AQN max pain for the Oct 16, 2026 expiry is $5, from the Thu Oct 8 options chain. The last price, $5.11, is 2.2% above it. Put floor $5.
What the institutional money is doing on AQN right now — dark pool, options positioning, and where the news and the money disagree. Free.
The analyst rating is positive, while the off-exchange selling pattern and below-normal dark-pool volume give no clear confirmation of that optimism.
A major holder trimming its position fits the off-exchange selling lean, though the dark-pool data and this filing do not clearly confirm each other.
The bullish article contrasts with the cautious off-exchange selling signal, so the story and the recent money flow point in different directions.
Management's reassuring message does not match the selling-leaning off-exchange activity, though the options data still leans toward calls.
The earnings miss matches the cautious off-exchange selling pattern, though the bullish options lean runs against it.
A divergence is when the news narrative and the institutional money flow point in opposite directions — a bearish headline while large call premium is bought, or heavy dark-pool selling under a bullish story. It signals the crowd and the desks may disagree.
Dark-pool volume — The share of trading executed off-exchange, at wholesalers and dark pools. About half of all US share volume prints there on an ordinary day, so the level by itself says almost nothing. What carries information is the distance from this name’s own recent norm, and whether the off-exchange size ran above its usual.
Off-exchange short share — How much of that off-exchange volume was sold short. The median across all listed names is about 49%, because wholesalers filling retail buy orders sell short and cover later. A reading near half is plumbing, not a bearish vote — compare it to the same name’s own 20-day norm.
Max pain — The price where the most options expire worthless — positioning often gravitates toward it near expiry.
Call wall / Put floor — Strikes with the heaviest call/put open interest — they often act as short-term resistance and support.
Put/Call ratio — Below ~0.7 leans bullish (more calls); above ~1 leans defensive (more puts).
