What the institutional money is doing on ONDS right now — dark pool, options positioning, and where the news and the money disagree. Free.
Traders are holding more downside insurance (puts) than upside bets, and daily call buying is outpacing puts—a mismatch suggesting retail is chasing the bounce while smart money hedges.
Put-heavy standing positions (0.65 ratio) remain in place even as daily call flow surges (1.42), suggesting the bounce is being sold into by holders of downside protection.
Defensive positioning (0.65 put/call ratio, low squeeze score of 20) is consistent with a stock that lacks upside momentum and is vulnerable to further selling.
Traders are pricing in skepticism: puts outnumber calls (0.65 ratio), and the stock sits $1.10 below max pain ($9), suggesting institutional positioning expects mean reversion, not a breakout on backlog alone.
Standing hedges (0.65 put/call ratio) remain heavy even as daily call flow spikes (1.42), indicating the bounce is being faded by those who own downside insurance.
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).
