Options Flow & Dark Pool — Week Ending 17 April 2026
Retrospective quantitative reading on aggregate options premium, institutional block notional, sector-level positioning, and regime-conditional statistical context for the reporting period Monday 13 April — Friday 17 April 2026 (N=5 sessions).
How to read this Weekly Pulse →
Sections: hero KPIs → top 15 options flow weekly → top 15 dark-pool weekly → sector heatmap (call-share × session) → accumulation table → distribution table → MPI grid → regime card → observations.
Conviction Score 1–10: composite of weekly premium, breadth, persistence across sessions. ★★★ tier = score ≥7.
2-layer / 3-layer confluence markers: 2-layer = options flow + dark-pool agree. 3-layer = options + dark-pool + sector rotation agree.
What this is: retrospective week-in-review of institutional positioning. Not a forecast.
§1 What We Saw — Executive SummaryDescriptive observations
For the reporting period 13–17 April 2026 (N=5 sessions), aggregate options premium totaled USD 127.71B across 248,540 individual prints (calls USD 91.12B; puts USD 36.59B). The weekly call-to-put ratio closed at 2.49× — a deviation of +1.70σ from the rolling-window sample mean (μ=1.42; σ=0.63; N=62) [§4.1].
The 17 April session recorded a single-session C/P of 3.88× on USD 36.89B premium — +2.90σ, 99.0 percentile on the rolling-window daily distribution. Prior occurrences of single-session C/P > +2.5σ observed under a Bull regime model regime: N=6 in rolling rolling-window sample. Session-level monotonic progression 13–16 April: 1.99 → 2.04 → 2.40 → 2.09; 17 April reading represents a +81% single-session increase over Thursday.
Dark pool notional aggregated USD 286.90B across 8,875 institutional block prints (+0.81σ vs rolling-window μ=USD 253B, σ=USD 42B). Sector concentration in Information Technology: NVDA USD 8.70B, AAPL USD 8.42B, SNDK USD 5.89B, AVGO USD 4.00B, MSFT USD 3.76B, MU USD 3.16B. Aggregate across six names: USD 33.93B, representing 11.8% of weekly notional in 1.2% of the Russell 3000 universe by count.
SNDK recorded three-layer flow concordance: weekly options premium USD 1,505M at C/P 6.2× (IT sector weekly mean 4.3×, +2.1σ); dark pool notional USD 5,894M concentrated in N=3 sessions (15–17 April); exchange-flagged unusual activity at $670 and $780 call strikes via multi-leg block orders executed 14 April. Conviction Score 10 of 10 [§4.2 formula]. SHOP recorded maximum single-name unusual-activity concentration: weekly C/P 26.8× on USD 315M premium across 105 prints; two call-side block prints of USD 162M and USD 153M executed 15 April. TSLA recorded maximum single-name weekly premium at USD 2,969M; C/P 1.9× classifies as balanced on the sector-normalized scale.
Sector Heatmap — C/P by Sector × Session
Detail table archived
Descriptive flow narrative only. Detailed strike-level and ticker-level data tables have been archived. Methodology overview at aztmm.com/methodology.
Top 15 — Options Flow by Weekly Premium
Detail table archived
Descriptive flow narrative only. Detailed strike-level and ticker-level data tables have been archived. Methodology overview at aztmm.com/methodology.
Table 1: Top 15 constituents by weekly options premium (USD M). Relative column: percentage of weekly premium versus #1. C/P: weekly calls dollars / puts dollars. Concordance: = three-layer, = two-layer, = single-layer [§4.3].
Accumulation — Multi-Session Call-Biased Positioning
Detail table archived
Descriptive flow narrative only. Detailed strike-level and ticker-level data tables have been archived. Methodology overview at aztmm.com/methodology.
Distribution — Multi-Session Put-Biased Positioning
Detail table archived
Descriptive flow narrative only. Detailed strike-level and ticker-level data tables have been archived. Methodology overview at aztmm.com/methodology.
ObservationsFormally stated
- Session-level C/P progression (13–17 April): 1.99 → 2.04 → 2.40 → 2.09 → 3.88. 17 April session records +81% single-session notional increase vs prior session. SPX component 17 April: call premium USD 15.75B; put premium USD 3.96B; ratio 3.98×.
- Information Technology sector dark pool notional aggregate: USD 33.93B over reporting period across six constituents (NVDA, AAPL, SNDK, AVGO, MSFT, MU). Sector-level rolling-window sample concentration: μ=7.2%, σ=1.4%; current 11.8% = +3.3σ [§2.4].
- SNDK three-layer concordance composition: options Top 15 rank #5 (USD 1,505M; C/P 6.2×); dark pool Top 15 rank #3 (USD 5,894M; N=3 sessions); UOA flag, $670/$780 call strikes, multi-leg blocks executed 14 April. Conviction Score 10/10 [§4.2].
- SHOP unusual activity: weekly C/P 26.8× on USD 315M in 105 prints. Two UOA-flagged call-side block prints: USD 162M and USD 153M on 15 April.
- COIN put concentration: weekly C/P 0.14× on USD 207M aggregate; put component USD 178M (86.0% of total).
- HYG 4-session put persistence (N=4): sessions 13/14/15/17 April; weekly C/P 0.19×; aggregate put premium USD 32M. Dark pool block print USD 1,610M executed 15 April. Two-layer concordance on defensive positioning.
- CAR 5-session put persistence (N=5): weekly C/P 0.33×; aggregate put premium USD 126M. Continuity signal [§4.2].
- CRM cross-layer divergence: dark pool notional USD 1,301M (institutional bid layer, N=5 sessions) against options C/P 0.47× put-weighted (N=3 sessions). Only observed cross-layer divergence in the reporting period.
- 16 April sector rotation event: Industrials C/P 0.94×, Financials 1.14×, Consumer Discretionary 1.52× (sub-2.0× cluster). Concurrent: Communication Services 3.11×, Utilities 5.31× (call-weighted).
- IBM weekly C/P 0.08× on USD 38M premium; put component USD 35M (92.1% of total). Maximum put-weighting in single-name weekly observations.
§2 Context — Regime & Statistical SignificanceConditional framework
The reporting period closed under Bull regime [regime model section]: Current state probability Bull confidence; regime stability stable=0.94; expected regime stability 1/(1−stable) an extended regime stability window (equivalent ≈17 sessions or ~3.4 trading weeks). Observed dark pool accumulation consistent with sustained institutional positioning under the prevailing state. Under a Crisis regime (counterfactual), defensive-repositioning interpretation would require current state probability shift ≥0.20, which the current data do not support (current P(Crisis|data) = 0.04).
MPI composite registered 58 [§3.2 weighted mean of nine sub-indices]. Net deviation from neutral baseline: +8.0. Structural sub-components ≥ +0.5σ: Trend (76, +0.9σ, p87), Liquidity (74, +0.7σ, p82), Breadth (72, +0.6σ, p79). Contrarian positioning components ≤ −1.0σ: Volatility (28, −1.3σ, p08); Sentiment (22, −1.6σ, p04). Structural-composite and positioning-composite components diverge by approximately 45 percentage points on absolute value.
- Weekly C/P 2.49×: μ=1.42×, σ=0.63×, N=62. Deviation +1.70σ.
- 17 Apr session C/P 3.88×: daily μ=1.38×, σ=0.87×, N=62. Deviation +2.90σ (99.0 percentile). Under Bull regime model, N=6 occurrences of single-session C/P > +2.5σ in rolling rolling-window sample.
- Dark pool weekly notional USD 286.9B: rolling-window μ=USD 253B, σ=USD 42B. Deviation +0.81σ.
- 17 Apr session dark pool notional USD 82.3B: daily μ=USD 50.6B, σ=USD 14.2B, N=62. Deviation +2.23σ (98.0 percentile).
§3 Signals to Monitor — Week of 20 April 2026Conditional triggers
The following are conditional monitors, not directional forecasts. Each specifies an observable data threshold whose crossing would represent a signal update under the framework.
SNDK — Three-layer concordance, Conviction 10/10 Medium
Monitor: continuation vs reversal of multi-session dark pool notional. Name-level 20-session rolling μ = USD 82M/day; current 3-session average USD 1,965M/day (+22.9σ name-level). Historical precedent [regime model section]: multi-session dark pool accumulation followed by within-3-session reversal is associated with name-level realized-volatility acceleration in ~35% of rolling-window sample occurrences under Bull regime model. Secondary indicator: open interest evolution at $670 / $780 call strikes. OI decay ≥30% from current = positioning exit; OI expansion ≥20% = positioning continuation.NVDA — Three-layer concordance, Conviction 8/10 Medium
Monitor: dark pool notional continuation at ≥ USD 1.5B/day. Name-level rolling-window μ = USD 1.1B/day. Concurrent conditions: AAPL and AVGO dark pool persistence. Broad-based semiconductor continuation requires ≥3 of 6 constituent names above rolling-window μ on continuation sessions.
AAPL — Three-layer concordance, Conviction 9/10 Medium
Monitor: 17 April single-session notional USD 2.1B (name rolling-window μ=USD 0.9B, σ=USD 0.3B, +4.0σ) as isolated rebalance vs multi-session continuation. Supporting signal: options 5-session C/P 5.6× persistence stability ≥5.0×.
VIX term structure
Monitor: VX1/VX2 ratio. Current observation 1.02 (parity-proximate). Compression < 0.98: historically precedes regime model state transition with 3–7 session lead (rolling-window sample N=4). Flattening > 1.05: reinforces current Bull current state probability.
HYG–LQD spread
Monitor: spread widening beyond 340 bps. Current observation 298 bps (rolling-window μ=302 bps, σ=22 bps). Breach 340 bps = +1.7σ event; historically associated with Bull P decline 0.15–0.30 within 5 sessions (N=3 in sample). Tightening to 290 bps removes the signal.
CRM — Two-layer cross-layer divergence Low
Monitor: resolution direction. Configuration A (dark pool leads): options C/P reversion to ≥1.2× within 5 sessions indicates coordinated long accumulation. Configuration B (options leads): dark pool USD 1.3B retrospectively interpretable as delta-hedging against existing long inventory; expected dark pool notional decline to rolling-window μ = USD 340M/day.
First resolution session: 21 April 2026.
Methodology & Disclosures
Source data: end-of-session options flow and dark-pool prints from a consolidated institutional flow data feed. Macro inputs from publicly available exchange-grade and Federal Reserve data. The Market Pulse Index combines multiple measured sub-indicators into a composite reading 0-100. The regime classifier identifies the current market mode (Bull / Sideways / Bear) using broad-market pricing data. Specific algorithm details, weights, lookback windows, and transition parameters are not publicly disclosed.
Method note
Flow and dark-pool data sourced from our analytical pipeline. MPI score and regime classifier are our internal composite; daily synthesis is AI-assisted from those inputs.
This is research, not investment advice. Past activity does not predict future returns.