Insider Seasonality

When insiders can — and can't — buy

Insider activity follows a predictable rhythm tied to quarterly earnings releases. Here are the best and worst periods to detect clusters.

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The pre-earnings blackout rule: executives and directors of a listed company enter a silence period roughly 2-3 weeks before their fiscal quarter ends, lasting until 1-2 days after their earnings are released — often 6 to 9 weeks in total, since earnings typically come out several weeks after the quarter closes. Since there are four quarters per year, this cycle creates four high-activity zones and four near-desert zones — perfectly predictable.
Legend Excellent Good Average Weak
January
Average
Early January still frozen (Q4 blackout). Window opens around the 15th with the first annual results.
February
Excellent
Best month of the year. Q4 blackouts lifted, Q1 blackout not yet started. Insider activity at its peak.
March
Good → declining
Good window early in the month. Q1 blackout starts around the 15th for early reporters.
April
Weak
Q1 blackout widespread. Near-desert until mid-month when the first Q1 results begin to appear.
May
Good
Q1 earnings in bulk. Window open from the 15th for most companies, sustained activity.
June
Good → weak
Good window until the 15th. Q2 blackout starts mid-month — activity drops quickly toward the end.
July
Weak → recovering
Q2 blackout still active for most companies early in the month. Big banks report first, around the 14th-15th — broader recovery (especially small/mid-caps) builds gradually through the rest of the month.
August
Excellent
Second best month. Q2 earnings done, Q3 blackout not yet started. High cluster density.
September
Good → declining
Active window early in the month. Q3 blackout sets in around the 15th for early reporters.
October
Weak
Q3 blackout widespread. Seasonal trough — few new transactions until mid-month.
November
Good
Q3 earnings in bulk, blackouts lifted. Sustained activity until mid-December.
December
Good → weak
Good window until the 15th. Q4 blackout + holiday slowdown weigh on the end of the month.

This calendar is indicative

Blackout dates vary by company. Small caps and some sectors (biotech, mining) have different cycles. ClusterSignal monitors in real time and adapts to actual SEC transaction flow.