COST

Dark pool — off-exchange short volume

GEX Back to dark pool

Short ratio (latest)

49.8%

20-day average

47.0%

Off-exchange share (20d)

35%

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

1098.64

0.37B

1079.02

1.84B

1059.40

5.19B

1039.79

12.0B

1020.17

17.3B

1000.55

37.3B

980.93

49.6B

961.31

36.5B

941.69

41.6B

922.07

39.1B

902.46

31.4B

882.84

30.5B

863.22

20.0B

843.60

15.9B

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.