Our primary source: SEC Form 4
We parse reported insider transactions from Form 4 filings published on SEC EDGAR. These filings identify reporting owners, transaction dates, codes, share quantities, and reported prices. The SEC provides a guide to Forms 3, 4, and 5; original filings remain the authoritative source.
Trade dates and filing dates are different. Monitoring begins after a filing becomes public and processing completes. An alert does not mean a trade just happened, and monitoring is subject to filing delays, service availability, and processing limits.
Which purchases qualify?
The detector selects transaction code P purchases with an identifiable ticker and a recorded dollar value that passes the configured minimum and data-quality checks. Grants, option exercises, tax-withholding dispositions, and sales use other codes and do not qualify.
Code P includes open-market or private purchases. It does not establish, by itself, that a purchase was discretionary or occurred on an exchange. Our current filter does not independently exclude all transactions associated with a 10b5-1 plan. Read ownership information and footnotes in the original filing for context.
How a cluster forms
A live cluster requires qualifying purchases by at least two distinct insiders in the same ticker within a rolling window anchored to the latest qualifying purchase date. The detector identifies insiders by SEC CIK where available, and falls back to the reported name. Multiple purchases by the same identified insider count as one buyer.
The code defaults to a 90-day detection window, a $1 minimum purchase value, and no market-cap ceiling. Deployment settings can override these defaults. The dates shown on a cluster are its earliest and latest included purchase dates, rather than a promise that all buyers traded on the same day.
Historical backfills group connected purchases into episodes. An episode qualifies when distinct insiders buy within the configured window, but additional connected purchases can extend the displayed episode beyond that window. Historical detections and live alerts therefore have different timing.
How to read the metrics
- Total purchased
- The sum of recorded dollar values for transactions included in the cluster.
- Average price paid
- Total purchase value divided by total recorded shares, where available. This is a volume-weighted average, not the simple average of individual prices.
- Buy value / market cap
- Purchase value divided by cached market capitalization. This is a size comparison, not the percentage of shares acquired or an insider's ownership stake.
- Senior executive buyer
- A buyer classified from reported role text as an officer or senior executive. This label describes the role; it does not establish conviction or predict returns.
- Change since cluster
- Where shown, a comparison of the latest available cached share price with the average purchase price. It may use delayed prices and is not a realized, dividend-adjusted, or total return.
What to verify before using the data
Filings can contain errors, amendments, joint reporting owners, indirect holdings, and prices expressed as weighted averages or ranges. Parsing and role classification can also be imperfect. Data-quality checks reject some implausible values but cannot catch every error.
Check the original filing, its footnotes, transaction and filing dates, ownership type, and the business's financial condition. Cluster buying alone does not establish undervaluation, intent, independence of decisions, or future performance.
Corrections and accountability
InsiderClusters is built by Beelodev. The data is processed automatically, and the educational content explains the process without claiming an independent expert review. To report a suspected data issue, email support@beelodev.com with the ticker, filing URL, and figure to check.
InsiderClusters provides information for research. It does not recommend buying or selling a security.