CHEF max pain for the Oct 16, 2026 expiry is $105, from the Fri Oct 9 options chain. The last price, $114.32, is 8.9% above it. Call wall $125 · put floor $110.
What the institutional money is doing on CHEF right now — dark pool, options positioning, and where the news and the money disagree. Free.
The article is neutral, while options hold more calls than puts, a mildly bullish lean, and off-exchange selling in the latest session ran heavier than CHEF's usual pattern.
The story points to pressure, but options show more calls than puts, and the off-exchange data shows short-heavy selling, so the money and the warning point in different directions.
The growth story is positive, yet the latest off-exchange activity leaned toward short selling well above normal, so the money is not confirming the upbeat tone.
The margin outlook is optimistic, while options show a mild call-leaning position, and the short-heavy off-exchange flow is a mixed counterpoint.
The expansion plan sounds confident, but the heavy short-leaning off-exchange activity and the debt-funded growth risk add caution, even though options lean slightly toward calls.
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).
