What the institutional money is doing on RNR right now — dark pool, options positioning, and where the news and the money disagree. Free.
Institutional buying headlines clash with options positioning that leans heavily defensive (9.73:1 put-to-call ratio) and off-exchange short activity running above normal—suggesting existing holders are hedging or trimming, not accumulating.
Positive operational narrative meets a put-heavy options market (9.73:1 ratio) and elevated off-exchange short positioning, indicating the market is pricing in caution despite the earnings-growth story.
Modest price appreciation contrasts with a heavily defensive options setup (9.73:1 put-to-call) and normal-to-elevated off-exchange short volume, suggesting the market is not convinced the move will sustain.
Capital-return announcements align with a balanced max-pain level ($330) but are undercut by a 9.73:1 put-to-call ratio and above-average off-exchange short activity, suggesting hedging dominates over accumulation.
Significant institutional exit aligns with the defensive options lean (9.73:1 put-to-call) and elevated off-exchange short positioning, reinforcing a picture of positioning reduction rather than accumulation.
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).
