Methodology
The Dark Index (DIX) from Squeezemetrics measures the buy/sell imbalance of S&P 500 volume executed in off-exchange dark pools. When DIX is high (≥47%), institutions are accumulating quietly via block trades — historically a strong forward-return signal.
DIX_pct = dark_pool_buy_volume / dark_pool_total_volume
GEX here is total dealer gamma exposure on SPX/SPY (sister metric to our per-symbol justhodl-dealer-gex). Positive GEX = dealers stabilize. Negative GEX = dealers amplify.
Combined regimes: BULLISH_STABILIZED (DIX≥45 + GEX>0): institutional accumulation into low-vol — melt-up risk. BULLISH_VOLATILE (DIX≥45 + GEX<0): accumulation against gamma — bullish but choppy. BEARISH_GAMMA_RISK (DIX<42 + GEX<0): distribution + negative gamma — gap-down risk. DISTRIBUTION_CAPPED (DIX<42 + GEX>0): distribution capped by dealer stability.
Source: squeezemetrics.com/monitor/static/DIX.csv · daily update ~5PM ET · 15+ years of history from 2011.