About Tracefour

Every page, briefly: different ways to read SEC, Congress, and European insider disclosures across five regulators.

• Home: the Insider Map. Every ticker with material activity in the last 30 days, sized by impact and colored by direction.
• /today: same-day Form 4 filings only, with a price chart that overlays each filing as a dot. The fastest way to see what just dropped.
• /streaks: insiders who filed in the same direction for 2+ consecutive weeks. Each row shows the run length, total $, and the insider's prior streak track record.
• /clusters: companies where 3+ distinct insiders filed in the same direction inside a 60-day window, ranked by conviction (see methodology section).
• /filings: a flat, paginated list of every purchase/sale in the rolling window with role and ticker filters.
• /sectors: net buying / selling rolled up by SIC sector, with per-sector pages drilling into the underlying tickers.
• /congress: STOCK Act disclosures from members of the US House and Senate, plotted alongside SEC insider filings on the same price chart.
• /se: Swedish PDMR insider filings sourced from Finansinspektionen's Insynsregistret. Native SEK display with EUR alongside.
• /uk: UK PDMR insider filings sourced from the FCA National Storage Mechanism (NSM). GBP with EUR alongside.
• /de: German Directors' Dealings filings sourced from BaFin's database. EUR.
• /nl: Dutch PDMR insider filings sourced from the AFM Meldingenregister. EUR.

Per-entity pages (/insider-trading/[ticker], /insiders/[slug], /sectors/[sector]) show every filing we've ingested for that ticker, person, or sector. URLs stay stable: once a ticker or insider has appeared on Tracefour their page keeps working even after their filings drop out of the rolling window.

See also /compare for how Tracefour stacks up against Insider Screener, OpenInsider, Quiver Quantitative, Capitol Trades and Finviz.

EU and UK insiders are required to disclose their trades under MAR Article 19 (UK MAR post-Brexit, same shape). Each member state publishes the resulting PDMR (Persons Discharging Managerial Responsibilities) filings through its own regulator. The data is public, but the portals are fragmented and the dominant commercial trackers (InsiderScreener, 2iQ, Refinitiv) put the same data behind paid subscriptions. Tracefour publishes it free.

• 🇸🇪 Sweden · /se · Finansinspektionen Insynsregistret · ~70 disclosures/day · SEK + EUR.
• 🇬🇧 United Kingdom · /uk · FCA National Storage Mechanism (NSM) · GBP + EUR.
• 🇩🇪 Germany · /de · BaFin Directors' Dealings database · EUR.
• 🇳🇱 Netherlands · /nl · AFM Meldingenregister · EUR.

Each country page has its own heatmap, filings table, and Save Image flow. Every row deep-links back to its original regulator document. What you do not get on the European pages (yet): per-issuer pages, conviction scoring, streaks and clusters, or sector clustering; those require Yahoo price coverage and a deeper data history than we currently have for non-US listings.

• Direction: green cells mean insiders bought, red cells mean insiders sold.
• Cell size: proportional to a composite Impact score: dollar value, materiality (shares traded ÷ shares outstanding), and how many insiders contributed. Bigger cell = more meaningful activity, not just more dollars.
• Color intensity: log-scaled against other cells in the same direction, so a single mega-cap dump doesn't wash everything else out.
• Sectors: cells are grouped by SIC sector. Hover a cell to see the issuer, dollar total, and contributing insiders; click to jump to its /insider-trading/[ticker] page.
• Time range: the 7d / 30d / 90d toggle filters the map client-side; data is baked in at build time so the switch is instantaneous.
• Threshold: tickers whose activity totals less than $50K in the window are excluded to keep the map readable. Everything else passes through unfiltered.

Every cluster card carries a 0–100 conviction score. It is Tracefour's attempt to rank which insider activity is worth a closer look first, nothing more. It is not a buy/sell signal, not a price target, and not a forecast. The scale is asymptotic: routine activity scores in the 10s, strong clusters land in the 60s–80s, and the extreme top of the range is reserved for combinations that don't really occur in practice (think a unanimous CEO/CFO sell on a cluster that's a sizeable fraction of the company's market cap).

What a high or low score signals

• High (70+): many insiders trading a meaningful share of what they personally hold (e.g. a CEO and CFO each trimming more than half of their position). Worth a careful read.
• Moderate (40–69): partial activity, mixed roles, or smaller dollar amounts relative to position size.
• Low (<40): small or routine. Three directors trimming 2% of their stake each lands here.

Buys and sells share the same 0–100 scale. The card's color and direction chip tell you which side; the score describes the underlying signal regardless of side. A high-conviction sell and a high-conviction buy are equally "loud" in their respective directions.

The trade types we count, and why we weight them differently

Form 4 filings cover several distinct kinds of transactions. Some carry a real directional signal; some don't. We weight them accordingly.

• Open-market purchase (P), full weight. An insider buying their own company's stock with personal cash on the open market is the strongest signal of conviction we have. It is rare, voluntary, and personally expensive; there is no corporate mechanic that forces it.
• Open-market sale, standalone (S), full weight. A discretionary sale not paired with an option exercise. The insider chose the timing.
• Sale paired with option exercise (cashless), reduced weight. When an insider exercises options and sells the resulting shares within about a week at matching share counts, the sale is largely mechanical: they're funding the strike price and tax bill, not making a directional call. We count it, but at a fraction of a standalone sale's weight.
• 10b5-1 plan trade, excluded entirely. SEC Rule 10b5-1 plans schedule trades months in advance to immunize against insider-trading accusations. They reflect a past view, not today's. Conviction gives them weight 0.
• Non-directional codes, excluded. Awards (A), option exercises (M), conversions (C), tax-withholding on RSU vests (F), gifts (G), dispositions to issuer (D), inheritance (W), and other (J) are mechanical or non-directional movements. We don't count them on either /clusters or /streaks.

On each cluster card the dominant trade type is shown as a chip (Real-money, Open-market, Option-exercise, Mixed, Excludes 10b5-1). When more than one trade type contributed, a small +N badge appears on the chip; hover it for the per-source breakdown.

How the score is built (the short version)

1. For each insider, compute how much of their existing position the trade represents. The bigger the fraction, the bigger the personal bet.
2. Multiply by their seniority. CEOs and CFOs weigh most, then SVPs, then 10%+ owners, then directors; everyone else is base weight.
3. Multiply by the source weight from the table above.
4. Average those weighted scores across the cluster, then nudge slightly for cluster size (more insiders = louder signal) and dollar materiality vs the company's market cap.
5. The result is mapped through a saturating curve onto a 0–100 scale (the asymptotic top described above).

What conviction is not

• Not a recommendation. We never tell you to buy or sell.
• Not a prediction. Past insider activity is not a forecast of future returns.
• Not a full picture. Insiders trade for many reasons we cannot see (diversification, taxes, divorce, planned spending). Conviction can read filings, not motive.
• Not infallible. EDGAR data has occasional entry errors. Source-pedigree detection (cashless exercise vs standalone sale, 10b5-1 vs discretionary) is heuristic. Always verify against the original SEC filing; every row links to one.

Tracefour's interpretation, your decision

The score is Tracefour's interpretation of public SEC filings. It is not investment advice. Reasonable people will disagree on how to weight trade types and roles, and we make best-effort calls that you should sanity-check before forming a view. Treat conviction as one lens, useful for sorting twenty cluster cards into "look first" vs "skim later," never sufficient on its own. The authoritative record for every transaction is the SEC filing linked from each row. If something looks off, click through and verify.

The /congress page surfaces a second public-data feed alongside SEC Form 4 filings: STOCK Act Periodic Transaction Reports filed by members of the US House and Senate. These are the disclosures that congresspeople, their spouses, and dependent children are required to submit when they buy or sell an asset.

What gets disclosed and when

• Disclosure deadline (45 days): the STOCK Act requires members to file a Periodic Transaction Report within 45 days of a trade. That's a legal deadline, not our display window. By the time you see a dot on the timeline, the trade is anywhere between 1 and 45 days old.
• Display window (6 months / 180 days): the page shows the last 180 days of disclosed trades. Older disclosures are pruned from the display window but the underlying SEC + Congress feeds keep ingesting daily.
• Bracketed amounts: the law only requires a range bucket (e.g. "$1,001–$15,000", "$15,001–$50,000"), never an exact figure. Tracefour preserves the original bracket on the tooltip and computes a midpoint for dot sizing, never as a stated dollar amount. Even the smallest bracket ($1K–$15K) represents intentional positioning for an individual member's personal portfolio, so we don't filter brackets out.
• Owner field: trades are tagged "Self", "Spouse", "Joint", or "Dependent"; we surface this on the tooltip but don't filter on it.

Where the data comes from

Both chambers come from public Periodic Transaction Report disclosures. Every row carries a link back to the original filing. That's the authoritative record, and it's the place to verify anything that looks off.

Reading the chart

• Circle = Congress member trade. Diamond = SEC Form 4 (corporate insider: officer, director, or 10%+ owner).
• Green = buy. Red = sell.
• Dot size scales with the disclosed amount (Congress) or filed dollar value (SEC).
• Same-day same-direction trades aggregate into one dot; hover to see every member or insider that contributed.

Party affiliation

The disclosure feed doesn't include party affiliation, so we resolve it locally from a static roster of known members; unknown members render as neutral gray rather than break. Party is shown only on the hover tooltip; color-coding the chart by party would have implied an editorial stance the platform doesn't take.

What we don't do

• No per-member dashboards. A page that ranks individual members of Congress by trade outcomes verges on advisory framing; it's intentionally out of scope.
• No predictions. A 30+ day disclosure lag means by the time you see the dot, the trade is at least a month old. Pattern-spotting is fine; "alpha" claims are not what this is.

• Rolling transaction window: 365 days. SEC Form 4 transactions older than this drop out of streaks/clusters/insider-map calculations. Per-ticker and per-insider pages still show the full available history within that window.
• Permanent URLs. Even after the underlying transactions are pruned, every ticker and insider page Tracefour has ever shown stays reachable, with the entity's lifetime filing count and last-seen date preserved. SEO-stable; reflective of "this person/company has filed before" rather than "they're currently active."
• Price history (~5 years). Daily closes are pulled from Yahoo Finance and used to anchor the price-line dots on Streaks, Clusters, /today, and /congress. Some tickers may show a shorter span: those were first synced when our cold-start window was tighter and haven't been backfilled yet. New IPOs only show data back to their first trading day, naturally.
• Split-adjustment. Heuristic split detection runs over the price feed; when a split is identified, all earlier transaction prices and share counts on the affected ticker are adjusted to today's terms so historical totals stay comparable. The adjustment is best-effort; for the authoritative pre-split numbers, follow the original SEC filing link.
• Congress disclosure window. The display window on /congress is the last 180 days; older Congress trades are pruned from the page but cross-references on /insider-trading/[ticker] still surface them while they exist.
• No 13F. We deliberately don't ingest institutional 13F holdings yet. Form 4 captures personal insider conviction in a way 13F doesn't, and adding a second feed at this scale is its own design problem.

• No accounts, no logins. Everything on Tracefour is public; there is no user data to collect.
• No third-party trackers or ad pixels. Page-load preferences (color mode, dismissed map hint) live in your browser's localStorage and never leave the device.
• Cloudflare in front of the origin. Cloudflare receives the standard request metadata any CDN does (IP, user-agent, referrer) for caching and bot protection. We do not aggregate or resell that data.
• Contact form. The contact form on this page submits via Web3Forms to forward your message to our inbox. Sender identity is not verified (the email field is for our reply, not authentication), so don't include sensitive information.