Insider cluster signals — when the boardroom buys with personal cash.
Cluster scoring across 7,000+ daily Form 4 filings. Filters for executive coalitions, CEO-CFO smart-money pairs, and contrarian buying into deep drawdowns. The single highest-conviction signal in equity research literature.
Why insider clusters work
Outside investors trade for hundreds of reasons — fund flows, factor rebalancing, taxes, panic selling, mechanical rebalancing. Insiders sell for many reasons; they buy for one: they think the stock is going up and want to risk personal capital to participate.
The strongest cluster is CEO + CFO together ("smart_money_dual") — the two people with the cleanest line of sight into next-quarter results, putting after-tax cash to work in the same window. Cohen, Malloy & Pomorski (2012) showed cluster signals earn ~3% annualized alpha after costs; CEO-CFO dual buys earn substantially more.
The system also flags contrarian buys — clusters where insiders are buying into a 25%+ drawdown from the 52-week high. That's the SRAD/CSGP pattern: stock has been crushed for sentiment reasons, but the people who actually run the business are stepping in to buy.
Strong signals (score ≥ 70)
Executive coalitions and CEO/CFO dual buys. These are the highest-quality setups the scanner produces.
Full leaderboard
Every cluster the scanner found in the rolling 30-day window, ranked by composite score.