# Transaction code

> The letter on each Form 4 line that says what kind of transaction it was: P for an open-market purchase, S for a sale, and more.

Updated Oct 17, 2026.

Every line of a [Form 4](/glossary/form-4) carries a one-letter transaction code that says what kind of transaction it was. The code matters more than the direction: most Form 4 lines are not decisions to buy or sell in the market.

## The codes you will see most

| Code | Meaning |
| ---- | ------- |
| P | Purchase on the open market or in a private transaction |
| S | Sale on the open market or in a private transaction |
| A | Grant or award from the company, such as restricted stock or options given as pay |
| M | Exercise or conversion of a derivative, usually stock options, under an exempt company plan |
| F | Shares handed back to the company, or withheld, to pay an exercise price or the tax due when an award vests |
| G | Gift, given or received |
| D | Disposition to the company itself, other than F, under an exempt plan |

Other codes include `C` (conversion of a derivative), `X` (exercise of an option that is in or at the money), `J` (other, explained in a footnote) and `W` (acquired or disposed of by will). A separate `V` column marks a transaction reported voluntarily.

## Two columns, two meanings of D

The form also has an "(A) or (D)" column, which says whether the securities were acquired or disposed of. That is not the same as code D. A sale is code S with D in that column; a gift given is code G with D in that column.

## On Listed

Company pages list open-market transactions, codes P and S, marked "Purchase" and "Sale" in words. An option exercised (M) and sold the same day (S) appears as a sale, with both lines on the filing. Tax withholding (F) is not a sale decision, so it is not listed as one. The guide [insider trades: what Form 4 tells you](/guides/insider-trades-what-form-4-tells-you) explains how to read them together.

## Related terms

- [Form 4](/glossary/form-4.md)
- [Insider](/glossary/insider.md)
- [Rule 10b5-1 plan](/glossary/rule-10b5-1-plan.md)
- [Form 5](/glossary/form-5.md)

## Guides that use it

- [Insider trades: what Form 4 tells you](/guides/insider-trades-what-form-4-tells-you.md)

All terms: [/glossary.md](/glossary.md)