Add smart-money option signal path and tape filters

2026-04-28 16:29:44 -04:00 · 2026-04-28 16:29:44 -04:00 · 27b0a399e6
commit 27b0a399e6
parent 758f111d7e
23 changed files with 1827 additions and 175 deletions
--- a/.beads/issues.jsonl
+++ b/.beads/issues.jsonl
@ -0,0 +1,2 @@
+{"_type":"issue","id":"islandflow-e4r","title":"Implement smart-money flow filtering and synthetic firehose modes","description":"Implement the approved multi-surface plan for named synthetic market profiles, options raw-vs-signal filtering, live/API filter contracts, Tape page client-side flow filters, firehose-readiness improvements, tests, and README updates.","status":"closed","priority":1,"issue_type":"feature","assignee":"dirtydishes","owner":"dishes@dpdrm.com","created_at":"2026-04-28T20:10:49Z","created_by":"dirtydishes","updated_at":"2026-04-28T20:29:29Z","started_at":"2026-04-28T20:10:53Z","closed_at":"2026-04-28T20:29:29Z","close_reason":"Implemented synthetic market profiles, options signal-path filtering, signal-aware API/replay contracts, Tape page filters, tests, and README updates. Follow-up tracked in islandflow-biq.","dependency_count":0,"dependent_count":0,"comment_count":0}
+{"_type":"issue","id":"islandflow-biq","title":"Finish raw live options delivery and filter/backpressure observability","description":"The smart-money signal path and Tape filters are in place, but the next firehose pass should finish server-side selective raw live delivery for options subscriptions and add explicit filtered-out/backpressure observability for API/web counters. This was discovered while landing islandflow-e4r.\n","status":"open","priority":2,"issue_type":"task","owner":"dishes@dpdrm.com","created_at":"2026-04-28T20:28:58Z","created_by":"dirtydishes","updated_at":"2026-04-28T20:28:58Z","dependencies":[{"issue_id":"islandflow-biq","depends_on_id":"islandflow-e4r","type":"discovered-from","created_at":"2026-04-28T16:28:58Z","created_by":"dirtydishes","metadata":"{}"}],"dependency_count":0,"dependent_count":0,"comment_count":0}
--- a/README.md
+++ b/README.md
@ -125,6 +125,15 @@ All runtime configuration comes from `.env`.
 - `OPTIONS_INGEST_ADAPTER` (`synthetic` | `alpaca` | `ibkr` | `databento`)
 - `EQUITIES_INGEST_ADAPTER` (`synthetic` | `alpaca`)
 - `EMIT_INTERVAL_MS` (synthetic emit cadence)
+- `SYNTHETIC_MARKET_MODE` (`realistic` | `active` | `firehose`, default `realistic`)
+- `SYNTHETIC_OPTIONS_MODE` (optional per-service override; falls back to `SYNTHETIC_MARKET_MODE`)
+- `SYNTHETIC_EQUITIES_MODE` (optional per-service override; falls back to `SYNTHETIC_MARKET_MODE`)
+
+### Synthetic mode profiles
+
+- `realistic` is the default local mode. Options produce materially more ordinary prints, fewer repeated bursts, and fewer alert-driving sweeps/spikes. Equities produce smaller batches and less relentless off-exchange activity.
+- `active` is a busier demo mode that still leaves meaningful visible history in the UI.
+- `firehose` is the stress profile for backpressure, hot-window eviction, and Databento-readiness validation.

 ### Options adapter settings

@ -142,6 +151,30 @@ All runtime configuration comes from `.env`.
 - Classifiers: `CLASSIFIER_SWEEP_MIN_PREMIUM`, `CLASSIFIER_SWEEP_MIN_COUNT`, `CLASSIFIER_SWEEP_MIN_PREMIUM_Z`, `CLASSIFIER_SPIKE_MIN_PREMIUM`, `CLASSIFIER_SPIKE_MIN_SIZE`, `CLASSIFIER_SPIKE_MIN_PREMIUM_Z`, `CLASSIFIER_SPIKE_MIN_SIZE_Z`, `CLASSIFIER_Z_MIN_SAMPLES`, `CLASSIFIER_MIN_NBBO_COVERAGE`, `CLASSIFIER_MIN_AGGRESSOR_RATIO`, `CLASSIFIER_0DTE_MAX_ATM_PCT`, `CLASSIFIER_0DTE_MIN_PREMIUM`, `CLASSIFIER_0DTE_MIN_SIZE`
 - Dark inference: `EQUITY_QUOTE_MAX_AGE_MS`, `DARK_INFER_WINDOW_MS`, `DARK_INFER_COOLDOWN_MS`, `DARK_INFER_MIN_BLOCK_SIZE`, `DARK_INFER_MIN_ACCUM_SIZE`, `DARK_INFER_MIN_ACCUM_COUNT`, `DARK_INFER_MIN_PRINT_SIZE`, `DARK_INFER_MAX_EVIDENCE`, `DARK_INFER_MAX_SPREAD_PCT`

+### Options signal filtering
+
+- `OPTIONS_SIGNAL_MODE` (`smart-money` | `balanced` | `all`, default `smart-money`)
+- `OPTIONS_SIGNAL_MIN_NOTIONAL` (default `10000`)
+- `OPTIONS_SIGNAL_ETF_MIN_NOTIONAL` (default `50000`)
+- `OPTIONS_SIGNAL_BID_SIDE_MIN_NOTIONAL` (default `25000`)
+- `OPTIONS_SIGNAL_MID_MIN_NOTIONAL` (default `20000`)
+- `OPTIONS_SIGNAL_NBBO_MAX_AGE_MS` (default `1500`)
+- `OPTIONS_SIGNAL_ETF_UNDERLYINGS` (default `SPY,QQQ,IWM,DIA,TLT,GLD,SLV,XLF,XLE,XLV,XLI,XLP,XLU,XLY,SMH,ARKK`)
+
+Default `smart-money` behavior:
+
+- reject sub-`10k` options prints,
+- reject ETF prints below `50k`,
+- reject `B` / `BB` prints below `25k`,
+- reject non-`SWEEP` / non-`ISO` `MID` prints below `20k`,
+- require `50k` when NBBO is missing or stale,
+- auto-keep `100k+`,
+- keep ask-side `A` / `AA` prints at `10k+`,
+- keep `SWEEP` / `ISO` prints at `25k+`,
+- keep `500+` contract prints at `10k+`.
+
+`balanced` uses the same shape with lower thresholds. `all` marks every option print as signal-passing.
+
 ### Candles

 - `CANDLE_INTERVALS_MS`, `CANDLE_MAX_LATE_MS`, `CANDLE_CACHE_LIMIT`, `CANDLE_DELIVER_POLICY`, `CANDLE_CONSUMER_RESET`
@ -156,6 +189,7 @@ All runtime configuration comes from `.env`.
 - `NEXT_PUBLIC_LIVE_HOT_WINDOW` (frontend hot live window cap; default `2000`)
 - `NEXT_PUBLIC_PINNED_EVIDENCE_TTL_MS` (pinned evidence TTL; default `1200000`)
 - `NEXT_PUBLIC_PINNED_EVIDENCE_MAX_ITEMS` (pinned evidence cache guardrail; default `4000`)
+- `NEXT_PUBLIC_FLOW_FILTER_PRESET` (`smart-money` | `balanced` | `all`, default `smart-money`)

 ### Replay service

@ -170,8 +204,48 @@ All runtime configuration comes from `.env`.

 - Python dependencies are required only for IBKR/Databento sidecars (`services/ingest-options/py/requirements.txt`).
 - Candle construction is server-side; the client consumes prebuilt OHLC events.
+- Option prints now persist as enriched raw rows and can be queried as either:
+  - `view=signal` — default live/UI path and compute input.
+  - `view=raw` — audit/debug path that preserves every stored print.
+- The default Tape page options/packets posture is now stock-only, hides `B` / `BB`, keeps calls and puts visible, and applies in-memory min-notional controls immediately.
 - Live retention uses a two-tier model:
  - API/Redis maintain a bounded hot cache per live generic channel.
-  - UI keeps a bounded hot window for rendering performance.
+  - UI keeps a bounded hot window for rendering performance around the signal view rather than raw noise.
  - Alert/drawer evidence is pinned and hydrated by id/trace so details remain inspectable after hot-window eviction.
+- Firehose-readiness strategy:
+  - preserve raw ingest for storage/replay,
+  - feed compute and default live UI from the filtered signal path,
+  - add filterable live subscription contracts now so selective delivery can move server-side without reshaping the protocol later.
 - This repository is for personal, non-redistributed usage.
+
+## Useful Examples
+
+Realistic local demo:
+
+```bash
+SYNTHETIC_MARKET_MODE=realistic \
+OPTIONS_SIGNAL_MODE=smart-money \
+bun run dev
+```
+
+Active demo:
+
+```bash
+SYNTHETIC_MARKET_MODE=active bun run dev
+```
+
+Firehose stress test:
+
+```bash
+SYNTHETIC_MARKET_MODE=firehose \
+NEXT_PUBLIC_LIVE_HOT_WINDOW=2000 \
+bun run dev
+```
+
+Show raw options flow for debugging:
+
+```text
+/prints/options?view=raw&security=all
+/history/options?view=raw&security=all&before_ts=<ts>&before_seq=<seq>
+/replay/options?view=raw&security=all&after_ts=<ts>&after_seq=<seq>
+```
--- a/apps/web/app/globals.css
+++ b/apps/web/app/globals.css
@ -419,6 +419,55 @@ h3 {
  gap: 10px;
 }

+.flow-filter-panel {
+  display: flex;
+  flex-wrap: wrap;
+  justify-content: flex-end;
+  gap: 10px 16px;
+  padding: 10px 12px;
+  border: 1px solid var(--border);
+  border-radius: 12px;
+  background: linear-gradient(180deg, rgba(255, 255, 255, 0.04), rgba(255, 255, 255, 0.02));
+}
+
+.flow-filter-group {
+  display: flex;
+  flex-wrap: wrap;
+  align-items: center;
+  gap: 8px;
+}
+
+.flow-filter-label {
+  color: var(--muted);
+  font-size: 0.72rem;
+  letter-spacing: 0.08em;
+  text-transform: uppercase;
+}
+
+.flow-filter-check {
+  display: inline-flex;
+  align-items: center;
+  gap: 6px;
+  font-size: 0.84rem;
+  text-transform: uppercase;
+}
+
+.filter-chip {
+  border: 1px solid var(--border);
+  border-radius: 999px;
+  background: rgba(255, 255, 255, 0.03);
+  color: var(--text);
+  padding: 6px 10px;
+  font: inherit;
+  cursor: pointer;
+}
+
+.filter-chip.is-active {
+  border-color: rgba(127, 234, 170, 0.6);
+  background: rgba(127, 234, 170, 0.14);
+  color: var(--accent-strong);
+}
+
 .overview-strip,
 .replay-matrix {
  display: grid;
--- a/apps/web/app/terminal.tsx
+++ b/apps/web/app/terminal.tsx
@ -24,9 +24,18 @@ import type {
  InferredDarkEvent,
  LiveServerMessage,
  LiveSubscription,
+  OptionFlowFilters,
+  OptionNbboSide,
+  OptionSecurityType,
+  OptionType,
  OptionNBBO,
  OptionPrint
 } from "@islandflow/types";
+import {
+  getSubscriptionKey as getLiveSubscriptionKey,
+  matchesFlowPacketFilters,
+  matchesOptionPrintFilters
+} from "@islandflow/types";
 import { createChart, type IChartApi, type SeriesMarker, type UTCTimestamp } from "lightweight-charts";

 const parseBoundedInt = (
@ -61,6 +70,7 @@ const PINNED_EVIDENCE_MAX_ITEMS = parseBoundedInt(
 const NBBO_MAX_AGE_MS = Number(process.env.NEXT_PUBLIC_NBBO_MAX_AGE_MS);
 const NBBO_MAX_AGE_MS_SAFE =
  Number.isFinite(NBBO_MAX_AGE_MS) && NBBO_MAX_AGE_MS > 0 ? NBBO_MAX_AGE_MS : 1000;
+const FLOW_FILTER_PRESET = process.env.NEXT_PUBLIC_FLOW_FILTER_PRESET ?? "smart-money";
 const LOCAL_HOSTS = new Set(["localhost", "127.0.0.1"]);
 const CANDLE_INTERVALS = [
  { label: "1m", ms: 60000 },
@ -614,6 +624,33 @@ const getJoinBoolean = (join: EquityPrintJoin, key: string): boolean => {

 type NbboSide = "AA" | "A" | "B" | "BB";

+const DEFAULT_FLOW_SIDES: OptionNbboSide[] = ["AA", "A", "MID"];
+const DEFAULT_FLOW_OPTION_TYPES: OptionType[] = ["call", "put"];
+const DEFAULT_FLOW_SECURITY_TYPES: OptionSecurityType[] = ["stock"];
+
+const buildDefaultFlowFilters = (): OptionFlowFilters => ({
+  view: "signal",
+  securityTypes: DEFAULT_FLOW_SECURITY_TYPES,
+  nbboSides: DEFAULT_FLOW_SIDES,
+  optionTypes: DEFAULT_FLOW_OPTION_TYPES,
+  minNotional:
+    FLOW_FILTER_PRESET === "all"
+      ? undefined
+      : FLOW_FILTER_PRESET === "balanced"
+        ? 5_000
+        : undefined
+});
+
+const toggleFilterValue = <T extends string>(values: T[] | undefined, value: T, enabled: boolean): T[] => {
+  const current = new Set(values ?? []);
+  if (enabled) {
+    current.add(value);
+  } else {
+    current.delete(value);
+  }
+  return [...current].sort();
+};
+
 const classifyNbboSide = (price: number, quote: OptionNBBO | null | undefined): NbboSide | null => {
  if (!quote || !Number.isFinite(price)) {
    return null;
@ -935,6 +972,7 @@ type TapeConfig<T> = {
  getReplayKey?: (item: T) => string | null;
  replaySourceKey?: string | null;
  onReplaySourceKey?: (key: string | null) => void;
+  queryParams?: Record<string, string | null | undefined>;
 };

 const useTape = <T extends SortableItem & { seq: number }>(
@ -947,6 +985,7 @@ const useTape = <T extends SortableItem & { seq: number }>(
  const getReplayKey = config.getReplayKey ?? extractTracePrefix;
  const replaySourceKey = config.replaySourceKey ?? null;
  const onReplaySourceKey = config.onReplaySourceKey;
+  const queryParams = config.queryParams;
  const [status, setStatus] = useState<WsStatus>("connecting");
  const [items, setItems] = useState<T[]>([]);
  const [lastUpdate, setLastUpdate] = useState<number | null>(null);
@ -1053,6 +1092,11 @@ const useTape = <T extends SortableItem & { seq: number }>(
      try {
        const url = new URL(buildApiUrl(latestPath));
        url.searchParams.set("limit", "1");
+        for (const [key, value] of Object.entries(queryParams ?? {})) {
+          if (value) {
+            url.searchParams.set(key, value);
+          }
+        }
        if (replaySourceKey) {
          url.searchParams.set("source", replaySourceKey);
        }
@ -1076,7 +1120,7 @@ const useTape = <T extends SortableItem & { seq: number }>(
    return () => {
      active = false;
    };
-  }, [mode, latestPath, getItemTs, replaySourceKey]);
+  }, [mode, latestPath, getItemTs, replaySourceKey, queryParams]);

  useEffect(() => {
    if (mode !== "live" || config.liveEnabled === false) {
@ -1196,6 +1240,11 @@ const useTape = <T extends SortableItem & { seq: number }>(
          url.searchParams.set("after_ts", cursor.ts.toString());
          url.searchParams.set("after_seq", cursor.seq.toString());
          url.searchParams.set("limit", batchSize.toString());
+          for (const [key, value] of Object.entries(queryParams ?? {})) {
+            if (value) {
+              url.searchParams.set(key, value);
+            }
+          }
          const desiredSource = replaySourceKey ?? replaySourceRef.current;
          if (desiredSource) {
            url.searchParams.set("source", desiredSource);
@ -1309,7 +1358,8 @@ const useTape = <T extends SortableItem & { seq: number }>(
    getItemTs,
    getReplayKey,
    replaySourceKey,
-    onReplaySourceKey
+    onReplaySourceKey,
+    queryParams
  ]);

  return {
@ -1589,21 +1639,11 @@ type LiveSessionState = {
  chartOverlay: EquityPrint[];
 };

-const getLiveSubscriptionKey = (subscription: LiveSubscription): string => {
-  switch (subscription.channel) {
-    case "equity-candles":
-      return `${subscription.channel}|${subscription.underlying_id}|${subscription.interval_ms}`;
-    case "equity-overlay":
-      return `${subscription.channel}|${subscription.underlying_id}`;
-    default:
-      return subscription.channel;
-  }
-};
-
 const getLiveManifest = (
  pathname: string,
  chartTicker: string,
-  chartIntervalMs: number
+  chartIntervalMs: number,
+  flowFilters: OptionFlowFilters
 ): LiveSubscription[] => {
  const chartSubs: LiveSubscription[] = [
    { channel: "equity-candles", underlying_id: chartTicker, interval_ms: chartIntervalMs },
@ -1612,10 +1652,10 @@ const getLiveManifest = (

  if (pathname === "/tape") {
    return [
-      { channel: "options" },
+      { channel: "options", filters: flowFilters },
      { channel: "nbbo" },
      { channel: "equities" },
-      { channel: "flow" }
+      { channel: "flow", filters: flowFilters }
    ];
  }

@ -1645,7 +1685,8 @@ const useLiveSession = (
  enabled: boolean,
  pathname: string,
  chartTicker: string,
-  chartIntervalMs: number
+  chartIntervalMs: number,
+  flowFilters: OptionFlowFilters
 ): LiveSessionState => {
  const [status, setStatus] = useState<WsStatus>(enabled ? "connecting" : "disconnected");
  const [lastUpdate, setLastUpdate] = useState<number | null>(null);
@ -1664,8 +1705,8 @@ const useLiveSession = (
  const subscribedKeysRef = useRef<Set<string>>(new Set());
  const subscribedMapRef = useRef<Map<string, LiveSubscription>>(new Map());
  const manifest = useMemo(
-    () => getLiveManifest(pathname, chartTicker.toUpperCase(), chartIntervalMs),
-    [pathname, chartTicker, chartIntervalMs]
+    () => getLiveManifest(pathname, chartTicker.toUpperCase(), chartIntervalMs, flowFilters),
+    [pathname, chartTicker, chartIntervalMs, flowFilters]
  );

  useEffect(() => {
@ -3079,6 +3120,7 @@ const useTerminalState = () => {
  const [selectedDarkEvent, setSelectedDarkEvent] = useState<InferredDarkEvent | null>(null);
  const [selectedClassifierHit, setSelectedClassifierHit] = useState<ClassifierHitEvent | null>(null);
  const [filterInput, setFilterInput] = useState<string>("");
+  const [flowFilters, setFlowFilters] = useState<OptionFlowFilters>(() => buildDefaultFlowFilters());
  const [chartIntervalMs, setChartIntervalMs] = useState<number>(CANDLE_INTERVALS[0].ms);
  const activeTickers = useMemo(() => {
    const parts = filterInput
@ -3089,7 +3131,13 @@ const useTerminalState = () => {
  }, [filterInput]);
  const tickerSet = useMemo(() => new Set(activeTickers), [activeTickers]);
  const chartTicker = useMemo(() => activeTickers[0] ?? "SPY", [activeTickers]);
-  const liveSession = useLiveSession(mode === "live", pathname, chartTicker, chartIntervalMs);
+  const liveSession = useLiveSession(
+    mode === "live",
+    pathname,
+    chartTicker,
+    chartIntervalMs,
+    flowFilters
+  );

  const handleReplaySource = useCallback((value: string | null) => {
    setReplaySource(value);
@ -3115,6 +3163,20 @@ const useTerminalState = () => {
    classifierScroll.isAtTopRef
  );
  const disableReplayGrouping = useCallback(() => null, []);
+  const optionQueryParams = useMemo<Record<string, string | undefined>>(
+    () => ({
+      view: flowFilters.view ?? "signal",
+      security:
+        flowFilters.securityTypes?.length === 1 ? flowFilters.securityTypes[0] : undefined,
+      side: flowFilters.nbboSides?.length ? flowFilters.nbboSides.join(",") : undefined,
+      type: flowFilters.optionTypes?.length ? flowFilters.optionTypes.join(",") : undefined,
+      min_notional:
+        typeof flowFilters.minNotional === "number"
+          ? String(flowFilters.minNotional)
+          : undefined
+    }),
+    [flowFilters]
+  );

  const options = useTape<OptionPrint>({
    mode,
@ -3128,7 +3190,8 @@ const useTerminalState = () => {
    captureScroll: optionsAnchor.capture,
    onNewItems: optionsScroll.onNewItems,
    getReplayKey: extractReplaySource,
-    onReplaySourceKey: handleReplaySource
+    onReplaySourceKey: handleReplaySource,
+    queryParams: optionQueryParams
  });

  const equities = useTape<EquityPrint>({
@ -3672,13 +3735,16 @@ const useTerminalState = () => {
  );

  const filteredOptions = useMemo(() => {
-    if (tickerSet.size === 0) {
-      return optionsFeed.items;
-    }
-    return optionsFeed.items.filter((print) =>
-      matchesTicker(extractUnderlying(normalizeContractId(print.option_contract_id)))
-    );
-  }, [optionsFeed.items, matchesTicker, tickerSet]);
+    return optionsFeed.items.filter((print) => {
+      if (!matchesOptionPrintFilters(print, flowFilters)) {
+        return false;
+      }
+      if (tickerSet.size === 0) {
+        return true;
+      }
+      return matchesTicker(extractUnderlying(normalizeContractId(print.option_contract_id)));
+    });
+  }, [flowFilters, optionsFeed.items, matchesTicker, tickerSet]);

  const filteredEquities = useMemo(() => {
    if (tickerSet.size === 0) {
@ -3698,13 +3764,16 @@ const useTerminalState = () => {
  }, [resolvedEquityJoinMap, equityPrintMap, inferredDarkFeed.items, matchesTicker, tickerSet]);

  const filteredFlow = useMemo(() => {
-    if (tickerSet.size === 0) {
-      return flowFeed.items;
-    }
-    return flowFeed.items.filter((packet) =>
-      matchesTicker(extractUnderlying(extractPacketContract(packet)))
-    );
-  }, [flowFeed.items, extractPacketContract, matchesTicker, tickerSet]);
+    return flowFeed.items.filter((packet) => {
+      if (!matchesFlowPacketFilters(packet, flowFilters)) {
+        return false;
+      }
+      if (tickerSet.size === 0) {
+        return true;
+      }
+      return matchesTicker(extractUnderlying(extractPacketContract(packet)));
+    });
+  }, [flowFeed.items, flowFilters, extractPacketContract, matchesTicker, tickerSet]);

  const filteredAlerts = useMemo(() => {
    if (tickerSet.size === 0) {
@ -4000,6 +4069,8 @@ const useTerminalState = () => {
    setSelectedClassifierHit,
    filterInput,
    setFilterInput,
+    flowFilters,
+    setFlowFilters,
    chartIntervalMs,
    setChartIntervalMs,
    optionsScroll,
@ -4088,6 +4159,101 @@ const PageFrame = ({ title, actions, children }: PageFrameProps) => {
  );
 };

+const FlowFilterControls = () => {
+  const state = useTerminal();
+  const filters = state.flowFilters;
+
+  const toggleSecurity = (value: OptionSecurityType, enabled: boolean) => {
+    state.setFlowFilters((prev) => ({
+      ...prev,
+      securityTypes: toggleFilterValue(prev.securityTypes, value, enabled)
+    }));
+  };
+
+  const toggleSide = (value: OptionNbboSide, enabled: boolean) => {
+    state.setFlowFilters((prev) => ({
+      ...prev,
+      nbboSides: toggleFilterValue(prev.nbboSides, value, enabled)
+    }));
+  };
+
+  const toggleOptionType = (value: OptionType, enabled: boolean) => {
+    state.setFlowFilters((prev) => ({
+      ...prev,
+      optionTypes: toggleFilterValue(prev.optionTypes, value, enabled)
+    }));
+  };
+
+  const applyMinNotional = (value: number | undefined) => {
+    state.setFlowFilters((prev) => ({
+      ...prev,
+      minNotional: value
+    }));
+  };
+
+  return (
+    <div className="flow-filter-panel">
+      <div className="flow-filter-group">
+        <span className="flow-filter-label">Security</span>
+        {(["stock", "etf"] as OptionSecurityType[]).map((value) => (
+          <label className="flow-filter-check" key={value}>
+            <input
+              type="checkbox"
+              checked={(filters.securityTypes ?? []).includes(value)}
+              onChange={(event) => toggleSecurity(value, event.target.checked)}
+            />
+            <span>{value.toUpperCase()}</span>
+          </label>
+        ))}
+      </div>
+      <div className="flow-filter-group">
+        <span className="flow-filter-label">Side</span>
+        {(["AA", "A", "MID", "B", "BB"] as OptionNbboSide[]).map((value) => (
+          <label className="flow-filter-check" key={value}>
+            <input
+              type="checkbox"
+              checked={(filters.nbboSides ?? []).includes(value)}
+              onChange={(event) => toggleSide(value, event.target.checked)}
+            />
+            <span>{value}</span>
+          </label>
+        ))}
+      </div>
+      <div className="flow-filter-group">
+        <span className="flow-filter-label">Type</span>
+        {(["call", "put"] as OptionType[]).map((value) => (
+          <label className="flow-filter-check" key={value}>
+            <input
+              type="checkbox"
+              checked={(filters.optionTypes ?? []).includes(value)}
+              onChange={(event) => toggleOptionType(value, event.target.checked)}
+            />
+            <span>{value}</span>
+          </label>
+        ))}
+      </div>
+      <div className="flow-filter-group">
+        <span className="flow-filter-label">Min Notional</span>
+        {[
+          { label: "All signal", value: undefined },
+          { label: ">= 25k", value: 25_000 },
+          { label: ">= 50k", value: 50_000 },
+          { label: ">= 100k", value: 100_000 }
+        ].map((preset) => (
+          <button
+            className={`filter-chip ${filters.minNotional === preset.value ? "is-active" : ""}`}
+            key={preset.label}
+            type="button"
+            onClick={() => applyMinNotional(preset.value)}
+          >
+            {preset.label}
+          </button>
+        ))}
+      </div>
+    </div>
+  );
+};
+
 type PaneProps = {
  title: string;
  status?: ReactNode;
@ -4250,8 +4416,8 @@ const OptionsPane = ({ limit }: OptionsPaneProps) => {
            const nbboAge = quote ? Math.abs(print.ts - quote.ts) : null;
            const nbboStale = nbboAge !== null && nbboAge > NBBO_MAX_AGE_MS_SAFE;
            const nbboMid = quote ? (quote.bid + quote.ask) / 2 : null;
-            const nbboSide = classifyNbboSide(print.price, quote);
-            const notional = print.price * print.size * 100;
+            const nbboSide = print.nbbo_side ?? classifyNbboSide(print.price, quote);
+            const notional = print.notional ?? print.price * print.size * 100;

            return (
              <div className="row" key={`${print.trace_id}-${print.seq}`}>
@ -4295,11 +4461,13 @@ const OptionsPane = ({ limit }: OptionsPaneProps) => {
                          </span>
                        </span>
                      ) : null}
-                      {nbboStale ? <span className="pill nbbo-stale">Stale</span> : null}
+                      {print.nbbo_side === "STALE" || nbboStale ? <span className="pill nbbo-stale">Stale</span> : null}
                    </div>
                  ) : (
                    <div className="meta nbbo-meta">
-                      <span className="pill nbbo-missing">NBBO missing</span>
+                      <span className="pill nbbo-missing">
+                        {print.nbbo_side === "STALE" ? "NBBO stale" : "NBBO missing"}
+                      </span>
                    </div>
                  )}
                </div>
@ -5051,7 +5219,7 @@ export function OverviewRoute() {

 export function TapeRoute() {
  return (
-    <PageFrame title="Tape">
+    <PageFrame title="Tape" actions={<FlowFilterControls />}>
      <div className="page-grid page-grid-tape">
        <OptionsPane />
        <EquitiesPane />
--- a/packages/bus/src/subjects.ts
+++ b/packages/bus/src/subjects.ts
@ -1,5 +1,7 @@
 export const STREAM_OPTION_PRINTS = "OPTIONS_PRINTS";
 export const SUBJECT_OPTION_PRINTS = "options.prints";
+export const STREAM_OPTION_SIGNAL_PRINTS = "OPTIONS_SIGNAL_PRINTS";
+export const SUBJECT_OPTION_SIGNAL_PRINTS = "options.prints.signal";
 export const STREAM_OPTION_NBBO = "OPTIONS_NBBO";
 export const SUBJECT_OPTION_NBBO = "options.nbbo";
 export const STREAM_EQUITY_PRINTS = "EQUITY_PRINTS";
--- a/packages/storage/src/clickhouse.ts
+++ b/packages/storage/src/clickhouse.ts
@ -20,11 +20,14 @@ import type {
  InferredDarkEvent,
  FlowPacket,
  OptionNBBO,
-  OptionPrint
+  OptionPrint,
+  OptionFlowFilters,
+  OptionFlowView
 } from "@islandflow/types";
 import {
  normalizeOptionPrint,
  optionPrintsTableDDL,
+  optionPrintsTableMigrations,
  OPTION_PRINTS_TABLE
 } from "./option-prints";
 import { normalizeOptionNBBO, optionNBBOTableDDL, OPTION_NBBO_TABLE } from "./option-nbbo";
@ -221,6 +224,9 @@ export const ensureOptionPrintsTable = async (
  await client.exec({
    query: optionPrintsTableDDL()
  });
+  for (const query of optionPrintsTableMigrations()) {
+    await client.exec({ query });
+  }
 };

 export const ensureOptionNBBOTable = async (
@ -499,19 +505,78 @@ const normalizeNumericFields = (

 const normalizeOptionRow = (row: unknown): unknown => {
  if (row && typeof row === "object") {
-    return normalizeNumericFields(row as Record<string, unknown>, [
+    const record = normalizeNumericFields(row as Record<string, unknown>, [
      "source_ts",
      "ingest_ts",
      "seq",
      "ts",
      "price",
-      "size"
+      "size",
+      "notional"
    ]);
+
+    if ("is_etf" in record) {
+      record.is_etf = Boolean(record.is_etf);
+    }
+    if ("signal_pass" in record) {
+      record.signal_pass = Boolean(record.signal_pass);
+    }
+    if (record.signal_reasons == null) {
+      record.signal_reasons = [];
+    }
+    return record;
  }

  return row;
 };

+export type OptionPrintQueryFilters = {
+  view?: OptionFlowView;
+  minNotional?: number;
+  security?: "stock" | "etf" | "all";
+  optionTypes?: string[];
+  nbboSides?: string[];
+};
+
+const buildOptionPrintFilterConditions = (
+  filters: OptionPrintQueryFilters | undefined,
+  tracePrefix: string | undefined
+): string[] => {
+  const conditions: string[] = [];
+  const traceCondition = buildTracePrefixCondition(tracePrefix);
+  if (traceCondition) {
+    conditions.push(traceCondition);
+  }
+
+  if (!filters) {
+    return conditions;
+  }
+
+  if ((filters.view ?? "signal") === "signal") {
+    conditions.push("signal_pass = 1");
+  }
+
+  if (typeof filters.minNotional === "number" && Number.isFinite(filters.minNotional)) {
+    conditions.push(`notional >= ${filters.minNotional}`);
+  }
+
+  if (filters.security === "stock") {
+    conditions.push("(is_etf = 0 OR is_etf IS NULL)");
+  } else if (filters.security === "etf") {
+    conditions.push("is_etf = 1");
+  }
+
+  if (filters.optionTypes && filters.optionTypes.length > 0) {
+    conditions.push(`option_type IN (${buildStringList(filters.optionTypes)})`);
+  }
+
+  if (filters.nbboSides && filters.nbboSides.length > 0) {
+    conditions.push(`nbbo_side IN (${buildStringList(filters.nbboSides)})`);
+  }
+
+  return conditions;
+};
+
 const normalizeOptionNbboRow = (row: unknown): unknown => {
  if (row && typeof row === "object") {
    return normalizeNumericFields(row as Record<string, unknown>, [
@ -683,11 +748,12 @@ const normalizeAlertRow = (row: unknown): AlertRecord | null => {
 export const fetchRecentOptionPrints = async (
  client: ClickHouseClient,
  limit: number,
-  tracePrefix?: string
+  tracePrefix?: string,
+  filters?: OptionPrintQueryFilters
 ): Promise<OptionPrint[]> => {
  const safeLimit = clampLimit(limit);
-  const condition = buildTracePrefixCondition(tracePrefix);
-  const whereClause = condition ? ` WHERE ${condition}` : "";
+  const conditions = buildOptionPrintFilterConditions(filters, tracePrefix);
+  const whereClause = conditions.length > 0 ? ` WHERE ${conditions.join(" AND ")}` : "";
  const result = await client.query({
    query: `SELECT * FROM ${OPTION_PRINTS_TABLE}${whereClause} ORDER BY ts DESC, seq DESC LIMIT ${safeLimit}`,
    format: "JSONEachRow"
@ -855,16 +921,19 @@ export const fetchOptionPrintsAfter = async (
  afterTs: number,
  afterSeq: number,
  limit: number,
-  tracePrefix?: string
+  tracePrefix?: string,
+  filters?: OptionPrintQueryFilters
 ): Promise<OptionPrint[]> => {
  const safeLimit = clampLimit(limit);
  const safeAfterTs = clampCursor(afterTs);
  const safeAfterSeq = clampCursor(afterSeq);
-  const traceCondition = buildTracePrefixCondition(tracePrefix);
-  const traceClause = traceCondition ? ` AND ${traceCondition}` : "";
+  const conditions = [
+    `((ts, seq) > (${safeAfterTs}, ${safeAfterSeq}))`,
+    ...buildOptionPrintFilterConditions(filters, tracePrefix)
+  ];

  const result = await client.query({
-    query: `SELECT * FROM ${OPTION_PRINTS_TABLE} WHERE (ts, seq) > (${safeAfterTs}, ${safeAfterSeq})${traceClause} ORDER BY ts ASC, seq ASC LIMIT ${safeLimit}`,
+    query: `SELECT * FROM ${OPTION_PRINTS_TABLE} WHERE ${conditions.join(" AND ")} ORDER BY ts ASC, seq ASC LIMIT ${safeLimit}`,
    format: "JSONEachRow"
  });

@ -1122,14 +1191,14 @@ export const fetchOptionPrintsBefore = async (
  beforeTs: number,
  beforeSeq: number,
  limit: number,
-  tracePrefix?: string
+  tracePrefix?: string,
+  filters?: OptionPrintQueryFilters
 ): Promise<OptionPrint[]> => {
  const safeLimit = clampLimit(limit);
-  const conditions = [buildBeforeTupleCondition("ts", "seq", beforeTs, beforeSeq)];
-  const traceCondition = buildTracePrefixCondition(tracePrefix);
-  if (traceCondition) {
-    conditions.push(traceCondition);
-  }
+  const conditions = [
+    buildBeforeTupleCondition("ts", "seq", beforeTs, beforeSeq),
+    ...buildOptionPrintFilterConditions(filters, tracePrefix)
+  ];

  const result = await client.query({
    query: `SELECT * FROM ${OPTION_PRINTS_TABLE} WHERE ${conditions.join(" AND ")} ORDER BY ts DESC, seq DESC LIMIT ${safeLimit}`,
--- a/packages/storage/src/option-prints.ts
+++ b/packages/storage/src/option-prints.ts
@ -14,16 +14,38 @@ CREATE TABLE IF NOT EXISTS ${OPTION_PRINTS_TABLE} (
  price Float64,
  size UInt32,
  exchange String,
-  conditions Array(String)
+  conditions Array(String),
+  underlying_id Nullable(String),
+  option_type Nullable(String),
+  notional Nullable(Float64),
+  nbbo_side Nullable(String),
+  is_etf Nullable(Bool),
+  signal_pass Nullable(Bool),
+  signal_reasons Array(String) DEFAULT [],
+  signal_profile Nullable(String)
 )
 ENGINE = MergeTree
 ORDER BY (ts, option_contract_id)
 `;
 };

+export const optionPrintsTableMigrations = (): string[] => {
+  return [
+    `ALTER TABLE ${OPTION_PRINTS_TABLE} ADD COLUMN IF NOT EXISTS underlying_id Nullable(String)`,
+    `ALTER TABLE ${OPTION_PRINTS_TABLE} ADD COLUMN IF NOT EXISTS option_type Nullable(String)`,
+    `ALTER TABLE ${OPTION_PRINTS_TABLE} ADD COLUMN IF NOT EXISTS notional Nullable(Float64)`,
+    `ALTER TABLE ${OPTION_PRINTS_TABLE} ADD COLUMN IF NOT EXISTS nbbo_side Nullable(String)`,
+    `ALTER TABLE ${OPTION_PRINTS_TABLE} ADD COLUMN IF NOT EXISTS is_etf Nullable(Bool)`,
+    `ALTER TABLE ${OPTION_PRINTS_TABLE} ADD COLUMN IF NOT EXISTS signal_pass Nullable(Bool)`,
+    `ALTER TABLE ${OPTION_PRINTS_TABLE} ADD COLUMN IF NOT EXISTS signal_reasons Array(String) DEFAULT []`,
+    `ALTER TABLE ${OPTION_PRINTS_TABLE} ADD COLUMN IF NOT EXISTS signal_profile Nullable(String)`
+  ];
+};
+
 export const normalizeOptionPrint = (print: OptionPrint): OptionPrint => {
  return {
    ...print,
-    conditions: print.conditions ?? []
+    conditions: print.conditions ?? [],
+    signal_reasons: print.signal_reasons ?? []
  };
 };
--- a/packages/storage/tests/option-prints.test.ts
+++ b/packages/storage/tests/option-prints.test.ts
@ -1,5 +1,10 @@
 import { describe, expect, it } from "bun:test";
-import { createClickHouseClient, fetchOptionPrintsBefore, fetchOptionPrintsByTraceIds } from "../src/clickhouse";
+import {
+  createClickHouseClient,
+  fetchOptionPrintsBefore,
+  fetchOptionPrintsByTraceIds,
+  fetchRecentOptionPrints
+} from "../src/clickhouse";
 import { normalizeOptionPrint, optionPrintsTableDDL, OPTION_PRINTS_TABLE } from "../src/option-prints";

 const basePrint = {
@ -38,12 +43,24 @@ describe("option-prints storage helpers", () => {
      };
    };

+    await fetchRecentOptionPrints(client, 25, undefined, {
+      view: "signal",
+      security: "stock",
+      nbboSides: ["AA", "A"],
+      optionTypes: ["call"],
+      minNotional: 25_000
+    });
    await fetchOptionPrintsBefore(client, 100, 5, 20, "alpaca");
    await fetchOptionPrintsByTraceIds(client, ["trace-1", "trace-2"]);

-    expect(queries[0]).toContain("(ts, seq) < (100, 5)");
-    expect(queries[0]).toContain("startsWith(trace_id, 'alpaca')");
-    expect(queries[0]).toContain("ORDER BY ts DESC, seq DESC LIMIT 20");
-    expect(queries[1]).toContain("trace_id IN ('trace-1', 'trace-2')");
+    expect(queries[0]).toContain("signal_pass = 1");
+    expect(queries[0]).toContain("(is_etf = 0 OR is_etf IS NULL)");
+    expect(queries[0]).toContain("nbbo_side IN ('AA', 'A')");
+    expect(queries[0]).toContain("option_type IN ('call')");
+    expect(queries[0]).toContain("notional >= 25000");
+    expect(queries[1]).toContain("(ts, seq) < (100, 5)");
+    expect(queries[1]).toContain("startsWith(trace_id, 'alpaca')");
+    expect(queries[1]).toContain("ORDER BY ts DESC, seq DESC LIMIT 20");
+    expect(queries[2]).toContain("trace_id IN ('trace-1', 'trace-2')");
  });
 });
--- a/packages/types/src/events.ts
+++ b/packages/types/src/events.ts
@ -1,4 +1,5 @@
 import { z } from "zod";
+import { OptionNbboSideSchema, OptionTypeSchema, OptionsSignalModeSchema } from "./options-flow";

 export const EventMetaSchema = z.object({
  source_ts: z.number().int().nonnegative(),
@ -16,7 +17,18 @@ export const OptionPrintSchema = EventMetaSchema.merge(
    price: z.number().nonnegative(),
    size: z.number().int().positive(),
    exchange: z.string().min(1),
-    conditions: z.array(z.string().min(1)).optional()
+    conditions: z.array(z.string().min(1)).optional(),
+    underlying_id: z.preprocess((value) => (value === null ? undefined : value), z.string().min(1).optional()),
+    option_type: z.preprocess((value) => (value === null ? undefined : value), OptionTypeSchema.optional()),
+    notional: z.preprocess((value) => (value === null ? undefined : value), z.number().nonnegative().optional()),
+    nbbo_side: z.preprocess((value) => (value === null ? undefined : value), OptionNbboSideSchema.optional()),
+    is_etf: z.preprocess((value) => (value === null ? undefined : value), z.boolean().optional()),
+    signal_pass: z.preprocess((value) => (value === null ? undefined : value), z.boolean().optional()),
+    signal_reasons: z.array(z.string().min(1)).optional(),
+    signal_profile: z.preprocess(
+      (value) => (value === null ? undefined : value),
+      OptionsSignalModeSchema.optional()
+    )
  })
 );

--- a/packages/types/src/index.ts
+++ b/packages/types/src/index.ts
@ -1,3 +1,4 @@
 export * from "./events";
 export * from "./live";
+export * from "./options-flow";
 export * from "./sp500";
--- a/packages/types/src/live.ts
+++ b/packages/types/src/live.ts
@ -10,6 +10,10 @@ import {
  OptionNBBOSchema,
  OptionPrintSchema
 } from "./events";
+import {
+  OptionFlowFiltersSchema,
+  optionFlowFilterKey
+} from "./options-flow";

 export const CursorSchema = z.object({
  ts: z.number().int().nonnegative(),
@ -47,7 +51,15 @@ export type LiveGenericChannel = z.infer<typeof LiveGenericChannelSchema>;

 export const LiveSubscriptionSchema = z.discriminatedUnion("channel", [
  z.object({
-    channel: LiveGenericChannelSchema
+    channel: z.literal("options"),
+    filters: OptionFlowFiltersSchema.optional()
+  }),
+  z.object({
+    channel: z.literal("flow"),
+    filters: OptionFlowFiltersSchema.optional()
+  }),
+  z.object({
+    channel: z.enum(["nbbo", "equities", "equity-joins", "classifier-hits", "alerts", "inferred-dark"])
  }),
  z.object({
    channel: z.literal("equity-candles"),
@ -165,6 +177,9 @@ export type LiveServerMessage = z.infer<typeof LiveServerMessageSchema>;

 export const getSubscriptionKey = (subscription: LiveSubscription): string => {
  switch (subscription.channel) {
+    case "options":
+    case "flow":
+      return `${subscription.channel}|${optionFlowFilterKey(subscription.filters)}`;
    case "equity-candles":
      return `${subscription.channel}|${subscription.underlying_id}|${subscription.interval_ms}`;
    case "equity-overlay":
--- a/packages/types/src/options-flow.ts
+++ b/packages/types/src/options-flow.ts
@ -0,0 +1,464 @@
+import { z } from "zod";
+import type { FlowPacket, OptionNBBO, OptionPrint } from "./events";
+
+export const SyntheticMarketModeSchema = z.enum(["realistic", "active", "firehose"]);
+export type SyntheticMarketMode = z.infer<typeof SyntheticMarketModeSchema>;
+
+export const OptionTypeSchema = z.enum(["call", "put"]);
+export type OptionType = z.infer<typeof OptionTypeSchema>;
+
+export const OptionNbboSideSchema = z.enum(["AA", "A", "MID", "B", "BB", "MISSING", "STALE"]);
+export type OptionNbboSide = z.infer<typeof OptionNbboSideSchema>;
+
+export const OptionFlowViewSchema = z.enum(["signal", "raw"]);
+export type OptionFlowView = z.infer<typeof OptionFlowViewSchema>;
+
+export const OptionSecurityTypeSchema = z.enum(["stock", "etf"]);
+export type OptionSecurityType = z.infer<typeof OptionSecurityTypeSchema>;
+
+export const OptionsSignalModeSchema = z.enum(["smart-money", "balanced", "all"]);
+export type OptionsSignalMode = z.infer<typeof OptionsSignalModeSchema>;
+
+export const OptionFlowFiltersSchema = z.object({
+  view: OptionFlowViewSchema.optional(),
+  securityTypes: z.array(OptionSecurityTypeSchema).optional(),
+  nbboSides: z.array(OptionNbboSideSchema).optional(),
+  optionTypes: z.array(OptionTypeSchema).optional(),
+  minNotional: z.number().nonnegative().optional()
+});
+
+export type OptionFlowFilters = z.infer<typeof OptionFlowFiltersSchema>;
+
+export type ParsedOptionContract = {
+  root: string;
+  expiry: string;
+  strike: number;
+  right: "C" | "P";
+};
+
+export type SyntheticModeResolution = {
+  market: SyntheticMarketMode;
+  options: SyntheticMarketMode;
+  equities: SyntheticMarketMode;
+};
+
+export type OptionsSignalConfig = {
+  mode: OptionsSignalMode;
+  minNotional: number;
+  etfMinNotional: number;
+  bidSideMinNotional: number;
+  midMinNotional: number;
+  missingNbboMinNotional: number;
+  largePrintMinSize: number;
+  largePrintMinNotional: number;
+  sweepMinNotional: number;
+  autoKeepMinNotional: number;
+  nbboMaxAgeMs: number;
+  etfUnderlyings: Set<string>;
+};
+
+export type DerivedOptionPrintMetadata = {
+  underlying_id?: string;
+  option_type?: OptionType;
+  notional?: number;
+  nbbo_side?: OptionNbboSide;
+  is_etf?: boolean;
+};
+
+export type OptionSignalDecision = {
+  signalPass: boolean;
+  signalReasons: string[];
+  signalProfile: OptionsSignalMode;
+};
+
+const parseDashedContract = (value: string): ParsedOptionContract | null => {
+  const parts = value.split("-");
+  if (parts.length < 6) {
+    return null;
+  }
+
+  const rightRaw = parts.at(-1) ?? "";
+  if (rightRaw !== "C" && rightRaw !== "P") {
+    return null;
+  }
+
+  const strikeRaw = parts.at(-2) ?? "";
+  const strike = Number(strikeRaw);
+  const expiryParts = parts.slice(-5, -2);
+  const expiry = expiryParts.join("-");
+  const root = parts.slice(0, -5).join("-");
+
+  if (!root || !expiry || !Number.isFinite(strike)) {
+    return null;
+  }
+
+  return {
+    root,
+    expiry,
+    strike,
+    right: rightRaw
+  };
+};
+
+const parseOccContract = (value: string): ParsedOptionContract | null => {
+  if (value.length < 15) {
+    return null;
+  }
+
+  const tail = value.slice(-15);
+  const root = value.slice(0, -15).trim();
+  const expiryRaw = tail.slice(0, 6);
+  const right = tail.slice(6, 7);
+  const strikeRaw = tail.slice(7);
+
+  if (!/^\d{6}$/.test(expiryRaw) || !/^\d{8}$/.test(strikeRaw)) {
+    return null;
+  }
+
+  if (right !== "C" && right !== "P") {
+    return null;
+  }
+
+  const year = 2000 + Number(expiryRaw.slice(0, 2));
+  const month = Number(expiryRaw.slice(2, 4)) - 1;
+  const day = Number(expiryRaw.slice(4, 6));
+  const expiryDate = new Date(Date.UTC(year, month, day));
+  const expiry = expiryDate.toISOString().slice(0, 10);
+  const strike = Number(strikeRaw) / 1000;
+
+  if (!root || !Number.isFinite(strike)) {
+    return null;
+  }
+
+  return {
+    root,
+    expiry,
+    strike,
+    right
+  };
+};
+
+export const parseOptionContractId = (value: string | undefined): ParsedOptionContract | null => {
+  if (!value) {
+    return null;
+  }
+
+  return parseDashedContract(value) ?? parseOccContract(value);
+};
+
+export const resolveSyntheticMarketModes = (input: {
+  syntheticMarketMode?: string | null | undefined;
+  syntheticOptionsMode?: string | null | undefined;
+  syntheticEquitiesMode?: string | null | undefined;
+}): SyntheticModeResolution => {
+  const market = SyntheticMarketModeSchema.catch("realistic").parse(
+    input.syntheticMarketMode ?? "realistic"
+  );
+  const options = SyntheticMarketModeSchema.catch(market).parse(
+    input.syntheticOptionsMode ?? market
+  );
+  const equities = SyntheticMarketModeSchema.catch(market).parse(
+    input.syntheticEquitiesMode ?? market
+  );
+
+  return { market, options, equities };
+};
+
+export const classifyOptionNbboSide = (
+  price: number,
+  quote: Pick<OptionNBBO, "bid" | "ask" | "ts"> | null | undefined,
+  tradeTs: number,
+  maxAgeMs: number
+): OptionNbboSide => {
+  if (!quote || !Number.isFinite(price)) {
+    return "MISSING";
+  }
+
+  const bid = quote.bid;
+  const ask = quote.ask;
+  if (!Number.isFinite(bid) || !Number.isFinite(ask) || ask <= 0) {
+    return "MISSING";
+  }
+
+  const ageMs = Math.abs(tradeTs - quote.ts);
+  if (ageMs > maxAgeMs) {
+    return "STALE";
+  }
+
+  const spread = Math.max(0, ask - bid);
+  const epsilon = Math.max(0.01, spread * 0.05);
+
+  if (price > ask + epsilon) {
+    return "AA";
+  }
+  if (price >= ask - epsilon) {
+    return "A";
+  }
+  if (price < bid - epsilon) {
+    return "BB";
+  }
+  if (price <= bid + epsilon) {
+    return "B";
+  }
+
+  return "MID";
+};
+
+export const deriveOptionPrintMetadata = (
+  print: Pick<OptionPrint, "option_contract_id" | "price" | "size" | "ts">,
+  quote: Pick<OptionNBBO, "bid" | "ask" | "ts"> | null | undefined,
+  config: Pick<OptionsSignalConfig, "nbboMaxAgeMs" | "etfUnderlyings">
+): DerivedOptionPrintMetadata => {
+  const parsed = parseOptionContractId(print.option_contract_id);
+  const underlying = parsed?.root?.toUpperCase();
+  const optionType = parsed?.right === "C" ? "call" : parsed?.right === "P" ? "put" : undefined;
+  const notional = Number.isFinite(print.price) && Number.isFinite(print.size)
+    ? Number((print.price * print.size * 100).toFixed(2))
+    : undefined;
+
+  return {
+    underlying_id: underlying,
+    option_type: optionType,
+    notional,
+    nbbo_side: classifyOptionNbboSide(print.price, quote, print.ts, config.nbboMaxAgeMs),
+    is_etf: underlying ? config.etfUnderlyings.has(underlying) : undefined
+  };
+};
+
+const hasCondition = (conditions: string[] | undefined, expected: string): boolean => {
+  return (conditions ?? []).some((condition) => condition.toUpperCase() === expected);
+};
+
+const balancedThresholds = (config: OptionsSignalConfig): OptionsSignalConfig => ({
+  ...config,
+  minNotional: Math.min(config.minNotional, 5_000),
+  etfMinNotional: Math.min(config.etfMinNotional, 25_000),
+  bidSideMinNotional: Math.min(config.bidSideMinNotional, 15_000),
+  midMinNotional: Math.min(config.midMinNotional, 12_500),
+  missingNbboMinNotional: Math.min(config.missingNbboMinNotional, 25_000),
+  sweepMinNotional: Math.min(config.sweepMinNotional, 15_000),
+  autoKeepMinNotional: Math.min(config.autoKeepMinNotional, 75_000)
+});
+
+export const evaluateOptionSignal = (
+  print: Pick<
+    OptionPrint,
+    "size" | "conditions" | "signal_profile" | "underlying_id" | "option_type" | "notional" | "nbbo_side" | "is_etf"
+  >,
+  baseConfig: OptionsSignalConfig
+): OptionSignalDecision => {
+  const mode = print.signal_profile ?? baseConfig.mode;
+  if (mode === "all") {
+    return {
+      signalPass: true,
+      signalReasons: ["mode:all"],
+      signalProfile: "all"
+    };
+  }
+
+  const config = mode === "balanced" ? balancedThresholds(baseConfig) : baseConfig;
+  const reasons: string[] = [];
+  const notional = print.notional ?? 0;
+  const side = print.nbbo_side ?? "MISSING";
+  const isSweepOrIso = hasCondition(print.conditions, "SWEEP") || hasCondition(print.conditions, "ISO");
+
+  if (notional < config.minNotional) {
+    return {
+      signalPass: false,
+      signalReasons: ["reject:min-notional"],
+      signalProfile: mode
+    };
+  }
+
+  if (notional >= config.autoKeepMinNotional) {
+    reasons.push("keep:auto-large");
+  }
+
+  if (print.is_etf && notional < config.etfMinNotional) {
+    return {
+      signalPass: false,
+      signalReasons: ["reject:etf-min-notional"],
+      signalProfile: mode
+    };
+  }
+
+  if ((side === "B" || side === "BB") && notional < config.bidSideMinNotional) {
+    return {
+      signalPass: false,
+      signalReasons: ["reject:bid-side-min-notional"],
+      signalProfile: mode
+    };
+  }
+
+  if (side === "MID" && !isSweepOrIso && notional < config.midMinNotional) {
+    return {
+      signalPass: false,
+      signalReasons: ["reject:mid-min-notional"],
+      signalProfile: mode
+    };
+  }
+
+  if ((side === "MISSING" || side === "STALE") && notional < config.missingNbboMinNotional) {
+    return {
+      signalPass: false,
+      signalReasons: ["reject:missing-nbbo-min-notional"],
+      signalProfile: mode
+    };
+  }
+
+  if ((side === "A" || side === "AA") && notional >= config.minNotional) {
+    reasons.push("keep:ask-side");
+  }
+
+  if (isSweepOrIso && notional >= config.sweepMinNotional) {
+    reasons.push("keep:sweep-or-iso");
+  }
+
+  if (print.size >= config.largePrintMinSize && notional >= config.largePrintMinNotional) {
+    reasons.push("keep:large-contract-count");
+  }
+
+  if (reasons.length === 0) {
+    return {
+      signalPass: false,
+      signalReasons: ["reject:no-signal-rule"],
+      signalProfile: mode
+    };
+  }
+
+  return {
+    signalPass: true,
+    signalReasons: reasons,
+    signalProfile: mode
+  };
+};
+
+const sortStrings = (values: string[] | undefined): string[] | undefined => {
+  if (!values || values.length === 0) {
+    return undefined;
+  }
+  return [...new Set(values)].sort();
+};
+
+export const normalizeOptionFlowFilters = (
+  filters: OptionFlowFilters | undefined
+): OptionFlowFilters | undefined => {
+  if (!filters) {
+    return undefined;
+  }
+
+  return {
+    view: filters.view,
+    securityTypes: sortStrings(filters.securityTypes) as OptionSecurityType[] | undefined,
+    nbboSides: sortStrings(filters.nbboSides) as OptionNbboSide[] | undefined,
+    optionTypes: sortStrings(filters.optionTypes) as OptionType[] | undefined,
+    minNotional:
+      typeof filters.minNotional === "number" && Number.isFinite(filters.minNotional)
+        ? filters.minNotional
+        : undefined
+  };
+};
+
+export const optionFlowFilterKey = (filters: OptionFlowFilters | undefined): string => {
+  return JSON.stringify(normalizeOptionFlowFilters(filters) ?? {});
+};
+
+export const matchesOptionPrintFilters = (
+  print: Pick<OptionPrint, "is_etf" | "nbbo_side" | "option_type" | "notional" | "signal_pass">,
+  filters: OptionFlowFilters | undefined
+): boolean => {
+  if (!filters) {
+    return true;
+  }
+
+  const view = filters.view ?? "signal";
+  if (view === "signal" && print.signal_pass === false) {
+    return false;
+  }
+
+  if (filters.securityTypes?.length) {
+    const securityType: OptionSecurityType = print.is_etf ? "etf" : "stock";
+    if (!filters.securityTypes.includes(securityType)) {
+      return false;
+    }
+  }
+
+  if (filters.nbboSides?.length) {
+    const side = print.nbbo_side ?? "MISSING";
+    if (!filters.nbboSides.includes(side)) {
+      return false;
+    }
+  }
+
+  if (filters.optionTypes?.length) {
+    const optionType = print.option_type;
+    if (!optionType || !filters.optionTypes.includes(optionType)) {
+      return false;
+    }
+  }
+
+  if (typeof filters.minNotional === "number" && (print.notional ?? 0) < filters.minNotional) {
+    return false;
+  }
+
+  return true;
+};
+
+export const matchesFlowPacketFilters = (
+  packet: FlowPacket,
+  filters: OptionFlowFilters | undefined
+): boolean => {
+  if (!filters) {
+    return true;
+  }
+
+  const features = packet.features ?? {};
+  const totalNotional = typeof features.total_notional === "number" ? features.total_notional : Number(features.total_notional ?? 0);
+  if (typeof filters.minNotional === "number" && (!Number.isFinite(totalNotional) || totalNotional < filters.minNotional)) {
+    return false;
+  }
+
+  if (filters.securityTypes?.length) {
+    const isEtf = typeof features.is_etf === "boolean" ? features.is_etf : features.is_etf === 1;
+    const securityType: OptionSecurityType = isEtf ? "etf" : "stock";
+    if (!filters.securityTypes.includes(securityType)) {
+      return false;
+    }
+  }
+
+  if (filters.optionTypes?.length) {
+    const optionType =
+      typeof features.option_type === "string"
+        ? features.option_type
+        : typeof features.structure_rights === "string"
+          ? features.structure_rights.toLowerCase()
+          : null;
+    if (
+      !optionType ||
+      !filters.optionTypes.some((selected) => optionType.includes(selected))
+    ) {
+      return false;
+    }
+  }
+
+  if (filters.nbboSides?.length) {
+    const sideToFeature: Record<OptionNbboSide, string> = {
+      AA: "nbbo_aa_count",
+      A: "nbbo_a_count",
+      MID: "nbbo_mid_count",
+      B: "nbbo_b_count",
+      BB: "nbbo_bb_count",
+      MISSING: "nbbo_missing_count",
+      STALE: "nbbo_stale_count"
+    };
+    const matchesSide = filters.nbboSides.some((side) => {
+      const value = features[sideToFeature[side]];
+      return typeof value === "number" ? value > 0 : Number(value ?? 0) > 0;
+    });
+    if (!matchesSide) {
+      return false;
+    }
+  }
+
+  return true;
+};
--- a/packages/types/tests/live.test.ts
+++ b/packages/types/tests/live.test.ts
@ -8,7 +8,21 @@ import {

 describe("live protocol types", () => {
  it("builds stable keys for generic and parameterized subscriptions", () => {
-    expect(getSubscriptionKey({ channel: "flow" })).toBe("flow");
+    expect(getSubscriptionKey({ channel: "flow" })).toBe("flow|{}");
+    expect(
+      getSubscriptionKey({
+        channel: "options",
+        filters: {
+          view: "signal",
+          securityTypes: ["stock"],
+          nbboSides: ["A", "AA"],
+          optionTypes: ["call", "put"],
+          minNotional: 25000
+        }
+      })
+    ).toBe(
+      'options|{"view":"signal","securityTypes":["stock"],"nbboSides":["A","AA"],"optionTypes":["call","put"],"minNotional":25000}'
+    );
    expect(
      getSubscriptionKey({
        channel: "equity-candles",
@ -25,7 +39,7 @@ describe("live protocol types", () => {
    const parsed = LiveClientMessageSchema.parse({
      op: "subscribe",
      subscriptions: [
-        { channel: "flow" },
+        { channel: "flow", filters: { nbboSides: ["AA", "A"], minNotional: 50000 } },
        { channel: "equity-candles", underlying_id: "SPY", interval_ms: 60000 }
      ]
    });
--- a/packages/types/tests/options-flow.test.ts
+++ b/packages/types/tests/options-flow.test.ts
@ -0,0 +1,132 @@
+import { describe, expect, it } from "bun:test";
+import {
+  deriveOptionPrintMetadata,
+  evaluateOptionSignal,
+  resolveSyntheticMarketModes,
+  type OptionsSignalConfig
+} from "../src/options-flow";
+
+const baseConfig: OptionsSignalConfig = {
+  mode: "smart-money",
+  minNotional: 10_000,
+  etfMinNotional: 50_000,
+  bidSideMinNotional: 25_000,
+  midMinNotional: 20_000,
+  missingNbboMinNotional: 50_000,
+  largePrintMinSize: 500,
+  largePrintMinNotional: 10_000,
+  sweepMinNotional: 25_000,
+  autoKeepMinNotional: 100_000,
+  nbboMaxAgeMs: 1_500,
+  etfUnderlyings: new Set(["SPY", "QQQ"])
+};
+
+describe("options-flow helpers", () => {
+  it("resolves synthetic modes with per-service overrides", () => {
+    expect(
+      resolveSyntheticMarketModes({
+        syntheticMarketMode: "active",
+        syntheticOptionsMode: "firehose"
+      })
+    ).toEqual({
+      market: "active",
+      options: "firehose",
+      equities: "active"
+    });
+  });
+
+  it("derives underlying, notional, nbbo side, and etf metadata", () => {
+    const metadata = deriveOptionPrintMetadata(
+      {
+        option_contract_id: "SPY-2025-01-17-450-C",
+        price: 2.5,
+        size: 100,
+        ts: 5_000
+      },
+      {
+        bid: 2.3,
+        ask: 2.5,
+        ts: 4_500
+      },
+      baseConfig
+    );
+
+    expect(metadata.underlying_id).toBe("SPY");
+    expect(metadata.option_type).toBe("call");
+    expect(metadata.notional).toBe(25_000);
+    expect(metadata.nbbo_side).toBe("A");
+    expect(metadata.is_etf).toBe(true);
+  });
+
+  it("accepts and rejects smart-money thresholds at boundaries", () => {
+    const acceptedAsk = evaluateOptionSignal(
+      {
+        size: 100,
+        conditions: [],
+        underlying_id: "AAPL",
+        option_type: "call",
+        notional: 10_000,
+        nbbo_side: "A",
+        is_etf: false
+      },
+      baseConfig
+    );
+    expect(acceptedAsk.signalPass).toBe(true);
+
+    const rejectedLow = evaluateOptionSignal(
+      {
+        size: 100,
+        conditions: [],
+        underlying_id: "AAPL",
+        option_type: "call",
+        notional: 9_999,
+        nbbo_side: "A",
+        is_etf: false
+      },
+      baseConfig
+    );
+    expect(rejectedLow.signalPass).toBe(false);
+
+    const rejectedBid = evaluateOptionSignal(
+      {
+        size: 100,
+        conditions: [],
+        underlying_id: "AAPL",
+        option_type: "put",
+        notional: 24_999,
+        nbbo_side: "B",
+        is_etf: false
+      },
+      baseConfig
+    );
+    expect(rejectedBid.signalPass).toBe(false);
+
+    const acceptedSweep = evaluateOptionSignal(
+      {
+        size: 100,
+        conditions: ["SWEEP"],
+        underlying_id: "AAPL",
+        option_type: "call",
+        notional: 25_000,
+        nbbo_side: "MID",
+        is_etf: false
+      },
+      baseConfig
+    );
+    expect(acceptedSweep.signalPass).toBe(true);
+
+    const rejectedEtf = evaluateOptionSignal(
+      {
+        size: 100,
+        conditions: [],
+        underlying_id: "SPY",
+        option_type: "call",
+        notional: 49_999,
+        nbbo_side: "A",
+        is_etf: true
+      },
+      baseConfig
+    );
+    expect(rejectedEtf.signalPass).toBe(false);
+  });
+});
--- a/services/api/src/index.ts
+++ b/services/api/src/index.ts
@ -10,7 +10,7 @@ import {
  SUBJECT_INFERRED_DARK,
  SUBJECT_FLOW_PACKETS,
  SUBJECT_OPTION_NBBO,
-  SUBJECT_OPTION_PRINTS,
+  SUBJECT_OPTION_SIGNAL_PRINTS,
  STREAM_ALERTS,
  STREAM_CLASSIFIER_HITS,
  STREAM_EQUITY_CANDLES,
@ -20,7 +20,7 @@ import {
  STREAM_INFERRED_DARK,
  STREAM_FLOW_PACKETS,
  STREAM_OPTION_NBBO,
-  STREAM_OPTION_PRINTS,
+  STREAM_OPTION_SIGNAL_PRINTS,
  buildDurableConsumer,
  connectJetStreamWithRetry,
  ensureStream,
@ -85,6 +85,13 @@ import {
  LiveServerMessage,
  LiveSubscription,
  LiveSubscriptionSchema,
+  matchesFlowPacketFilters,
+  matchesOptionPrintFilters,
+  OptionFlowFilters,
+  OptionFlowViewSchema,
+  OptionNbboSideSchema,
+  OptionSecurityTypeSchema,
+  OptionTypeSchema,
  FlowPacketSchema,
  OptionNBBOSchema,
  OptionPrintSchema,
@ -199,6 +206,32 @@ const equityPrintRangeSchema = z.object({
  end_ts: z.coerce.number().int().nonnegative(),
  limit: limitSchema.optional()
 });
+const optionSideListSchema = z
+  .string()
+  .transform((value) =>
+    value
+      .split(",")
+      .map((entry) => entry.trim())
+      .filter(Boolean)
+  )
+  .pipe(z.array(OptionNbboSideSchema));
+const optionTypeListSchema = z
+  .string()
+  .transform((value) =>
+    value
+      .split(",")
+      .map((entry) => entry.trim())
+      .filter(Boolean)
+  )
+  .pipe(z.array(OptionTypeSchema));
+const optionSecuritySchema = z.enum(["stock", "etf", "all"]);
+const optionFilterQuerySchema = z.object({
+  view: OptionFlowViewSchema.optional(),
+  security: optionSecuritySchema.optional(),
+  side: optionSideListSchema.optional(),
+  type: optionTypeListSchema.optional(),
+  min_notional: z.coerce.number().nonnegative().optional()
+});

 type Channel =
  | "options"
@ -235,6 +268,7 @@ const classifierHitSockets = new Set<LegacySocket>();
 const alertSockets = new Set<LegacySocket>();
 const liveSocketSubscriptions = new Map<LiveSocket, Set<string>>();
 const subscriptionSockets = new Map<string, Set<LiveSocket>>();
+const subscriptionDefinitions = new Map<string, LiveSubscription>();
 const liveHeartbeats = new Map<LiveSocket, ReturnType<typeof setInterval>>();

 const jsonResponse = (body: unknown, status = 200): Response => {
@ -254,6 +288,43 @@ const parseLimit = (value: string | null): number => {
  return limitSchema.parse(value);
 };

+const parseOptionPrintFilters = (
+  url: URL
+): {
+  view: z.infer<typeof OptionFlowViewSchema>;
+  storageFilters: Parameters<typeof fetchRecentOptionPrints>[3];
+  liveFilters: OptionFlowFilters;
+} => {
+  const parsed = optionFilterQuerySchema.parse({
+    view: url.searchParams.get("view") ?? undefined,
+    security: url.searchParams.get("security") ?? undefined,
+    side: url.searchParams.get("side") ?? undefined,
+    type: url.searchParams.get("type") ?? undefined,
+    min_notional: url.searchParams.get("min_notional") ?? undefined
+  });
+  const view = parsed.view ?? "signal";
+  const security = parsed.security ?? (view === "raw" ? "all" : "stock");
+  const storageFilters = {
+    view,
+    security,
+    minNotional: parsed.min_notional,
+    nbboSides: parsed.side,
+    optionTypes: parsed.type
+  } as const;
+  const liveFilters: OptionFlowFilters = {
+    view,
+    securityTypes:
+      security === "all"
+        ? undefined
+        : ([security] as Array<z.infer<typeof OptionSecurityTypeSchema>>),
+    nbboSides: parsed.side,
+    optionTypes: parsed.type,
+    minNotional: parsed.min_notional
+  };
+
+  return { view, storageFilters, liveFilters };
+};
+
 const parseReplayParams = (url: URL): { afterTs: number; afterSeq: number; limit: number } => {
  const params = replayParamsSchema.parse({
    after_ts: url.searchParams.get("after_ts") ?? undefined,
@ -412,6 +483,7 @@ const subscribeSocket = (socket: LiveSocket, subscription: LiveSubscription): vo
  const sockets = subscriptionSockets.get(key) ?? new Set<LiveSocket>();
  sockets.add(socket);
  subscriptionSockets.set(key, sockets);
+  subscriptionDefinitions.set(key, subscription);
 };

 const unsubscribeSocket = (socket: LiveSocket, subscription: LiveSubscription): void => {
@ -425,6 +497,7 @@ const unsubscribeSocket = (socket: LiveSocket, subscription: LiveSubscription):
  sockets.delete(socket);
  if (sockets.size === 0) {
    subscriptionSockets.delete(key);
+    subscriptionDefinitions.delete(key);
  }
 };

@ -436,6 +509,7 @@ const cleanupLiveSocket = (socket: LiveSocket): void => {
      sockets?.delete(socket);
      if (sockets && sockets.size === 0) {
        subscriptionSockets.delete(key);
+        subscriptionDefinitions.delete(key);
      }
    }
  }
@ -504,8 +578,8 @@ const run = async () => {
  );

  await ensureStream(jsm, {
-    name: STREAM_OPTION_PRINTS,
-    subjects: [SUBJECT_OPTION_PRINTS],
+    name: STREAM_OPTION_SIGNAL_PRINTS,
+    subjects: [SUBJECT_OPTION_SIGNAL_PRINTS],
    retention: "limits",
    storage: "file",
    discard: "old",
@ -722,8 +796,8 @@ const run = async () => {
  };

  const optionSubscription = await subscribeWithReset(
-    SUBJECT_OPTION_PRINTS,
-    STREAM_OPTION_PRINTS,
+    SUBJECT_OPTION_SIGNAL_PRINTS,
+    STREAM_OPTION_SIGNAL_PRINTS,
    "api-option-prints"
  );

@ -786,20 +860,44 @@ const run = async () => {
    item: unknown,
    ingestChannel: "options" | "nbbo" | "equities" | "equity-candles" | "equity-overlay" | "equity-joins" | "flow" | "classifier-hits" | "alerts" | "inferred-dark"
  ) => {
-    const key = getSubscriptionKey(subscription);
-    const sockets = subscriptionSockets.get(key);
    const watermark = await liveState.ingest(ingestChannel, item);
-    if (!sockets || sockets.size === 0) {
+    const matchingSubscriptions =
+      subscription.channel === "options" || subscription.channel === "flow"
+        ? [...subscriptionDefinitions.entries()].filter(([, candidate]) => candidate.channel === subscription.channel)
+        : [[getSubscriptionKey(subscription), subscription] as const];
+
+    if (matchingSubscriptions.length === 0) {
      return;
    }

-    for (const socket of sockets) {
-      sendLiveMessage(socket, {
-        op: "event",
-        subscription,
-        item,
-        watermark
-      });
+    for (const [key, candidate] of matchingSubscriptions) {
+      const sockets = subscriptionSockets.get(key);
+      if (!sockets || sockets.size === 0) {
+        continue;
+      }
+
+      if (
+        candidate.channel === "options" &&
+        !matchesOptionPrintFilters(OptionPrintSchema.parse(item), candidate.filters)
+      ) {
+        continue;
+      }
+
+      if (
+        candidate.channel === "flow" &&
+        !matchesFlowPacketFilters(FlowPacketSchema.parse(item), candidate.filters)
+      ) {
+        continue;
+      }
+
+      for (const socket of sockets) {
+        sendLiveMessage(socket, {
+          op: "event",
+          subscription: candidate,
+          item,
+          watermark
+        });
+      }
    }
  };

@ -996,10 +1094,21 @@ const run = async () => {
      }

      if (req.method === "GET" && url.pathname === "/prints/options") {
-        const limit = parseLimit(url.searchParams.get("limit"));
-        const source = parseReplaySource(url) ?? undefined;
-        const data = await fetchRecentOptionPrints(clickhouse, limit, source);
-        return jsonResponse({ data });
+        try {
+          const limit = parseLimit(url.searchParams.get("limit"));
+          const source = parseReplaySource(url) ?? undefined;
+          const { storageFilters } = parseOptionPrintFilters(url);
+          const data = await fetchRecentOptionPrints(clickhouse, limit, source, storageFilters);
+          return jsonResponse({ data });
+        } catch (error) {
+          return jsonResponse(
+            {
+              error: "invalid options query",
+              detail: error instanceof Error ? error.message : String(error)
+            },
+            400
+          );
+        }
      }

      if (req.method === "GET" && url.pathname === "/nbbo/options") {
@ -1105,10 +1214,28 @@ const run = async () => {
      }

      if (req.method === "GET" && url.pathname === "/history/options") {
-        const { beforeTs, beforeSeq, limit } = parseBeforeParams(url);
-        const source = parseReplaySource(url) ?? undefined;
-        const data = await fetchOptionPrintsBefore(clickhouse, beforeTs, beforeSeq, limit, source);
-        return jsonResponse(buildHistoryResponse(data, (item) => ({ ts: item.ts, seq: item.seq })));
+        try {
+          const { beforeTs, beforeSeq, limit } = parseBeforeParams(url);
+          const source = parseReplaySource(url) ?? undefined;
+          const { storageFilters } = parseOptionPrintFilters(url);
+          const data = await fetchOptionPrintsBefore(
+            clickhouse,
+            beforeTs,
+            beforeSeq,
+            limit,
+            source,
+            storageFilters
+          );
+          return jsonResponse(buildHistoryResponse(data, (item) => ({ ts: item.ts, seq: item.seq })));
+        } catch (error) {
+          return jsonResponse(
+            {
+              error: "invalid options history query",
+              detail: error instanceof Error ? error.message : String(error)
+            },
+            400
+          );
+        }
      }

      if (req.method === "GET" && url.pathname === "/history/nbbo") {
@ -1183,12 +1310,30 @@ const run = async () => {
      }

      if (req.method === "GET" && url.pathname === "/replay/options") {
-        const { afterTs, afterSeq, limit } = parseReplayParams(url);
-        const source = parseReplaySource(url) ?? undefined;
-        const data = await fetchOptionPrintsAfter(clickhouse, afterTs, afterSeq, limit, source);
-        const last = data.at(-1);
-        const next = last ? { ts: last.ts, seq: last.seq } : null;
-        return jsonResponse({ data, next });
+        try {
+          const { afterTs, afterSeq, limit } = parseReplayParams(url);
+          const source = parseReplaySource(url) ?? undefined;
+          const { storageFilters } = parseOptionPrintFilters(url);
+          const data = await fetchOptionPrintsAfter(
+            clickhouse,
+            afterTs,
+            afterSeq,
+            limit,
+            source,
+            storageFilters
+          );
+          const last = data.at(-1);
+          const next = last ? { ts: last.ts, seq: last.seq } : null;
+          return jsonResponse({ data, next });
+        } catch (error) {
+          return jsonResponse(
+            {
+              error: "invalid options replay query",
+              detail: error instanceof Error ? error.message : String(error)
+            },
+            400
+          );
+        }
      }

      if (req.method === "GET" && url.pathname === "/replay/nbbo") {
--- a/services/api/src/live.ts
+++ b/services/api/src/live.ts
@ -1,4 +1,5 @@
 import {
+  fetchRecentOptionPrints,
  fetchRecentAlerts,
  fetchRecentClassifierHits,
  fetchRecentEquityCandles,
@ -7,9 +8,9 @@ import {
  fetchRecentFlowPackets,
  fetchRecentInferredDark,
  fetchRecentOptionNBBO,
-  fetchRecentOptionPrints,
  type ClickHouseClient
 } from "@islandflow/storage";
+import type { OptionPrintQueryFilters } from "@islandflow/storage";
 import {
  AlertEventSchema,
  ClassifierHitEventSchema,
@ -22,8 +23,11 @@ import {
  InferredDarkEventSchema,
  LiveGenericChannel,
  LiveSubscription,
+  matchesFlowPacketFilters,
+  matchesOptionPrintFilters,
  OptionNBBOSchema,
  OptionPrintSchema,
+  type OptionFlowFilters,
  type Cursor,
  type EquityCandle,
  type EquityPrint,
@ -124,7 +128,8 @@ const getGenericConfig = (limits: GenericLiveLimits): {
    limit: limits.options,
    parse: (value) => OptionPrintSchema.parse(value),
    cursor: (item) => ({ ts: item.ts, seq: item.seq }),
-    fetchRecent: fetchRecentOptionPrints
+    fetchRecent: (clickhouse, limit) =>
+      fetchRecentOptionPrints(clickhouse, limit, undefined, { view: "signal" })
  },
  nbbo: {
    redisKey: "live:nbbo",
@ -279,6 +284,55 @@ export class LiveStateManager {

  async getSnapshot(subscription: LiveSubscription): Promise<FeedSnapshot<unknown>> {
    switch (subscription.channel) {
+      case "options": {
+        if (subscription.filters?.view === "raw") {
+          const storageFilters: OptionPrintQueryFilters = {
+            view: "raw",
+            security:
+              subscription.filters.securityTypes?.length === 1
+                ? subscription.filters.securityTypes[0]
+                : "all",
+            nbboSides: subscription.filters.nbboSides,
+            optionTypes: subscription.filters.optionTypes,
+            minNotional: subscription.filters.minNotional
+          };
+          const items = await fetchRecentOptionPrints(
+            this.clickhouse,
+            this.generic.options.limit,
+            undefined,
+            storageFilters
+          );
+          return {
+            subscription,
+            items,
+            watermark: items[0] ? { ts: items[0].ts, seq: items[0].seq } : null,
+            next_before: nextBeforeForItems(items, (item) => ({ ts: item.ts, seq: item.seq }))
+          };
+        }
+
+        const config = this.generic.options;
+        const items = (this.genericItems.get("options") ?? []).filter((item) =>
+          matchesOptionPrintFilters(item, subscription.filters)
+        );
+        return {
+          subscription,
+          items,
+          watermark: this.genericCursors.get(config.cursorField) ?? null,
+          next_before: nextBeforeForItems(items, config.cursor)
+        };
+      }
+      case "flow": {
+        const config = this.generic.flow;
+        const items = (this.genericItems.get("flow") ?? []).filter((item) =>
+          matchesFlowPacketFilters(item, subscription.filters)
+        );
+        return {
+          subscription,
+          items,
+          watermark: this.genericCursors.get(config.cursorField) ?? null,
+          next_before: nextBeforeForItems(items, config.cursor)
+        };
+      }
      case "equity-candles": {
        const key = candleRedisKey(subscription.underlying_id, subscription.interval_ms);
        const cursorField = candleCursorField(subscription.underlying_id, subscription.interval_ms);
--- a/services/api/tests/live.test.ts
+++ b/services/api/tests/live.test.ts
@ -196,4 +196,81 @@ describe("LiveStateManager", () => {
    expect(stats.trimOperations).toBeGreaterThan(0);
    expect(stats.cacheDepthByKey["live:flow"]).toBe(2);
  });
+
+  it("filters option and flow snapshots using subscription filters", async () => {
+    const manager = new LiveStateManager(makeClickHouse(), null);
+
+    await manager.ingest("options", {
+      source_ts: 100,
+      ingest_ts: 101,
+      seq: 1,
+      trace_id: "opt-1",
+      ts: 100,
+      option_contract_id: "AAPL-2025-01-17-200-C",
+      price: 1,
+      size: 100,
+      exchange: "X",
+      underlying_id: "AAPL",
+      option_type: "call",
+      notional: 10000,
+      nbbo_side: "A",
+      is_etf: false,
+      signal_pass: true,
+      signal_reasons: ["keep:ask-side"],
+      signal_profile: "smart-money"
+    });
+    await manager.ingest("options", {
+      source_ts: 110,
+      ingest_ts: 111,
+      seq: 2,
+      trace_id: "opt-2",
+      ts: 110,
+      option_contract_id: "SPY-2025-01-17-500-P",
+      price: 1,
+      size: 100,
+      exchange: "X",
+      underlying_id: "SPY",
+      option_type: "put",
+      notional: 10000,
+      nbbo_side: "B",
+      is_etf: true,
+      signal_pass: true,
+      signal_reasons: ["keep:ask-side"],
+      signal_profile: "smart-money"
+    });
+    await manager.ingest("flow", {
+      source_ts: 120,
+      ingest_ts: 121,
+      seq: 3,
+      trace_id: "flow-1",
+      id: "flow-1",
+      members: ["opt-1"],
+      features: {
+        option_contract_id: "AAPL-2025-01-17-200-C",
+        total_notional: 10000,
+        is_etf: false,
+        option_type: "call",
+        nbbo_a_count: 1,
+        nbbo_aa_count: 0,
+        nbbo_mid_count: 0,
+        nbbo_b_count: 0,
+        nbbo_bb_count: 0,
+        nbbo_missing_count: 0,
+        nbbo_stale_count: 0
+      },
+      join_quality: {}
+    });
+
+    const optionSnapshot = await manager.getSnapshot({
+      channel: "options",
+      filters: { securityTypes: ["stock"], nbboSides: ["A"], optionTypes: ["call"] }
+    });
+    const flowSnapshot = await manager.getSnapshot({
+      channel: "flow",
+      filters: { securityTypes: ["stock"], nbboSides: ["A"], optionTypes: ["call"] }
+    });
+
+    expect(optionSnapshot.items).toHaveLength(1);
+    expect(flowSnapshot.items).toHaveLength(1);
+  });
 });
--- a/services/compute/src/index.ts
+++ b/services/compute/src/index.ts
@ -9,7 +9,7 @@ import {
  SUBJECT_INFERRED_DARK,
  SUBJECT_FLOW_PACKETS,
  SUBJECT_OPTION_NBBO,
-  SUBJECT_OPTION_PRINTS,
+  SUBJECT_OPTION_SIGNAL_PRINTS,
  STREAM_ALERTS,
  STREAM_CLASSIFIER_HITS,
  STREAM_EQUITY_JOINS,
@ -18,7 +18,7 @@ import {
  STREAM_INFERRED_DARK,
  STREAM_FLOW_PACKETS,
  STREAM_OPTION_NBBO,
-  STREAM_OPTION_PRINTS,
+  STREAM_OPTION_SIGNAL_PRINTS,
  buildDurableConsumer,
  connectJetStreamWithRetry,
  ensureStream,
@ -231,6 +231,9 @@ type NbboPlacementCounts = {

 type ClusterState = {
  contractId: string;
+  underlyingId: string | null;
+  optionType: string | null;
+  isEtf: boolean | null;
  startTs: number;
  endTs: number;
  startSourceTs: number;
@ -530,6 +533,9 @@ const buildCluster = (print: OptionPrint): ClusterState => {
  recordPlacement(placements, classifyPlacement(print.price, selectNbbo(print.option_contract_id, print.ts)));
  return {
    contractId: print.option_contract_id,
+    underlyingId: print.underlying_id ?? null,
+    optionType: print.option_type ?? null,
+    isEtf: typeof print.is_etf === "boolean" ? print.is_etf : null,
    startTs: print.ts,
    endTs: print.ts,
    startSourceTs: print.source_ts,
@ -546,6 +552,15 @@ const buildCluster = (print: OptionPrint): ClusterState => {
 };

 const updateCluster = (cluster: ClusterState, print: OptionPrint): ClusterState => {
+  if (!cluster.underlyingId && print.underlying_id) {
+    cluster.underlyingId = print.underlying_id;
+  }
+  if (!cluster.optionType && print.option_type) {
+    cluster.optionType = print.option_type;
+  }
+  if (cluster.isEtf === null && typeof print.is_etf === "boolean") {
+    cluster.isEtf = print.is_etf;
+  }
  cluster.endTs = Math.max(cluster.endTs, print.ts);
  cluster.endIngestTs = Math.max(cluster.endIngestTs, print.ingest_ts);
  cluster.endSeq = Math.max(cluster.endSeq, print.seq);
@ -705,6 +720,15 @@ const flushCluster = async (
      }
    }
  }
+  if (cluster.underlyingId) {
+    features.underlying_id = cluster.underlyingId;
+  }
+  if (cluster.optionType) {
+    features.option_type = cluster.optionType;
+  }
+  if (cluster.isEtf !== null) {
+    features.is_etf = cluster.isEtf;
+  }

  const placementTotal =
    cluster.placements.aa +
@ -1012,8 +1036,8 @@ const run = async () => {
  );

  await ensureStream(jsm, {
-    name: STREAM_OPTION_PRINTS,
-    subjects: [SUBJECT_OPTION_PRINTS],
+    name: STREAM_OPTION_SIGNAL_PRINTS,
+    subjects: [SUBJECT_OPTION_SIGNAL_PRINTS],
    retention: "limits",
    storage: "file",
    discard: "old",
@ -1162,7 +1186,7 @@ const run = async () => {

  if (env.COMPUTE_CONSUMER_RESET) {
    try {
-      await jsm.consumers.delete(STREAM_OPTION_PRINTS, durableName);
+      await jsm.consumers.delete(STREAM_OPTION_SIGNAL_PRINTS, durableName);
      logger.warn("reset jetstream consumer", { durable: durableName });
    } catch (error) {
      const message = error instanceof Error ? error.message : String(error);
@ -1172,14 +1196,14 @@ const run = async () => {
    }
  } else {
    try {
-      const info = await jsm.consumers.info(STREAM_OPTION_PRINTS, durableName);
+      const info = await jsm.consumers.info(STREAM_OPTION_SIGNAL_PRINTS, durableName);
      if (info?.config?.deliver_policy && info.config.deliver_policy !== env.COMPUTE_DELIVER_POLICY) {
        logger.warn("resetting consumer due to deliver policy change", {
          durable: durableName,
          current: info.config.deliver_policy,
          desired: env.COMPUTE_DELIVER_POLICY
        });
-        await jsm.consumers.delete(STREAM_OPTION_PRINTS, durableName);
+        await jsm.consumers.delete(STREAM_OPTION_SIGNAL_PRINTS, durableName);
      }
    } catch (error) {
      const message = error instanceof Error ? error.message : String(error);
@ -1292,7 +1316,7 @@ const run = async () => {
    const opts = buildDurableConsumer(durableName);
    applyDeliverPolicy(opts, env.COMPUTE_DELIVER_POLICY);
    try {
-      return await subscribeJson(js, SUBJECT_OPTION_PRINTS, opts);
+      return await subscribeJson(js, SUBJECT_OPTION_SIGNAL_PRINTS, opts);
    } catch (error) {
      const message = error instanceof Error ? error.message : String(error);
      const shouldReset =
@ -1307,7 +1331,7 @@ const run = async () => {
      logger.warn("resetting jetstream consumer", { durable: durableName, error: message });

      try {
-        await jsm.consumers.delete(STREAM_OPTION_PRINTS, durableName);
+        await jsm.consumers.delete(STREAM_OPTION_SIGNAL_PRINTS, durableName);
      } catch (deleteError) {
        const deleteMessage = deleteError instanceof Error ? deleteError.message : String(deleteError);
        if (!deleteMessage.includes("not found")) {
@ -1320,7 +1344,7 @@ const run = async () => {

      const resetOpts = buildDurableConsumer(durableName);
      applyDeliverPolicy(resetOpts, env.COMPUTE_DELIVER_POLICY);
-      return await subscribeJson(js, SUBJECT_OPTION_PRINTS, resetOpts);
+      return await subscribeJson(js, SUBJECT_OPTION_SIGNAL_PRINTS, resetOpts);
    }
  })();

--- a/services/ingest-equities/src/adapters/synthetic.ts
+++ b/services/ingest-equities/src/adapters/synthetic.ts
@ -1,8 +1,14 @@
-import { SP500_SYMBOLS, type EquityPrint, type EquityQuote } from "@islandflow/types";
+import {
+  SP500_SYMBOLS,
+  type EquityPrint,
+  type EquityQuote,
+  type SyntheticMarketMode
+} from "@islandflow/types";
 import type { EquityIngestAdapter, EquityIngestHandlers } from "./types";

 type SyntheticEquitiesAdapterConfig = {
  emitIntervalMs: number;
+  mode: SyntheticMarketMode;
 };

 const EXCHANGES = ["NYSE", "NASDAQ", "ARCA", "BATS", "IEX", "TEST"];
@ -22,10 +28,7 @@ const DARK_SEQUENCE: DarkScenario[] = [
  "sell",
  "sell"
 ];
-const SYNTHETIC_SYMBOLS = [
-  "SPY",
-  ...SP500_SYMBOLS.filter((symbol) => symbol !== "SPY")
-];
+const SYNTHETIC_SYMBOLS = ["SPY", ...(SP500_SYMBOLS as readonly string[])];

 const hashSymbol = (value: string): number => {
  let hash = 0;
@ -124,6 +127,30 @@ const priceForPlacement = (
 export const createSyntheticEquitiesAdapter = (
  config: SyntheticEquitiesAdapterConfig
 ): EquityIngestAdapter => {
+  const profile =
+    config.mode === "firehose"
+      ? {
+          batchSize: 10,
+          darkEvery: true,
+          offExchangeMod: 2,
+          litSizeBase: 40,
+          litSizeRange: 1400
+        }
+      : config.mode === "active"
+        ? {
+            batchSize: 5,
+            darkEvery: true,
+            offExchangeMod: 4,
+            litSizeBase: 20,
+            litSizeRange: 900
+          }
+        : {
+            batchSize: 2,
+            darkEvery: false,
+            offExchangeMod: 8,
+            litSizeBase: 10,
+            litSizeRange: 300
+          };
  return {
    name: "synthetic",
    start: (handlers: EquityIngestHandlers) => {
@ -140,7 +167,7 @@ export const createSyntheticEquitiesAdapter = (
        }

        const now = Date.now();
-        const batchSize = 3;
+        const batchSize = profile.batchSize;

        const darkSymbol = SYNTHETIC_SYMBOLS[darkSymbolIndex % SYNTHETIC_SYMBOLS.length];
        const darkHash = hashSymbol(darkSymbol);
@ -151,44 +178,46 @@ export const createSyntheticEquitiesAdapter = (
        const scenario = DARK_SEQUENCE[darkStep % DARK_SEQUENCE.length];
        const darkTs = now;

-        if (handlers.onQuote) {
-          quoteSeq += 1;
-          const quoteEvent = buildSyntheticQuote(
-            quoteSeq,
-            darkTs - 2,
+        if (profile.darkEvery) {
+          if (handlers.onQuote) {
+            quoteSeq += 1;
+            const quoteEvent = buildSyntheticQuote(
+              quoteSeq,
+              darkTs - 2,
+              darkSymbol,
+              darkQuote.bid,
+              darkQuote.ask
+            );
+            void handlers.onQuote(quoteEvent);
+          }
+
+          seq += 1;
+          let darkPlacement: PricePlacement = "MID";
+          let darkSize = config.mode === "firehose" ? 4000 : 2600;
+          if (scenario === "buy") {
+            darkPlacement = darkStep % 2 === 0 ? "A" : "AA";
+            darkSize = config.mode === "firehose" ? 1500 : 800;
+          } else if (scenario === "sell") {
+            darkPlacement = darkStep % 2 === 0 ? "B" : "BB";
+            darkSize = config.mode === "firehose" ? 1500 : 800;
+          }
+          const darkPrice = priceForPlacement(darkMid, darkQuote, darkPlacement);
+          const darkPrint = buildSyntheticPrint(
+            seq,
+            darkTs,
            darkSymbol,
-            darkQuote.bid,
-            darkQuote.ask
+            darkPrice,
+            darkSize,
+            DARK_EXCHANGE,
+            true
          );
-          void handlers.onQuote(quoteEvent);
-        }
+          void handlers.onTrade(darkPrint);

-        seq += 1;
-        let darkPlacement: PricePlacement = "MID";
-        let darkSize = 2600;
-        if (scenario === "buy") {
-          darkPlacement = darkStep % 2 === 0 ? "A" : "AA";
-          darkSize = 800;
-        } else if (scenario === "sell") {
-          darkPlacement = darkStep % 2 === 0 ? "B" : "BB";
-          darkSize = 800;
-        }
-        const darkPrice = priceForPlacement(darkMid, darkQuote, darkPlacement);
-        const darkPrint = buildSyntheticPrint(
-          seq,
-          darkTs,
-          darkSymbol,
-          darkPrice,
-          darkSize,
-          DARK_EXCHANGE,
-          true
-        );
-        void handlers.onTrade(darkPrint);
-
-        darkStep += 1;
-        if (darkStep >= DARK_SEQUENCE.length) {
-          darkStep = 0;
-          darkSymbolIndex += 1;
+          darkStep += 1;
+          if (darkStep >= DARK_SEQUENCE.length) {
+            darkStep = 0;
+            darkSymbolIndex += 1;
+          }
        }

        for (let i = 0; i < batchSize; i += 1) {
@ -201,9 +230,9 @@ export const createSyntheticEquitiesAdapter = (
          const placement: PricePlacement =
            seq % 11 === 0 ? "A" : seq % 13 === 0 ? "B" : "MID";
          const price = priceForPlacement(mid, quote, placement);
-          const size = 10 + (seq % 600);
+          const size = profile.litSizeBase + (seq % profile.litSizeRange);
          const exchange = EXCHANGES[(seq + symbolHash) % EXCHANGES.length];
-          const offExchangeFlag = (seq + i) % 6 === 0;
+          const offExchangeFlag = (seq + i) % profile.offExchangeMod === 0;
          const eventTs = now + i * 4;

          if (handlers.onQuote) {
--- a/services/ingest-equities/src/index.ts
+++ b/services/ingest-equities/src/index.ts
@ -19,6 +19,7 @@ import {
 import {
  EquityPrintSchema,
  EquityQuoteSchema,
+  resolveSyntheticMarketModes,
  type EquityPrint,
  type EquityQuote
 } from "@islandflow/types";
@ -36,6 +37,8 @@ const envSchema = z.object({
  CLICKHOUSE_DATABASE: z.string().default("default"),
  EQUITIES_INGEST_ADAPTER: z.string().min(1).default("synthetic"),
  EMIT_INTERVAL_MS: z.coerce.number().int().positive().default(1000),
+  SYNTHETIC_MARKET_MODE: z.string().default("realistic"),
+  SYNTHETIC_EQUITIES_MODE: z.string().default(""),

  // Alpaca (equities)
  ALPACA_KEY_ID: z.string().default(""),
@ -63,6 +66,10 @@ const envSchema = z.object({
 });

 const env = readEnv(envSchema);
+const syntheticModes = resolveSyntheticMarketModes({
+  syntheticMarketMode: env.SYNTHETIC_MARKET_MODE,
+  syntheticEquitiesMode: env.SYNTHETIC_EQUITIES_MODE
+});

 const state = {
  shuttingDown: false,
@ -153,7 +160,10 @@ const parseSymbolList = (value: string): string[] => {

 const selectAdapter = (name: string): EquityIngestAdapter => {
  if (name === "synthetic") {
-    return createSyntheticEquitiesAdapter({ emitIntervalMs: env.EMIT_INTERVAL_MS });
+    return createSyntheticEquitiesAdapter({
+      emitIntervalMs: env.EMIT_INTERVAL_MS,
+      mode: syntheticModes.equities
+    });
  }

  if (name === "alpaca") {
--- a/services/ingest-options/src/adapters/synthetic.ts
+++ b/services/ingest-options/src/adapters/synthetic.ts
@ -1,8 +1,14 @@
-import { SP500_SYMBOLS, type OptionNBBO, type OptionPrint } from "@islandflow/types";
+import {
+  SP500_SYMBOLS,
+  type OptionNBBO,
+  type OptionPrint,
+  type SyntheticMarketMode
+} from "@islandflow/types";
 import type { OptionIngestAdapter, OptionIngestHandlers } from "./types";

 type SyntheticOptionsAdapterConfig = {
  emitIntervalMs: number;
+  mode: SyntheticMarketMode;
 };

 type Burst = {
@ -17,17 +23,18 @@ type Burst = {
  seed: number;
 };

-const SYNTHETIC_SYMBOLS = [
-  "SPY",
-  ...SP500_SYMBOLS.filter((symbol) => symbol !== "SPY")
-];
+const SYNTHETIC_SYMBOLS = ["SPY", ...(SP500_SYMBOLS as readonly string[])];
 const MS_PER_DAY = 24 * 60 * 60 * 1000;
 const EXPIRY_OFFSETS = [0, 1, 7, 14, 28, 45, 60, 90];
 const EXCHANGES = ["CBOE", "PHLX", "ISE", "ARCA", "BOX", "MIAX"];
 const CONDITIONS = ["SWEEP", "ISO", "FILL", "TEST"];
-const BURST_RUN_RANGE: [number, number] = [2, 4];
+type SyntheticOptionsProfile = {
+  burstRunRange: [number, number];
+  scenarios: Scenario[];
+  pricePlacements: Record<string, WeightedValue<PricePlacement>[]>;
+};

-type PricePlacement = "AA" | "A" | "B" | "BB";
+type PricePlacement = "AA" | "A" | "MID" | "B" | "BB";

 type WeightedValue<T> = {
  value: T;
@ -45,7 +52,70 @@ type Scenario = {
  conditions?: string[];
 };

-const SCENARIOS: Scenario[] = [
+const REALISTIC_SCENARIOS: Scenario[] = [
+  {
+    id: "ask_lift",
+    weight: 18,
+    right: "either",
+    countRange: [1, 2],
+    sizeRange: [30, 180],
+    premiumRange: [9_000, 35_000],
+    priceTrend: "flat",
+    conditions: ["FILL"]
+  },
+  {
+    id: "mid_block",
+    weight: 14,
+    right: "either",
+    countRange: [1, 2],
+    sizeRange: [120, 480],
+    premiumRange: [12_000, 45_000],
+    priceTrend: "flat",
+    conditions: ["FILL"]
+  },
+  {
+    id: "bullish_sweep",
+    weight: 8,
+    right: "C",
+    countRange: [2, 3],
+    sizeRange: [180, 520],
+    premiumRange: [25_000, 90_000],
+    priceTrend: "up",
+    conditions: ["SWEEP"]
+  },
+  {
+    id: "bearish_sweep",
+    weight: 8,
+    right: "P",
+    countRange: [2, 3],
+    sizeRange: [180, 520],
+    premiumRange: [25_000, 90_000],
+    priceTrend: "up",
+    conditions: ["SWEEP"]
+  },
+  {
+    id: "contract_spike",
+    weight: 6,
+    right: "either",
+    countRange: [2, 3],
+    sizeRange: [500, 900],
+    premiumRange: [18_000, 70_000],
+    priceTrend: "flat",
+    conditions: ["ISO"]
+  },
+  {
+    id: "noise",
+    weight: 46,
+    right: "either",
+    countRange: [1, 2],
+    sizeRange: [5, 60],
+    premiumRange: [500, 6_000],
+    priceTrend: "flat",
+    conditions: ["FILL"]
+  }
+];
+
+const ACTIVE_SCENARIOS: Scenario[] = [
  {
    id: "bullish_sweep",
    weight: 35,
@ -88,7 +158,50 @@ const SCENARIOS: Scenario[] = [
  }
 ];

-const PRICE_PLACEMENTS: Record<string, WeightedValue<PricePlacement>[]> = {
+const REALISTIC_PRICE_PLACEMENTS: Record<string, WeightedValue<PricePlacement>[]> = {
+  ask_lift: [
+    { value: "A", weight: 45 },
+    { value: "AA", weight: 20 },
+    { value: "MID", weight: 25 },
+    { value: "B", weight: 8 },
+    { value: "BB", weight: 2 }
+  ],
+  mid_block: [
+    { value: "MID", weight: 60 },
+    { value: "A", weight: 20 },
+    { value: "B", weight: 20 }
+  ],
+  bullish_sweep: [
+    { value: "AA", weight: 20 },
+    { value: "A", weight: 50 },
+    { value: "MID", weight: 15 },
+    { value: "B", weight: 10 },
+    { value: "BB", weight: 5 }
+  ],
+  bearish_sweep: [
+    { value: "AA", weight: 10 },
+    { value: "A", weight: 20 },
+    { value: "MID", weight: 15 },
+    { value: "B", weight: 35 },
+    { value: "BB", weight: 20 }
+  ],
+  contract_spike: [
+    { value: "A", weight: 25 },
+    { value: "MID", weight: 40 },
+    { value: "B", weight: 25 },
+    { value: "AA", weight: 5 },
+    { value: "BB", weight: 5 }
+  ],
+  noise: [
+    { value: "MID", weight: 40 },
+    { value: "A", weight: 20 },
+    { value: "B", weight: 20 },
+    { value: "AA", weight: 10 },
+    { value: "BB", weight: 10 }
+  ]
+};
+
+const ACTIVE_PRICE_PLACEMENTS: Record<string, WeightedValue<PricePlacement>[]> = {
  bullish_sweep: [
    { value: "AA", weight: 25 },
    { value: "A", weight: 40 },
@ -115,7 +228,52 @@ const PRICE_PLACEMENTS: Record<string, WeightedValue<PricePlacement>[]> = {
  ]
 };

-const PLACEMENT_PATTERN: PricePlacement[] = ["A", "AA", "B", "BB"];
+const FIREHOSE_PRICE_PLACEMENTS: Record<string, WeightedValue<PricePlacement>[]> = {
+  ...ACTIVE_PRICE_PLACEMENTS,
+  noise: [
+    { value: "A", weight: 20 },
+    { value: "AA", weight: 20 },
+    { value: "MID", weight: 20 },
+    { value: "B", weight: 20 },
+    { value: "BB", weight: 20 }
+  ]
+};
+
+const PLACEMENT_PATTERN: PricePlacement[] = ["A", "AA", "MID", "B", "BB"];
+
+const SYNTHETIC_PROFILES: Record<SyntheticMarketMode, SyntheticOptionsProfile> = {
+  realistic: {
+    burstRunRange: [1, 2],
+    scenarios: REALISTIC_SCENARIOS,
+    pricePlacements: REALISTIC_PRICE_PLACEMENTS
+  },
+  active: {
+    burstRunRange: [2, 4],
+    scenarios: ACTIVE_SCENARIOS,
+    pricePlacements: ACTIVE_PRICE_PLACEMENTS
+  },
+  firehose: {
+    burstRunRange: [4, 7],
+    scenarios: ACTIVE_SCENARIOS.map((scenario): Scenario =>
+      scenario.id === "noise"
+        ? {
+            ...scenario,
+            weight: 20,
+            countRange: [5, 8],
+            sizeRange: [20, 300],
+            premiumRange: [800, 12_000]
+          }
+        : {
+            ...scenario,
+            weight: scenario.weight + 10,
+            countRange: [scenario.countRange[0] + 2, scenario.countRange[1] + 3],
+            sizeRange: [scenario.sizeRange[0], scenario.sizeRange[1] * 2],
+            premiumRange: [scenario.premiumRange[0], scenario.premiumRange[1] * 1.5]
+          }
+    ),
+    pricePlacements: FIREHOSE_PRICE_PLACEMENTS
+  }
+};

 const pick = <T,>(items: T[], seed: number): T => {
  return items[Math.abs(seed) % items.length];
@ -153,8 +311,12 @@ const pickWeightedValue = <T>(items: WeightedValue<T>[], seed: number): T => {
  return pickWeighted(items, seed).value;
 };

-const pickPlacement = (burst: Burst, index: number): PricePlacement => {
-  const placementOptions = PRICE_PLACEMENTS[burst.scenarioId] ?? PRICE_PLACEMENTS.noise;
+const pickPlacement = (
+  burst: Burst,
+  index: number,
+  profile: SyntheticOptionsProfile
+): PricePlacement => {
+  const placementOptions = profile.pricePlacements[burst.scenarioId] ?? profile.pricePlacements.noise;
  const offset = Math.abs(burst.seed) % PLACEMENT_PATTERN.length;
  if (index < PLACEMENT_PATTERN.length) {
    return PLACEMENT_PATTERN[(offset + index) % PLACEMENT_PATTERN.length];
@ -180,11 +342,11 @@ const formatExpiry = (now: number, offsetDays: number): string => {
  return expiryDate.toISOString().slice(0, 10);
 };

-const buildBurst = (burstIndex: number, now: number): Burst => {
+const buildBurst = (burstIndex: number, now: number, profile: SyntheticOptionsProfile): Burst => {
  const symbol = SYNTHETIC_SYMBOLS[burstIndex % SYNTHETIC_SYMBOLS.length];
  const symbolHash = hashSymbol(symbol);
  const seed = symbolHash + burstIndex * 7;
-  const scenario = pickWeighted(SCENARIOS, seed);
+  const scenario = pickWeighted(profile.scenarios, seed);
  const baseUnderlying = 30 + (symbolHash % 470);
  const expiryOffset = pick(EXPIRY_OFFSETS, symbolHash + burstIndex);
  const expiry = formatExpiry(now, expiryOffset);
@ -231,6 +393,7 @@ const buildBurst = (burstIndex: number, now: number): Burst => {
 export const createSyntheticOptionsAdapter = (
  config: SyntheticOptionsAdapterConfig
 ): OptionIngestAdapter => {
+  const profile = SYNTHETIC_PROFILES[config.mode];
  return {
    name: "synthetic",
    start: (handlers: OptionIngestHandlers) => {
@ -250,8 +413,12 @@ export const createSyntheticOptionsAdapter = (
        const now = Date.now();
        if (!currentBurst || remainingRuns <= 0) {
          burstIndex += 1;
-          currentBurst = buildBurst(burstIndex, now);
-          remainingRuns = pickInt(BURST_RUN_RANGE[0], BURST_RUN_RANGE[1], burstIndex * 23);
+          currentBurst = buildBurst(burstIndex, now, profile);
+          remainingRuns = pickInt(
+            profile.burstRunRange[0],
+            profile.burstRunRange[1],
+            burstIndex * 23
+          );
        }

        const burst = currentBurst;
@ -267,13 +434,15 @@ export const createSyntheticOptionsAdapter = (
          const bid = Math.max(0.01, Number((mid - spread / 2).toFixed(2)));
          const ask = Math.max(bid + 0.01, Number((mid + spread / 2).toFixed(2)));
          const tick = Math.max(0.01, Number((spread * 0.25).toFixed(2)));
-          const placement = pickPlacement(burst, i);
+          const placement = pickPlacement(burst, i, profile);
          let tradePrice = mid;

          if (placement === "AA") {
            tradePrice = ask + tick;
          } else if (placement === "A") {
            tradePrice = ask;
+          } else if (placement === "MID") {
+            tradePrice = mid;
          } else if (placement === "BB") {
            tradePrice = Math.max(0.01, bid - tick);
          } else {
--- a/services/ingest-options/src/index.ts
+++ b/services/ingest-options/src/index.ts
@ -3,8 +3,10 @@ import { createLogger } from "@islandflow/observability";
 import {
  SUBJECT_OPTION_NBBO,
  SUBJECT_OPTION_PRINTS,
+  SUBJECT_OPTION_SIGNAL_PRINTS,
  STREAM_OPTION_NBBO,
  STREAM_OPTION_PRINTS,
+  STREAM_OPTION_SIGNAL_PRINTS,
  connectJetStreamWithRetry,
  ensureStream,
  publishJson
@ -16,7 +18,16 @@ import {
  insertOptionNBBO,
  insertOptionPrint
 } from "@islandflow/storage";
-import { OptionNBBOSchema, OptionPrintSchema, type OptionNBBO, type OptionPrint } from "@islandflow/types";
+import {
+  OptionNBBOSchema,
+  OptionPrintSchema,
+  evaluateOptionSignal,
+  deriveOptionPrintMetadata,
+  resolveSyntheticMarketModes,
+  type OptionNBBO,
+  type OptionPrint,
+  type OptionsSignalConfig
+} from "@islandflow/types";
 import { createAlpacaOptionsAdapter } from "./adapters/alpaca";
 import { createDatabentoOptionsAdapter } from "./adapters/databento";
 import { createIbkrOptionsAdapter } from "./adapters/ibkr";
@ -68,6 +79,17 @@ const envSchema = z.object({
  IBKR_CURRENCY: z.string().min(1).default("USD"),
  IBKR_PYTHON_BIN: z.string().min(1).default("python3"),
  EMIT_INTERVAL_MS: z.coerce.number().int().positive().default(1000),
+  SYNTHETIC_MARKET_MODE: z.string().default("realistic"),
+  SYNTHETIC_OPTIONS_MODE: z.string().default(""),
+  OPTIONS_SIGNAL_MODE: z.enum(["smart-money", "balanced", "all"]).default("smart-money"),
+  OPTIONS_SIGNAL_MIN_NOTIONAL: z.coerce.number().nonnegative().default(10_000),
+  OPTIONS_SIGNAL_ETF_MIN_NOTIONAL: z.coerce.number().nonnegative().default(50_000),
+  OPTIONS_SIGNAL_BID_SIDE_MIN_NOTIONAL: z.coerce.number().nonnegative().default(25_000),
+  OPTIONS_SIGNAL_MID_MIN_NOTIONAL: z.coerce.number().nonnegative().default(20_000),
+  OPTIONS_SIGNAL_NBBO_MAX_AGE_MS: z.coerce.number().int().positive().default(1500),
+  OPTIONS_SIGNAL_ETF_UNDERLYINGS: z
+    .string()
+    .default("SPY,QQQ,IWM,DIA,TLT,GLD,SLV,XLF,XLE,XLV,XLI,XLP,XLU,XLY,SMH,ARKK"),
  TESTING_MODE: z
    .preprocess((value) => {
      if (typeof value === "string") {
@ -86,11 +108,34 @@ const envSchema = z.object({
 });

 const env = readEnv(envSchema);
+const syntheticModes = resolveSyntheticMarketModes({
+  syntheticMarketMode: env.SYNTHETIC_MARKET_MODE,
+  syntheticOptionsMode: env.SYNTHETIC_OPTIONS_MODE
+});
+const optionsSignalConfig: OptionsSignalConfig = {
+  mode: env.OPTIONS_SIGNAL_MODE,
+  minNotional: env.OPTIONS_SIGNAL_MIN_NOTIONAL,
+  etfMinNotional: env.OPTIONS_SIGNAL_ETF_MIN_NOTIONAL,
+  bidSideMinNotional: env.OPTIONS_SIGNAL_BID_SIDE_MIN_NOTIONAL,
+  midMinNotional: env.OPTIONS_SIGNAL_MID_MIN_NOTIONAL,
+  missingNbboMinNotional: 50_000,
+  largePrintMinSize: 500,
+  largePrintMinNotional: env.OPTIONS_SIGNAL_MIN_NOTIONAL,
+  sweepMinNotional: env.OPTIONS_SIGNAL_BID_SIDE_MIN_NOTIONAL,
+  autoKeepMinNotional: 100_000,
+  nbboMaxAgeMs: env.OPTIONS_SIGNAL_NBBO_MAX_AGE_MS,
+  etfUnderlyings: new Set(
+    env.OPTIONS_SIGNAL_ETF_UNDERLYINGS.split(",")
+      .map((value) => value.trim().toUpperCase())
+      .filter(Boolean)
+  )
+};

 const state = {
  shuttingDown: false,
  shutdownPromise: null as Promise<void> | null
 };
+const latestNbboByContract = new Map<string, OptionNBBO>();

 const getErrorMessage = (error: unknown): string => {
  return error instanceof Error ? error.message : String(error);
@ -169,7 +214,10 @@ const retry = async <T>(

 const selectAdapter = (name: string): OptionIngestAdapter => {
  if (name === "synthetic") {
-    return createSyntheticOptionsAdapter({ emitIntervalMs: env.EMIT_INTERVAL_MS });
+    return createSyntheticOptionsAdapter({
+      emitIntervalMs: env.EMIT_INTERVAL_MS,
+      mode: syntheticModes.options
+    });
  }

  if (name === "alpaca") {
@ -277,6 +325,19 @@ const run = async () => {
    num_replicas: 1
  });

+  await ensureStream(jsm, {
+    name: STREAM_OPTION_SIGNAL_PRINTS,
+    subjects: [SUBJECT_OPTION_SIGNAL_PRINTS],
+    retention: "limits",
+    storage: "file",
+    discard: "old",
+    max_msgs_per_subject: -1,
+    max_msgs: -1,
+    max_bytes: -1,
+    max_age: 0,
+    num_replicas: 1
+  });
+
  const clickhouse = createClickHouseClient({
    url: env.CLICKHOUSE_URL,
    database: env.CLICKHOUSE_DATABASE
@ -303,15 +364,41 @@ const run = async () => {
        return;
      }

-      const print = OptionPrintSchema.parse(candidate);
+      const rawPrint = OptionPrintSchema.parse(candidate);
+      const derived = deriveOptionPrintMetadata(
+        rawPrint,
+        latestNbboByContract.get(rawPrint.option_contract_id),
+        optionsSignalConfig
+      );
+      const signalDecision = evaluateOptionSignal(
+        {
+          ...rawPrint,
+          ...derived,
+          signal_profile: optionsSignalConfig.mode
+        },
+        optionsSignalConfig
+      );
+      const print = OptionPrintSchema.parse({
+        ...rawPrint,
+        ...derived,
+        signal_pass: signalDecision.signalPass,
+        signal_reasons: signalDecision.signalReasons,
+        signal_profile: signalDecision.signalProfile
+      });

      try {
        await insertOptionPrint(clickhouse, print);
        await publishJson(js, SUBJECT_OPTION_PRINTS, print);
+        if (print.signal_pass) {
+          await publishJson(js, SUBJECT_OPTION_SIGNAL_PRINTS, print);
+        }
        logger.info("published option print", {
          trace_id: print.trace_id,
          seq: print.seq,
-          option_contract_id: print.option_contract_id
+          option_contract_id: print.option_contract_id,
+          signal_pass: print.signal_pass,
+          nbbo_side: print.nbbo_side,
+          notional: print.notional
        });
      } catch (error) {
        if (isExpectedShutdownError(error)) {
@ -335,6 +422,14 @@ const run = async () => {
      }

      const nbbo = OptionNBBOSchema.parse(candidate);
+      const existing = latestNbboByContract.get(nbbo.option_contract_id);
+      if (
+        !existing ||
+        nbbo.ts > existing.ts ||
+        (nbbo.ts === existing.ts && nbbo.seq >= existing.seq)
+      ) {
+        latestNbboByContract.set(nbbo.option_contract_id, nbbo);
+      }

      try {
        await insertOptionNBBO(clickhouse, nbbo);
--- a/services/replay/src/index.ts
+++ b/services/replay/src/index.ts
@ -5,10 +5,12 @@ import {
  SUBJECT_EQUITY_QUOTES,
  SUBJECT_OPTION_NBBO,
  SUBJECT_OPTION_PRINTS,
+  SUBJECT_OPTION_SIGNAL_PRINTS,
  STREAM_EQUITY_PRINTS,
  STREAM_EQUITY_QUOTES,
  STREAM_OPTION_NBBO,
  STREAM_OPTION_PRINTS,
+  STREAM_OPTION_SIGNAL_PRINTS,
  connectJetStreamWithRetry,
  ensureStream,
  publishJson
@ -304,6 +306,9 @@ const run = async () => {
    const def = STREAM_DEFS[kind];
    await ensureStream(jsm, buildStreamConfig(def.streamName, def.subject));
  }
+  if (streamKinds.includes("options")) {
+    await ensureStream(jsm, buildStreamConfig(STREAM_OPTION_SIGNAL_PRINTS, SUBJECT_OPTION_SIGNAL_PRINTS));
+  }

  const clickhouse = createClickHouseClient({
    url: env.CLICKHOUSE_URL,
@ -411,6 +416,9 @@ const run = async () => {

    try {
      await publishJson(js, stream.subject, event);
+      if (stream.kind === "options" && (event as OptionPrint).signal_pass) {
+        await publishJson(js, SUBJECT_OPTION_SIGNAL_PRINTS, event as OptionPrint);
+      }
    } catch (error) {
      logger.error("failed to publish replay event", {
        error: error instanceof Error ? error.message : String(error),