What the institutional money is doing on IGV right now — dark pool, options positioning, and where the news and the money disagree. Free.
News leans bullish, but money shows heavy put protection (65.5% short off-exchange vs. 58.2% norm) and a 4.95-to-1 put-to-call ratio — institutions are hedging, not buying.
News acknowledges sector fragmentation, and money confirms it: defensive put positioning (7.3 points above norm) and 53% above-normal off-exchange volume suggest institutions are trimming or hedging broad exposure.
News questions the rally's sustainability; money shows put-heavy positioning (65.5% short vs. 58.2% norm) and price near max pain (109.5 vs. 107), consistent with skepticism about further upside.
News flags earnings as pivotal; money shows elevated put protection (65.5% short vs. 58.2% norm) and 53% above-normal off-exchange volume, suggesting institutions are positioned defensively ahead of the event.
Neutral educational summary; money shows defensive put positioning (65.5% short vs. 58.2% norm) and above-normal off-exchange activity, indicating institutions are cautious on the fund despite its long track record.
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).
