MS· Morgan Stanley

Dark pool · off-exchange short volume

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

MS's off-exchange short-volume ratio was 51.8% on 4 Nov 2026, above its 20-day average of 36.9%. Off-exchange trading was 34% of volume over the last 20 sessions. 14 sessions in the last six months had unusually large off-exchange dollar volume, the latest on 30 Oct 2026.

Short ratio (latest)

51.8%

20-day average

36.9%

Off-exchange share (20d)

34%

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

212.14

6.24B

208.42

3.67B

204.70

2.60B

200.98

2.67B

197.26

1.52B

193.53

3.57B

189.81

7.98B

186.09

6.18B

182.37

8.44B

178.65

9.29B

174.92

5.90B

171.20

3.10B

167.48

4.53B

163.76

6.32B

160.04

7.61B

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.