When we talk about options markets, we know that roughly 60% of trading volume is dictated by institutional investors. So, the concept of crowd wisdom has been shown to be more effective in forecasting stock prices than, say, a random selection would. In practice, this signal is enhanced by what we know as options order data types. So, if we can isolate opening buy orders and put-call ratios—with opening buy orders on puts and opening buy orders on calls, in accordance with put-call ratios—investors have been able to generate excess risk-adjusted returns by evaluating those metrics. 

 an approach that uses simple moving averages (SMAs) and moving average convergence divergence (MACD) to flag opportunities across stocks, bonds, and other assets.