COHR max pain for the Oct 9, 2026 expiry is $310, from the Tue Oct 6 options chain. The last price, $334.56, is 7.9% above it. Call wall $340 · put floor $290.
What the institutional money is doing on COHR right now — dark pool, options positioning, and where the news and the money disagree. Free.
News frames the rise as a buying opportunity tied to AI demand, but options traders show balanced positioning with no new large bets—suggesting caution rather than conviction.
The commentary is bullish on COHR's AI story, but the options market shows balanced call-and-put positioning with no surge in new upside bets—a mismatch worth noting.
The macro AI tailwind is real, but COHR's options show balanced positioning with no fresh accumulation—suggesting the market may already be pricing in the upside.
The Strong Buy call is bullish, but options traders show balanced call-and-put interest with no new large upside positions—a divergence worth watching.
The stock rallied sharply on positive news, but options show balanced positioning with no visible new large bets, and the stock now sits $24 above Max Pain—suggesting the move may have run ahead of conviction.
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).
