What the institutional money is doing on ATI right now — dark pool, options positioning, and where the news and the money disagree. Free.
News leans bullish on growth, but options positioning is defensive (put-heavy) and dark-pool activity shows quiet distribution, not accumulation—a divergence.
Bullish rating conflicts with put-heavy hedging (0.39 ratio) and dark-pool distribution regime, suggesting smart money is not following the call.
Momentum narrative clashes with defensive put positioning and below-normal off-exchange volume (63% of 20-day norm), indicating institutional caution despite price strength.
Single fund purchase is a micro-signal; broader dark-pool data shows distribution regime and put-heavy hedging, suggesting net institutional positioning remains defensive.
Price rally is real, but options market is hedged (put-heavy 0.39 ratio), dark pools show distribution at 60% short bias, and stock sits at max pain ($200)—money is protecting gains, not chasing higher.
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).
