CBOE max pain for the Oct 9, 2026 expiry is $270. The last price, $277.47, is 2.8% above it. Call wall $280 · put floor $255.
What the institutional money is doing on CBOE right now — dark pool, options positioning, and where the news and the money disagree. Free.
News is silent on volume direction, but money shows traders are net-long calls in the latest session while holding more puts than calls overall—a split that suggests cautious optimism rather than conviction.
News is bullish on long-term growth, but money shows standing positions are put-heavy and off-exchange volume is elevated with above-average short activity—institutions may be hedging or trimming into the announcement rather than buying it.
News frames this as a growth opportunity, but money shows defensive positioning (more puts than calls in standing positions) and no fresh bullish positioning in the latest session—the market is not yet pricing in the upside.
News is a bullish call, but money shows the latest session's flow was call-heavy while standing positions remain put-heavy—retail may be buying the dip while smart money hedges.
News warns that earnings revisions are not supporting the rally, and money agrees: standing positions are put-heavy, the latest session leaned calls (a potential exhaustion signal), and price is above the call wall at 280, leaving room to max pain at 270.
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).
