DIX (Dark Pool Buy Ratio)

Last verified2026-05-20

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 a dealer-gamma analytics vendor 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

Favorable≥ 0.48Heavy institutional buying. Floor under price.

Leaning0.45 – 0.48Constructive. Above-trend accumulation.

Neutral0.42 – 0.45Balanced. No clear directional flow.

Cautionary0.40 – 0.42Light buying. Institutions stepping back.

Adverse< 0.40Distribution. Institutional sell pressure.

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_band transition 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 dealer-gamma analytics CSV (app/sources/darkpool.py). Same upstream source as GEX. Updated once per trading day after market close.

Signals:dixdix_banddix_signal