ARES

Dark pool — off-exchange short volume

GEX Back to dark pool

Short ratio (latest)

78.5%

20-day average

68.3%

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

146.80

3.14B

144.22

1.69B

141.65

1.56B

139.07

2.07B

136.50

2.06B

133.92

1.84B

131.35

1.74B

128.77

2.89B

126.19

4.09B

123.62

3.01B

121.04

1.58B

118.47

1.34B

115.89

1.29B

113.32

1.09B

110.74

1.49B

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.