BKR max pain for the Oct 16, 2026 expiry was $55 as of the Fri Oct 2 options chain.
What the institutional money is doing on BKR right now — dark pool, options positioning, and where the news and the money disagree. Free.
Options traders are leaning toward upside (more calls than puts), but off-exchange volume is subdued and short activity is below average, suggesting cautious positioning rather than conviction in the acquisition story.
Options flow remains call-heavy, but new position data is absent; the fund's 13F filing reflects past activity, not current money flow, so no divergence is visible.
Options traders show a bullish lean (more calls than puts), but off-exchange volume is light and short activity is below average, suggesting the market is not rushing to bet on the Venezuela opportunity.
Options positioning remains call-heavy, but subdued off-exchange activity and below-average short levels indicate measured confidence rather than aggressive accumulation around the Venezuela news.
Options traders are tilted toward calls, but light off-exchange volume and subdued short activity suggest the market is not yet pricing in a major earnings surprise.
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).
