CHD max pain for the Oct 16, 2026 expiry is $95, from the Fri Oct 2 options chain. The last price, $95.66, is 0.7% above it. Call wall $105 · put floor $95.
What the institutional money is doing on CHD right now — dark pool, options positioning, and where the news and the money disagree. Free.
The money shows defensive positioning (puts outnumbered calls in recent trading 3-to-1) despite standing options favoring calls, signaling uncertainty about near-term direction even as some longer-term bullish bets remain in place.
Recent trading volume tilted heavily toward downside protection (puts), contradicting a growth-focused narrative and suggesting institutions are hedging or trimming exposure rather than adding to bullish bets.
One manager's 13F filing shows buying, but current off-exchange activity is running well above normal with elevated short positioning, suggesting other institutional players may be hedging or exiting rather than joining the accumulation.
BofA's Q2 entry contrasts with today's off-exchange volume running 33% above normal with short-heavy positioning, indicating the institutional consensus may have shifted since that filing or other players are hedging the bank's bet.
Management's conference appearance carries no new options positioning signal, but the existing money picture shows recent trading volume skewed 3-to-1 toward puts, suggesting skepticism about near-term catalysts.
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).
