Cluster BUYS = strongest signal

When 3+ insiders buy within a short window (especially the CEO + CFO + a director), that's high signal. Cluster buys outperform random insider buying by ~7% over 12 months in academic studies.

Sells are noisier

Most insider sales are programmatic (10b5-1 plans) or for personal liquidity. A single CEO sale isn't predictive. Look for: sales clustered around earnings, or sudden non-10b5-1 sales after a long pause.

MSPR (the sentiment metric)

Monthly Share Purchase Ratio. (Buys − Sells) ÷ (Buys + Sells). +1 = pure buying, −1 = pure selling. A regime change from negative to positive often precedes a bottom in the stock.