A self-contained DIX and GEX dark-pool monitor. The data and the full charting library are embedded in this single file, so it keeps working with no internet and no external dependencies.
A dollar-weighted version of the Dark Pool Indicator for the S&P 500 components. It is built from the dark ratio: the share of off-exchange (dark-pool / OTC) volume that is short sales, from FINRA short-volume data, roughly dark_ratio = short_volume / total_volume, smoothed over about a week. Counterintuitively, heavier short selling in dark venues tends to mark non-aggressive accumulation, so a higher DIX is more bullish (more hidden buying) and a lower DIX is more bearish or uncertain. It is a slow signal that matters over weeks, not minutes.
A dollar measure of option market-makers' hedging obligations, from the gamma of listed S&P 500 options weighted by open interest. When GEX is high and positive, dealers are long gamma and hedge against the move (sell strength, buy weakness), which suppresses volatility and gives calm, range-bound, mean-reverting tape. When GEX is low or negative, dealers are short gamma and hedge with the move, which amplifies volatility and gives trending, choppy tape. Once GEX is already deeply negative, further large losses become less likely.
S&P 500: the index price. DIX: blue daily line plus amber 10-day average; watch the level and the slope of the average. GEX: green bars = positive gamma (calm), red bars = negative gamma (volatile); the faint red bands on the price panel mark negative-gamma stretches. All three share one time axis and zoom together; hovering shows that day's values in the boxes up top.
| High DIX + negative GEX | Hidden buying plus amplified moves. Historically the most bullish setup. |
| High DIX + high positive GEX | Buyers present but volatility pinned. Slow grind or range. |
| Low DIX + high positive GEX | Calm but little demand. Drift or chop. |
| Low DIX + negative GEX | No buying support and volatile. Highest-risk backdrop. |
The embedded data runs 2011-05-02 to 2026-06-05 (3,797 trading days) with columns date, price (S&P 500 close), dix, and gex (dollars). To refresh, get an updated DIX.csv with those four columns and use Load CSV; GEX given in raw dollars or in billions is both handled automatically.
Their current monitor generalizes this into four normalized axes used together: P (price-trend, a volatility-adjusted 1-month return), V (volatility-trend), G (gamma-ratio = call gamma / total gamma, 0 to 1), and D (dark-ratio, the short-of-dark-volume measure underneath DIX). Each is normalized with a tanh over a rolling 1-year window to the range -1 to +1, and a k-nearest-neighbor model over the four axes produces a forward-return forecast. Their exportable sheets add columns such as P_NORM, G_NORM, D_NORM, IV, ADM21 (21-day average daily move) and R_21F (21-day forward return).
Not financial advice. This is a personal offline copy of the chart built from a DIX.csv export.