TREE max pain for the Oct 16, 2026 expiry is $25. The last price, $24.51, is 2.0% below it. Call wall $25 · put floor $22.50.
What the institutional money is doing on TREE right now — dark pool, options positioning, and where the news and the money disagree. Free.
News frames TREE as a survivor, but money signals show distribution off-exchange and defensive put buying in the latest session—institutions appear to be trimming, not accumulating.
News hints at undervaluation, but off-exchange short sales (51% of dark-pool volume, 5.8 points above the norm) and recent defensive put flow suggest institutions are distributing, not accumulating at lower levels.
News raises questions about the post-earnings decline, but standing option positions remain call-heavy and squeeze pressure is low—no sign of panic, but off-exchange distribution and defensive put trading suggest caution.
Comparison offers no directional signal, and money data is neutral—no new large positions, balanced standing calls, and distribution-regime off-exchange activity.
News highlights a growth initiative, but money signals show distribution off-exchange and defensive put trading—smart money is not rushing to buy on the product 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).
