As filed0001104659-26-057313
Four transaction legs, an eleven column derivative table, and three footnotes. No plain-language summary anywhere on the page.
SEC Form 4 intelligence·Open-market signals·Source-linked data
Most insider sales are not decisions.
76% of the sales reported on Form 4 in the last 90 days were pre-scheduled plans, tax cover, or exercise and sell. MarketPeel reads the transaction codes and the footnotes on every filing, so what is left is a decision.
SEC Form 4What the filing does not say
One filing. Two readings.
Caterpillar Inc., 6 May 2026. On the left is the document the market was actually handed. On the right is what MarketPeel turned it into.
As classifiedMarketPeel
CATCaterpillar Inc.
Bob De Lange · Group President
- M 28,105 @ $127.60Option Exercise
- F 3,883 @ $923.38Tax Withholding
- S 14,470 @ $922.55Tax Sell-to-Cover
- S 9,752 @ $923.47Tax Sell-to-Cover
He exercised 28,105 options and exactly 28,105 shares went straight back out as withholding and cover. Nothing here was timed by the insider.
How we decided
- The exercise is paired with same-day sales inside one filing.
- Code F is issuer withholding on a vest, by definition.
- The two sales cover 86% of the shares that exercise released.
76% routine, 20% discretionary, across 26,684 Form 4 sales classified in the last 90 days. By count of sale legs (code S), not by dollars.
After the filterWhat a decision looks like
What is left. And what followed.
Carnival Corp, 19 October 2023. One director, one transaction code, one decision. No plan, no vest, no tax mechanics behind it.
The trade0001127602-23-026130
CCLCarnival Corp
Randall Weisenburger · Director
- P 100,000 @ $11.50$1.15M
Why it survives the filter
- One leg. No exercise, no vest, no withholding attached to it.
- No footnotes, so nothing reclassifies it on a second read.
- The 10b5-1 box is unchecked, so no plan set the timing.
- He bought 350,000 more at $12.99 nine days earlier, as it fell.
Two purchases in nine days$5.7M
Read it on SEC EDGAR ↗What followedvs SPY
- 90 days+36.8%
- 1 year+48.2%
- 2 years+89.6%
$11.39 on the day of the trade, $28.31 two years later. That is +148.6% outright, against +58.9% for SPY over the same window.
How this is measured
- Close on the trade date against the close 90, 365 and 730 days later.
- SPY over the identical window, subtracted.
- One filing, held untouched. Nothing re-based, nothing re-weighted.
Excess over SPY, two years+89.6%
Inspect this filing →One trade is not a track record. Across 87,888 open-market purchases since 2020, the median one trailed SPY by 1.7% at 90 days, and the median at one year trailed by 10.8%. Almost all insider buying is noise too, which is what the filter is for. Trades from January 2020 to May 2025, deduplicated by economic transaction, SPY as benchmark. Past returns, not a prediction.
Insider transactions
2.6M
· parsed from Form 4
US companies
5.2K
· all exchanges
Congress members
217
· STOCK Act
Institutions
8.6K
· 13F tracked
§ IHow it works
From filing noise to a decision-ready signal.
One workflow answers three questions: Is the trade discretionary? Is the insider worth following? Do I need to know now?
01Filter
Separate conviction from compensation noise.
Exercises, gifts, tax withholding, and duplicate filing legs are classified before they reach the signal layer.
P/S open-market codes surfaced by default
02Verify
Check whether the person has earned attention.
Each insider is measured against SPY across multiple horizons, with sample size and consistency shown alongside returns.
Backtested excess return, not follower counts
03Follow
Get the filing when it matters to you.
Build a focused watchlist, follow proven filers, and receive email or Telegram alerts during the filing window.
Personalized alerts within the hour on market days
§ IIRate card
Start with the complete product.
Try every Pro workflow for 14 days. Prefer to verify the data first? Free remains available as a limited proof account.
RECOMMENDED · PRO
THE COMPLETE PRODUCT
Pro
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$15/ month
- +Everything in Free, plus:
- +Email + Telegram alerts, within the hour of a filing (market days)
- +Unlimited watchlist tickers + insider follows
- +Full insider transaction history
- +Full 10-year financials history
- +Advanced screener filters
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- +Priority support
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- +Live quotes + charts, any US ticker
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- +5 watchlist tickers
- +Daily email recap
§ IIIQuestions
FAQs
Q.01Is the free tier really free?
Yes. No card required. Free is the proof account: real insider data, financials, a 5-ticker watchlist cap, a 30-day screener window, and the daily digest. Pro is the complete product, with unlimited follows, timely email + Telegram alerts, CSV export, and full history.
Q.02How does the Pro free trial work?
Every account gets one 14-day Pro trial. Add a card, unlock everything — unlimited watchlists, full history, alerts, CSV export — and cancel anytime before the trial ends to pay nothing. If you stay, billing starts automatically on day 15. We email you a reminder before the first charge.
Q.03Where does the data actually come from?
SEC EDGAR for Form 4 insider filings and XBRL financial statements. US House + Senate disclosures for congressional trades. Yahoo Finance + Stooq for live quotes. Everything is cited and linked back to the source filing.
Q.04Is this investment advice?
No. MarketPeel is a research tool. We show you publicly available data, faster and cleaner. What you do with it is on you.
Q.05How quickly do new Form 4 filings show up?
We sync new Form 4 filings from EDGAR every hour through the main filing window (most land between 2pm and 10pm ET on market days), with a full catch-up import overnight. Pro alerts for your watched tickers and insiders go out within the hour of a filing landing; free users get them in the next daily digest.
Q.06Can I cancel Pro anytime?
Anytime, from your billing settings — no phone call, no retention flow. You keep Pro access until the end of your current billing period.
Q.07Is my watchlist private?
Yes. Watchlists, alerts, and notes live in your account only and are never sold, aggregated, or used for training.
