Off-exchange volume anomalies and institutional block prints.
Dark pool data populates after the experiment begins on June 1, 2026.
Fin45 monitors FINRA ADF data for volume anomalies in near real-time.
Approximately 40% of US equity volume executes in dark pools (alternative trading systems). These off-exchange venues allow institutional investors to trade large blocks without immediate price impact.
Fin45 identifies anomalies: when dark pool volume for a stock significantly exceeds its 20-day average, when large prints occur at or above the ask (indicating buyer aggression), and when dark pool activity diverges from lit exchange sentiment.
A dark pool is a private exchange (Alternative Trading System) where institutional investors can execute large orders without displaying them on public order books. Major operators include Citadel Connect, Virtu, and UBS ATS.
Institutional accumulation in dark pools often precedes positive catalysts. When large blocks execute above the midpoint or at the ask, it suggests informed buying. Fin45 flags when dark pool volume exceeds 2x the 20-day average.
Yes. FINRA requires all off-exchange trades to be reported to the Alternative Display Facility (ADF) within 10 seconds. The data is publicly available, though interpreting it requires context about normal trading patterns.