JKHY max pain for the Oct 16, 2026 expiry is $150, from the Mon Oct 5 options chain. The last price, $145.69, is 2.9% below it. Call wall $150 · put floor $145.
What the institutional money is doing on JKHY right now — dark pool, options positioning, and where the news and the money disagree. Free.
The bullish framing contrasts with money positioning: standing options show twice as many puts as calls, and recent off-exchange volume is well below the stock's own 20-day norm, signaling institutional caution rather than accumulation.
The positive operational news arrives while options positioning remains defensive (2-to-1 put-to-call ratio) and dark-pool activity is subdued, suggesting the market has not yet priced in upside from this recognition.
The positive operational news arrives while options positioning remains defensive (2-to-1 put-to-call ratio) and dark-pool activity is subdued, suggesting the market has not yet priced in upside from this recognition.
The partnership announcement is constructive, but money positioning remains put-heavy and off-exchange volume is running light, indicating institutional investors are not yet moving to build positions on this news.
The partnership announcement is constructive, but money positioning remains put-heavy and off-exchange volume is running light, indicating institutional investors are not yet moving to build positions on this news.
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).
