CBRE

Dark pool — off-exchange short volume

GEX Back to dark pool

Short ratio (latest)

21.8%

20-day average

19.9%

Off-exchange share (20d)

37%

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

153.49

1.41B

150.80

1.46B

148.10

1.48B

145.41

1.93B

142.72

2.56B

140.03

2.91B

137.33

2.28B

134.64

2.67B

131.95

3.67B

129.25

2.67B

126.56

1.76B

123.87

2.17B

121.18

1.66B

118.48

0.88B

115.79

0.90B

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.