from the AI Signal scoring pipeline entirely. Only individual insiders (executives, directors, and named officers) contribute to the Insider Buy Activity score and the cluster buy detection.

This matches the behaviour in the Charts and Dashboard views, which also filter out institutional trades and display a notice showing how many were excluded. On Charts you can choose to show them, with the 10% owners & institutions switch. That display is off by default, clearly labelled, and for information only: they are still never used in any score. The AI Signal table reflects the same population — individual conviction buying only.

The reason institutional trades are excluded is that a fund acquiring a large position through Form 4 filings does not carry the same signal as a CEO or CFO making a discretionary open-market purchase with personal capital. Including institutional volume would distort the buy value normalisation that ranks all tickers relative to each other.

Confidence measures data richness, not model accuracy. High — multiple recent filings with strong insider activity; AI Outlook carries its full 20% weight. Medium — reasonable data with some gaps; weight reduced to 15%. Low — limited data; AI Outlook shown for reference but carries 0% weight in the composite.

Freshness cutoff. An AI Outlook score older than 30 days is treated as unavailable regardless of its confidence level — it is excluded from the composite entirely and the remaining five factors renormalise to fill the gap. The score is still displayed in the drawer for reference, labelled as stale, but it does not influence the AI Signal. This prevents a pre-sector-shock analysis from quietly pulling the composite in the wrong direction after conditions have changed.

They measure different things. AI Outlook is one qualitative input; AI Signal combines five other quantitative factors alongside it. A positive AI Outlook (strong insider buying pattern) can coexist with a lower AI Signal if analyst ratings are weak or price upside is limited. The divergence is information, not an error — it shows where the qualitative and quantitative reads disagree.

AI Signal is recalculated whenever a new Form 4 filing arrives for a tracked company, and on a daily cycle for all watchlisted companies. AI Outlook is refreshed daily — the timestamp in the Charts view shows when the current version was generated.

Three things update automatically at different cadences once an insider trade is on record:

1. Breakout Pressure score — refreshed daily. This factor reads the stock's daily price chart for a live ascending triangle: a flat ceiling the price has tested several times, with each pullback bottoming higher. It scores highest as the price squeezes up against the ceiling, or has just broken through it.

   So a stock coiling 2% below its ceiling scores higher than the same stock 10% below it. If there is no live pattern the factor simply isn't counted, and it scores low if the price breaks below its rising support. Stocks on a watchlist or with insider buying are refreshed every day; others every few days.

2. Insider track record score — updated every 4 hours. Every executive with open-market purchase history carries an ongoing performance grade (A / B / C / D / E) based on how those prior trades are performing at current prices — essentially their win rate (% of buys currently in profit) and average unrealised P&L.

   If a CEO's prior purchases are all in profit after a stock gain, their Grade and win rate rise and that track record score (15% of the AI Signal composite) updates accordingly. A CEO with a Grade A and 80% win rate carries meaningfully more weight than one with no track record.

3. AI Outlook narrative — when the AI regenerates a company's summary, it receives each filing executive's current track record alongside the raw filings.

   It can then reason explicitly: "this CEO's prior open-market purchases are broadly profitable at current prices, consistent with a pattern of well-timed conviction buying" — as opposed to treating each new purchase in isolation.

Future: the system tracks unrealised P&L today (current price vs. trade price) but not realised exits. A closed-trade batting average — knowing a trade was closed at +40% after 90 days — is a planned future enhancement built on the Signal Outcome data the platform is already accumulating.

The current AI Signal model uses a fixed six-factor weighted composite. It is deliberate and interpretable by design — every weight can be explained and reasoned about. As the platform accumulates more historical data, we plan to evolve the model in three stages:

• Factor Correlation Analysis. Using real historical outcomes (how a stock performed 30, 60, and 90 days after an insider buy) to validate whether each of the six factors is actually predictive, and to identify which combinations of factors have the highest correlation with positive returns. This will inform weight adjustments grounded in evidence rather than intuition.
• Ensemble scoring. Layering a secondary model alongside the existing composite — for instance, a gradient-boosted classifier trained on the historical outcome data — and surfacing both scores so users can see where the two approaches agree or diverge.
• Dedicated neural network. Once sufficient labelled outcome data has been accumulated (target: 12–18 months of live production data), we plan to evaluate training a purpose-built neural network on the full feature set: filing metadata, price action, analyst signals, sentiment, and macro context. The goal is a model that can identify non-linear interactions between factors that a fixed-weight composite cannot capture.

All of this work is tracked on the public roadmap. We are committed to keeping the model explainable even as it grows more sophisticated — users will always be able to understand why a stock has the score it has.

SEC Form 4 filings must be submitted within two business days of the trade. Insider Intel polls the SEC EDGAR feed continuously during market hours and processes new filings within minutes — typically 15–30 minutes after acceptance by EDGAR. The "Filings live" indicator pulses green when the real-time feed is active.

• Insider filings — SEC EDGAR (the official US SEC filing system).
• Stock prices & history — daily price history from a third-party market data provider. The current price is a near-real-time quote from Yahoo Finance.
• Analyst ratings & price targets — Yahoo Finance (consensus rating and mean price target).
• News headlines — a Google News search on the company's name and ticker. Headlines and links only.
• Company logos — a third-party image service. Where it has none, a two-letter ticker tile is shown.
• AI Outlook analysis — Claude AI (Anthropic), processing recent insider filings and trading patterns.

Current price. The price at the top of Charts, in the watchlists and in the P&L figures is a near-real-time quote, the last trade. It is refreshed about every two minutes while a page is open. It is not a streaming feed, and the data source can itself run slightly behind the market, so do not use it to place trades.

Price history. The chart is built from daily prices (the 1D view uses the latest session's intraday prices). The most recent day's bar can be a session behind until the price provider updates, so the last point on a chart may not match the current price.

For live prices to trade on, use your broker or a live market data service.

Filings and prices update on different schedules. A Form 4 filed at 18:30 ET appears within minutes, but the closing price for that day may not be available until the following morning. The filing and chart align once the next price update runs.

On the Charts page, the AI Insights & News card shows the AI digest for the stock, its risk flags, and a Latest news list underneath. On the Company Watchlist, the small newspaper icon in the News column opens the same headlines in a drawer on the right, without leaving the list.

Where the headlines come from. They are found with a news search (Google News) on the company's name and ticker. Only headlines that mention the company or its ticker are kept, from the last 30 days, with duplicates across publishers removed. Up to 8 are shown. Each shows the publisher and how long ago it was published, and links to the publisher's own article in a new tab.

What we do and don't do. We show headlines and links only. We do not fetch or store the article text, and the headlines are not used in the AI Signal or any other score. They are for context. They are not financial advice.

How fresh they are. Headlines for a stock are kept for up to about 3 hours before they are looked up again, so a very new story can take a little while to appear. If nothing is found you will see "No recent news found". If the news source cannot be reached, you will see a "temporarily unavailable" message, or the last results with a note that they are earlier results.

News appears for one stock at a time. It is not shown on the Insider Watchlist, the Insider Screener or the watchlist-wide AI Insights tab.

Company logos come from a third-party image service, and it does not have a logo for every company, especially smaller companies and newly listed ones such as SPACs. When there is no logo, Insider Intel shows a dark tile with the first two letters of the ticker instead (for example "PN" for PNAQ).

The same tile appears everywhere a logo would: next to the company name on Charts, in the watchlists, in the score and news drawers and on the public stock pages. If a logo that normally exists fails to load for a moment, the tile shows until the next time the page loads.

The tile is cosmetic only. It does not mean anything is wrong with the company's data, filings or scores.

The countdown shows how long until the next scheduled full data pull from SEC EDGAR. The green pulsing "Filings live" dot indicates whether the real-time feed is active — new filings typically appear well before the countdown reaches zero.

Four switches sit above the chart. They control what is drawn on the chart and listed in the trades table below it.

• Open Buys — open-market purchases. On when you first open a stock.
• Open Sells — open-market sales. Off when you first open a stock.
• 10% owners & institutions — large shareholders and funds (for example Berkshire Hathaway). Off by default. When on, their trades are added to the table with a label and drawn as purple diamonds. They are for information only and are never used in any score.
• Trading windows — shades the estimated periods when executives are likely allowed to trade. These are estimates, not a company's own published policy.

If a stock has no insider buys but does have sells in the selected period, Open Sells is switched on for you when the stock loads, so the table isn't empty (and the other way round). Once you flip a switch yourself, your choice is kept until you load a different stock or period. There is no separate "All Trades" option: switch on both Open Buys and Open Sells to see everything.

• The selected period has no filings. Try 1Y or 2Y — insider activity clusters around earnings windows and can be absent for months.
• The switches have no matches. If only Open Buys is on but the company has only insider sells, switch on Open Sells. This happens automatically the first time a stock loads.
• The stock recently listed. Filings only exist from the listing date onward.

The trades table lists every trade in the selected period. The chart can only draw a trade on a day that has a price. Each marker sits on the nearest trading day within 5 calendar days of the trade, which covers weekends and holidays. A trade with no price day that close cannot be drawn.

When that happens, an amber note appears under the chart saying how many trades could not be plotted and their dates, for example "7 insider trades dated 2026-08-10 are before this stock's price history begins (2026-09-25)". The trades are still in the table, so nothing is missing from the data.

The usual causes

• The price history starts after the trade. This is common with recent listings. A SPAC's shares often start trading separately from its units some weeks after the IPO, so its earliest insider trades predate any price.
• The trade is newer than the latest price. A price for the most recent days may not have arrived yet.
• A gap in the price data. The nearest price day is more than 5 days away.

Trades that are missing for other reasons

• The Open Sells switch is off, so sales are not drawn. The 10% owners & institutions switch hides those trades too.
• SPAC IPO purchases are never plotted. See What is a SPAC IPO purchase, and why isn't it counted?
• Several trades of the same type on the same day are drawn as one marker with a numbered badge.

A "special trade" is an open-market purchase or sale whose filed price is far from the market price that day. On the Charts page, a trade is flagged Special when its price is more than 15% away from that day's closing price, or is zero. The usual cause is a price reported in a different unit or currency, such as ordinary shares of a foreign company whose US-listed ADS trades at a different price. The trade is shown in the table with a Special badge, and left out of the insider's scores below.

In the Insider Screener, a flagged trade is excluded from that insider's Return rate and Win rate. A trade that has not been checked on a chart yet is excluded when its filed price is more than 25% from the market close on the trade date. This stops distorted pricing, such as ADR filings that report a foreign-exchange share price rather than the US market price, from inflating or deflating an insider's score. The trade still counts toward their Conviction and Recency factors, as the purchase itself remains on record.

Special is a different thing from a trade made under a 10b5-1 plan, a sell to cover or a SPAC IPO purchase. Those have their own labels. See What do the trade types and labels mean?

• Green upward arrow — open-market purchase (insider buy).
• Red downward arrow — open-market sale (insider sell). Shown when the Open Sells switch is on.
• Grey circle — a conversion: a purchase and a sale of the same shares at the same price on the same day, usually a swap between two share classes. It is not a buy or a sell.
• Purple diamond — a 10% owner or institution. Shown only when the 10% owners & institutions switch is on, and never used in any score.
• Pink numbered badge — several trades of the same type on the same day, grouped into one marker. The number is how many.
• Shaded bands — estimated executive trading windows, when the Trading windows switch is on.

Click any marker to see full trade detail. The corresponding trades table row is highlighted when you hover a marker.

A few things are not drawn. SPAC IPO purchases are never plotted (see What is a SPAC IPO purchase, and why isn't it counted?). A trade dated before the stock's price history begins has no price day to sit on, so a note under the chart says how many could not be plotted; they are still in the table. A trade flagged Special is still drawn, with a Special badge in the table. Trades under a 10b5-1 plan are drawn like any other buy or sell, with their own label in the table.

Calculated as (current price − trade price) × shares for each open-market purchase in the selected period. The current price is the same one shown at the top of the Charts page, so the header, the trades table and the P&L tile always agree. Conversions and SPAC IPO purchases are left out.

The trades table applies the same formula to sales, so a negative figure on a sale means the price has fallen since, that is, the insider sold above today's price. It does not account for dividends, stock splits, or tax — an indicative figure for context, not a precise P&L.

The table shows filings whose filed date falls within the selected window. Insider trading is inherently clustered — many companies go months between any activity. An empty 3M window does not mean data is missing.

A transaction where the insider bought shares on the stock exchange at the prevailing market price — the same way any retail investor would, identified by transaction code P on the Form 4. It is the strongest insider signal because the insider is voluntarily spending their own money at market rates with no guaranteed return.

Some transactions use the same code but carry a more specific label, such as 10b5-1 purchase, Blind trust purchase or SPAC IPO purchase, because they were not a fresh decision to buy at the going price. They are shown, but left out of the AI Signal and track-record scores. See What do the trade types and labels mean?

Insider Intel lists the open-market purchases and sales that insiders report on Form 4. Most are labelled simply Open market purchase or Open market sale. Some carry a more specific label because the trade says less about what the insider thinks of the stock. They stay in the table so the record is complete, but they are left out of the AI Signal and insider track-record scores.

Purchases and sales

• Open market purchase — shares bought on the stock exchange at the going price, with the insider's own money (Form 4 transaction code P). This is the strongest insider signal. It is counted in the buy totals, the unrealised P&L and the scores.
• Open market sale — shares sold on the exchange (code S). It is counted in the sell totals. Insiders sell for many personal reasons, such as tax bills or diversifying, so a sale is a weaker signal than a purchase.
• 10b5-1 purchase / 10b5-1 sale — made under a Rule 10b5-1 plan, a trading schedule the insider set up in advance. The timing was fixed earlier, not decided on the day, so it says less about their current view. The Form 4 says so with a tick box or a footnote.
• Sell to cover — a sale of just enough shares from a share award that has vested to pay the tax on it. It is usually automatic and is not a decision to sell.
• Blind trust purchase / sale — a trade made by a trust run by an independent trustee, so the insider does not direct it.
• SPAC IPO purchase — a purchase at the $10.00 offering price by the insiders of a blank-check company around its IPO. It is the one label that is also left out of the Charts buy totals, the unrealised P&L and the chart markers. See What is a SPAC IPO purchase, and why isn't it counted?

10b5-1, sell-to-cover and blind-trust trades still count in the Charts buy and sell totals, but they are not used in the AI Signal or in an insider's track record.

Badges and special cases

• Special — the price on the Form 4 is far from the market price that day (see What are "special trades"?). The trade is shown but left out of the insider's return and win rates.
• Conversion (grey circle on the chart) — a purchase and a sale of the same shares at the same price by the same insider on the same day, which is usually a swap between two share classes. It is not a view on the stock, so it is drawn as a grey circle rather than a buy or sell arrow and is left out of the unrealised P&L.
• 10% owner / Institution (purple diamond on the chart) — large shareholders and funds. They are hidden by default, can be shown with the 10% owners & institutions switch on Charts, are clearly labelled, and are never used in any score.

Other Form 4 transactions. A Form 4 can also report awards and grants, option exercises and conversions, tax withholding, gifts and shares returned to the company. These are not open-market trades, so Insider Intel does not show them in the trades table, count them as buys or sells, or use them in any score.

A SPAC (special purpose acquisition company, also called a blank-check company) raises money in an IPO, at $10.00 a share or unit, with no business yet. Its aim is to buy a private company later. Around the IPO, its sponsor and directors buy units or private-placement shares at that same $10.00 offering price.

These purchases appear on Form 4 with the same code as an open-market purchase, so on their own they look like a flood of insider buying. They are not. They are part of the offering, not a decision to buy shares on the market at the going price. Insider Intel therefore labels them SPAC IPO purchase.

How we spot them. A trade is labelled this way when the company's name includes "Acquisition" or "Merger", the trade is a purchase, and the price is exactly $10.00.

What changes for these trades:

• On Charts they stay in the trades table with their own label, but they are not counted in Open market buys or the dollar value, the unrealised P&L, or the number of insiders trading, and they are not drawn as markers. The buys card says how many were left out, for example "+7 SPAC IPO purchases not counted".
• They are not used in the AI Signal or in any insider's track record.
• On the public stock page they are listed in a separate "SPAC IPO purchases" section and are not counted in the totals.

Limits. This is a rule of thumb, so a SPAC whose name does not include those words would not be caught. And if a sponsor really does buy on the open market at a different price, that purchase is counted as normal. A SPAC's shares usually start trading separately from its units some weeks after the IPO, so the chart may have no price history yet for the earliest trades.

On the Charts trades table, the Share balance column (the last one, headed Shares) shows how many shares the insider held after that trade, as reported on the Form 4. The Insider Screener's expanded trade list has the same figure, called Held after. A dash means the balance is not on record for that trade. The totals row is left blank, because adding up balances taken after different trades would mean nothing.

What "ind." means. A balance with no tag is held in the insider's own name. A balance tagged ind. is an indirect holding, owned through a trust, an LLC or a family entity rather than personally. Hover over it to see how it is held, for example "By Trust".

It is not the insider's total. An insider can hold shares directly and through several trusts, and each Form 4 line reports the balance of that one holding only. So two sales on the same day from different holdings show different balances. Trades on the same day have no time order, so the order in the table is arbitrary, but for one holding the balances chain exactly: each is the one before it minus the shares sold.

The Holds column. The Insider Screener and Insider Watchlist also have a Holds column with each insider's current holdings, one line per company. Direct common stock is shown first, other securities (such as warrants) are labelled, and indirect holdings are tagged ind.. Hover for every line and the date each balance was last reported. The balances come from the insider's latest Form 4s, including vesting, tax withholding and grants, not only the trades shown in the table.

What it leaves out. Options, restricted stock units and other unvested awards are not included. A Form 4 only reports one of those when something happens to it, so a complete total cannot be worked out from Form 4s. An insider's full economic stake can therefore be larger than the balance shown.

Under Section 16 of the Securities Exchange Act: any officer, director, or beneficial owner of more than 10% of a class of registered equity securities. They must file Form 4 within two business days of any transaction. The strongest signals typically come from C-suite executives, board directors, and large shareholders.

The period during which insiders are permitted to trade under the company's internal trading policy. Windows typically open shortly after quarterly earnings and close before the next earnings period. They are shown as shaded regions on the Charts price chart.

The SEC filing that reports changes in beneficial ownership by insiders. It discloses: the insider's name and role, transaction date, type, number of shares, price per share, and total shares held after the transaction. Each row in the Insider Intel trades table corresponds to one transaction line from a Form 4.

Insider Intel matches whole words in the SEC filing's officerTitle field and shows a short role: CEO, CFO, COO, CTO, CIO, CLO, Chairman, EVP, SVP, VP, President, Treasurer, Controller, Secretary, Director or 10% Owner. A title that fits none of these is shown as filed, shortened. Management titles such as "Managing Director" or "Senior Director, Tax" are not board seats, so they are not shown as Director. Filers use inconsistent formats so the displayed role may be an approximation. Hover over the role label in the trades table to see the exact title from the original Form 4.

The Insider Screener ranks every individual insider who has filed an open-market purchase (Form 4 code P) by their historical track record. It answers the question: which insiders consistently buy at the right time?

Each insider is scored 0–100 and assigned a grade A–E. The score is designed to reward both insiders whose positions are currently profitable and insiders who timed their entry well — even if the stock has since given back some of its gains. Scores update every 4 hours.

Only discretionary open-market purchases are used. Trades made under a Rule 10b5-1 plan, sell-to-cover sales, blind-trust trades and SPAC IPO purchases are excluded, as those are not fresh expressions of conviction, and grants and awards are not included either. Institutional entities (funds, limited partnerships, LLCs, and similar) are also excluded — see Why are institutional investors excluded? below.

The score is a weighted composite of five factors, each normalised to a 0–5 scale before weighting:

The 90-day peak blend in Return rate and Win rate is deliberate: an insider who bought at exactly the right moment — and whose stock subsequently ran 30% before retracing — should score well, even if the position is now flat or slightly negative. Current-price-only scoring would unfairly penalise good timing.

Price-discrepancy exclusion. Any trade where the filed price deviates more than 25% from the market closing price on the trade date is excluded from Return rate and Win rate. This prevents distorted filings — such as ADR shares reported in a foreign currency rather than the US market price — from skewing an insider's score. The trade still counts toward Conviction and Recency.

Hover over any score pill in the screener to see the full breakdown for that insider, including both their current and peak P&L figures.

Grades bucket the 0–100 score into five tiers:

Grades update automatically every 4 hours as prices move and new filings arrive. An insider's grade reflects their long-term pattern of timing, not a single trade.

Under SEC rules, any investor who holds more than 10% of a company's shares must file a Form 4 whenever they trade — including funds, limited partnerships (L.P.), LLCs, and other institutional entities. This means they appear in the same EDGAR feed as human corporate insiders.

However, institutional entities represent fundamentally different signals. A fund manager accumulating a position is making a portfolio allocation decision — not an insider at the company with first-hand knowledge of its operations, strategy, or near-term outlook. Mixing them with individual officers and directors dilutes the quality of the signal and distorts the screener rankings (a fund making 50 individual purchases across five tickers would otherwise score near the top of every metric).

For this reason, Insider Intel automatically excludes any filer whose name matches common institutional patterns — limited partnerships, LLCs, funds, management companies, advisory firms, and similar entities. This exclusion applies across:

• Insider Screener — institutional entities do not appear in the ranked list or receive a score
• Insider Watchlist — only individual insiders can be tracked
• Chart view — institutional trades are hidden from the "Insider trades in view" table by default; a notice at the bottom of the table tells you how many were filtered out for that stock. The 10% owners & institutions switch above the chart adds them to the table (labelled) and to the chart (purple diamonds) for information only
• Dashboard & Buy Activity — institutional purchases are excluded from the filings feed and all P&L calculations

To see 10% owner filings from funds or partnerships for a particular stock, use the 10% owners & institutions switch on Charts. For a complete list you can also view them directly on EDGAR.

Two factors can inflate scores, particularly in rising markets:

1. Short track records benefit from survivorship. An insider who made one well-timed purchase will have a 100% peak win rate and a high return score — even though a single trade is not a statistically meaningful sample. The score cannot distinguish between genuine skill and luck until there are enough trades to form a pattern.
2. Broad market tailwinds lift all boats. In a sustained bull market, most purchases will have peaked above their cost basis within 90 days simply because markets were rising — not because the insider had edge. This inflates peak win rates across the board.

The practical fix: use the Min buys filter set to 3 or higher. An insider with five or more open-market purchases has demonstrated a repeatable pattern rather than a single lucky entry. The more trades in the sample, the more the score reflects genuine skill.

• Search — type any part of an insider's name to filter the list in real time.
• Min grade — show only insiders at or above a chosen grade tier (e.g. "B or better" hides C, D, and E).
• Min buys — minimum number of open-market purchases on record. Setting this to 3 or more is the single most effective way to filter out lucky one-trade insiders and surface statistically meaningful track records.
• Column headers — click any column header to sort ascending or descending. Score is the default sort. Click again to reverse the direction.
• Score hover — hover over any score pill to see the full breakdown: all five component scores (0–5 each), plus both current and 90-day peak P&L and win rate figures for that insider.
• Ticker pill — click the exchange:ticker pill in any row to navigate directly to that company's price chart and filing history.
• Heart icon — add an insider to your Insider Watchlist directly from the screener. You will be notified when they next file a Form 4.

An alert rule defines a condition that, when met, sends a notification. Conditions include: a new insider buy or sell for a specific ticker; a threshold number of purchases in a rolling period; a change in AI Signal level; or a combination. Delivery is configured in Settings → Manage Preferences.

Alert priority tiers (red / amber / green) are coming in the next sprint — Red = action required, Amber = watch closely, Green = for information. The level will appear in the email subject line and in-app notification. Track progress on the public roadmap.

Currently by email. Two modes in Settings → Manage Preferences: Per-alert — sent immediately when a rule fires. Batched digest — collected and delivered at your chosen times (up to three per day). Push notifications and additional channels are planned.

The Weekly Digest is an email that sums up the week in insider trading. It is sent once a week, early on Monday Singapore time (Sunday evening in the US). It is separate from your alerts, which are sent as rules fire.

What is in it. The opening line compares the week's insider buying with the recent 4-week average. After that, each of these appears when there is something to show:

• Your watchlist — activity this week and Insider watchlist — what happened on the companies and insiders you follow.
• Key open market buys (or Biggest buys this week) — the largest purchases, from your watchlist first and then the wider market. Only purchases of $25,000 or more are highlighted.
• Insiders to watch — the top-scored insider track records from the Insider Screener.
• Signal movers — stocks whose AI Signal moved by 15 points or more since last week.
• Upcoming trading windows — stocks on your watchlist whose estimated trading window opens within the next 7 days.
• Cluster buying, Sector pulse and Chart of the week — coordinated buying, where insiders are buying by sector, and one standout chart.

A section with nothing to report is left out. In a week with nothing worth reporting, no digest is sent at all.

Turning it off. Go to Settings → Notifications and switch off Weekly digest. You can also use the Unsubscribe from weekly digest link at the bottom of any digest, which opens a confirmation page where you can say why, if you like. Turning the digest off does not affect your alerts, and you can switch it back on in Settings at any time.

• Company Watchlist — companies (by ticker) you are following. Appear in AI Insights and Dashboard with AI Signal scores.
• Insider Watchlist — individual insiders you are tracking across time and companies. When a tracked insider files a Form 4 anywhere, it surfaces in the Insider Watchlist view.

It should appear within a few seconds. If not, try refreshing the page — the watchlist is loaded fresh on each page load. If it persists, contact us.

Insider name search is coming in the next release. Currently, add insiders from the Charts view (click their name in the trades table) or from the Analyse section.

Insider Intel is currently in beta and free to access for all beta users. Full pricing will be published ahead of the general launch — early adopters will be offered preferential rates. See the pricing section on our homepage for the latest details.

Insider Intel is currently in beta. Pricing details will be published ahead of the full launch — visit the pricing page for the latest information. Beta users will be notified directly and offered early-adopter terms.

Go to Settings → Manage Preferences to configure alert delivery mode, digest schedule, Daily Briefing opt-in, and notification email address.

Go to Settings → Account. If you cannot log in, use the password reset link on the login page or contact us.

Use the Contact page. During beta we aim to respond within one business day. For bug reports, include the ticker, the view you were on, and what you expected vs. what happened.