Dark Pool Short Volume — SPY

This page charts the daily off-exchange short ratio for a single ticker against that ticker's own closing price. The ratio is the share of that symbol's FINRA-reported off-exchange volume that was executed short on a given day, drawn from the daily regulatory short sale files rather than from exchange tape.

Because FINRA publishes those files after the session closes, the series is inherently one published day behind. A value dated today does not exist until that day's file is released; the most recent point you see is the last completed reporting day.

This page charts the daily off-exchange short ratio for a single ticker against that ticker's own closing price. The ratio is the share of that symbol's FINRA-reported off-exchange volume that was executed short on a given day, drawn from the daily regulatory short sale files rather than from exchange tape.

Because FINRA publishes those files after the session closes, the series is inherently one published day behind. A value dated today does not exist until that day's file is released; the most recent point you see is the last completed reporting day.

How this differs from the market-wide index

The Dark Pool Short Index aggregates off-exchange short activity across the whole market and is read as a broad regime measure. This page does the opposite: it isolates one symbol, so what you are looking at is that company's own off-exchange short ratio, not the market's.

A single ticker's ratio is noisier than the aggregate. Individual symbols carry idiosyncratic flow - index rebalances, earnings hedging, arbitrage against a related instrument - that averages out at the market level but dominates a single name.

Reading the chart

The short ratio line and the price overlay share a date axis, so the question the chart answers is whether off-exchange short activity in this symbol is rising or falling relative to its own price, over the selected window.

A high off-exchange short ratio is not by itself a bearish reading. Off-exchange short prints include market maker and dealer hedging, which mechanically rises with two-sided volume regardless of directional view. Treat the level as context, and changes in the level relative to the symbol's own recent range as the more informative signal.