DVN max pain for the Oct 9, 2026 expiry is $48. The last price, $47.98, sits at max pain. Call wall $49 · put floor $43.
What the institutional money is doing on DVN right now — dark pool, options positioning, and where the news and the money disagree. Free.
The news frames an optimistic earnings setup, but money positioning shows more calls than puts with below-normal off-exchange volume in a distribution regime—institutions appear to be trimming, not building conviction ahead of the report.
The comparison story is neutral in tone, and DVN's money signals are also neutral—call-heavy but with weak off-exchange activity and distribution positioning, suggesting no strong institutional conviction either way.
The story explores upside scenarios for DVN at elevated oil prices, but money positioning shows distribution activity (institutions selling quietly off-exchange) and call-heavy options with low squeeze pressure—no sign of fresh accumulation betting on the oil bull case.
The news reports a +2.43% daily move, but money positioning remains call-heavy with below-normal off-exchange volume and distribution regime—the daily pop does not reflect fresh institutional buying or conviction.
The news reports a -1.2% daily decline, and money positioning is consistent—call-heavy but with distribution activity and weak off-exchange volume, suggesting institutions are not rushing to defend the stock on dips.
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).
