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DIX (Dark Pool Buy Ratio)
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DIX is the dark pool buy ratio — the share of dark-pool short-volume executed at the bid (interpreted as institutional accumulation) versus at the offer (distribution). Published daily by SqueezMetrics from FINRA’s off-exchange short-sale data.
What it measures
A reading of 0.45 means 45% of dark-pool short-volume printed at the bid: institutions are absorbing supply. 0.40 means only 40% — institutions are stepping back, supply is hitting the tape with less absorption.
Bands
The dix_band classifier maps the raw ratio into five named tiers:
DIX classifier bands
The 0.45 threshold is the most operationally meaningful — flips between Leaning and Neutral lead trend changes by 1–3 sessions on average.
How to read it on the dashboard
- Dark Pool card: shows raw DIX + band label + 30-day sparkline.
- Sparkline trend: rising = accumulation building, falling = distribution starting. Sustained moves matter more than single-day spikes.
dix_bandtransition feed: every band cross is logged. A Neutral → Leaning cross with rising breadth is a strong long signal; a Leaning → Neutral cross with weak breadth is the early warning.
Companion signals
- GEX: DIX shows institutional positioning; GEX shows dealer hedging. Strong DIX + positive GEX is the cleanest bullish setup.
- Breadth (% above 50d SMA): confirms whether DIX accumulation is broad-based or concentrated in mega-caps.
- HY OAS: rising credit spread on weakening DIX confirms institutions are de-risking, not just rotating.
Source
Daily SqueezMetrics CSV (app/sources/darkpool.py). Same upstream source as GEX. Updated once per trading day after market close.