Calls Bought, Puts Sold and similar labels are inferred execution readings. For a detected multi-leg structure, sentiment describes the package while the displayed contract is its lead leg.

A print at the bid is evidence about execution, not proof that an investor opened a short position. A print may be part of a larger order, a hedge, a roll or a closing trade. Bid/ask placement alone cannot establish the investor's intent.

Bullish and bearish describe the engine's inferred stock direction. Neutral or unknown means the available reading does not establish a direction. The engine groups ordinary prints by contract and inferred side; it does not guarantee that every execution from the same investor is joined together.

The UOA directional backtest evaluates subsequent stock moves using this inferred direction. The table's returns separately describe option-price changes.