RLAY max pain for the Oct 16, 2026 expiry is $19, from the Wed Oct 7 options chain. The last price, $17.95, is 5.5% below it. Call wall $20 · put floor $17.
What the institutional money is doing on RLAY right now — dark pool, options positioning, and where the news and the money disagree. Free.
The options market leans bullish (more calls than puts), but dark-pool data shows insiders distributing shares quietly—a classic divergence between retail-facing optimism and behind-the-scenes selling.
This institutional exit aligns with the dark-pool distribution signal: short selling on off-exchange venues is elevated, and volume there is below normal, consistent with large holders exiting quietly.
While options favor calls, the dark-pool regime is DISTRIBUTION and short selling is elevated, suggesting this new buy may be swimming against an institutional tide of exits.
Options remain call-heavy, but the underlying dark-pool and short-selling patterns show no shift: distribution and elevated short activity persist, suggesting the market is not convinced by the conference narrative.
Another institutional buyer, but the dark-pool regime remains DISTRIBUTION with elevated short selling, indicating that new money is entering while established holders exit—a classic divergence.
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).
