CHPT max pain for the Oct 16, 2026 expiry is $9, from the Tue Oct 6 options chain. The last price, $8.22, is 8.7% below it. Call wall $10 · put floor $8.
What the institutional money is doing on CHPT right now — dark pool, options positioning, and where the news and the money disagree. Free.
The options market shows balanced calls-and-puts positioning with no new large positions opened, while dark-pool distribution signals institutional selling pressure—a mismatch with any bullish narrative.
News hints at optimism around Q2 results, but off-exchange volume leans heavily short (60.6% vs. 50.8% norm), and no new call positions have opened—institutions appear to be exiting, not entering.
The headline confirms CHPT is losing favor relative to peers, and the options data backs it: dark-pool distribution (9.8 points above norm short selling) shows institutions quietly exiting without moving the public price.
News reports a 7% rally extending a September surge, yet the options market shows balanced positioning with no new large call positions and dark-pool distribution tilted short—price action and institutional positioning are diverging.
The headline emphasizes a 65% monthly rally and 6% daily gain, but the options market shows no fresh call accumulation, balanced put-call positioning, and dark-pool distribution—retail enthusiasm is not matched by institutional buying.
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).
