ARES· Ares Management

Dark pool · off-exchange short volume

Dark pool as of 2026-11-04 · latest session 2026-11-05

ARES's off-exchange short-volume ratio was 45.8% on 4 Nov 2026, below its 20-day average of 62.6%. Off-exchange trading was 45% of volume over the last 20 sessions. 7 sessions in the last six months had unusually large off-exchange dollar volume, the latest on 2 Nov 2026.

Short ratio (latest)

45.8%

20-day average

62.6%

Off-exchange share (20d)

45%

Darkpool density

big day, short ratio above trendbelow trendbubble size = how unusual ($vol z-score)

Last ~6 months. Bubbles mark days of unusually large off-exchange dollar volume (≥1.5σ vs the trailing 60 days). Daily resolution — not print-level data.

Darkpool levels ±15% of spot, since 2018-10-01

146.98

3.39B

144.40

3.03B

141.82

2.71B

139.24

2.70B

136.67

2.83B

134.09

2.33B

131.51

2.32B

128.93

2.93B

126.35

4.74B

123.77

4.85B

121.19

3.40B

118.62

2.56B

116.04

2.26B

113.46

1.99B

110.88

1.63B

Historical off-exchange $ volume at price: each day's volume spread across that day's range, summed over the full FINRA history. Heavy shelves often act as support/resistance magnets. Amber row = spot's bin.

Off-exchange short-volume ratio

short ratio (20d, right) daily off-exchange share (left)

FINRA daily TRF data, last 2 years. A persistently HIGH short ratio is mostly passive market-maker liquidity provision (commonly read as accumulation pressure) — not naively bearish.