# Reading the Tape How to Spot Dark Pool Activity ▴ Guide

**Published:** 2025-08-20
**Categories:** Guide

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## The Illuminated Tape

Reading the tape is the foundational skill for decoding market intent. It moves a trader’s perception from the surface level of price charts to the underlying flow of orders that dictates those movements. The tape, historically a physical ticker tape, is now the digital [Time and Sales](https://prime.greeks.live/area/time-and-sales/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (T&S) window, a real-time log of every executed trade. Its primary function is to display price, volume, and time.

A sophisticated understanding of this data stream reveals the activity of institutional participants, including their transactions routed through alternative trading systems, or dark pools. These private exchanges permit institutions to transact large blocks of shares without immediately signaling their intentions to the broader public market, mitigating price impact. The transactions, however, are not invisible forever. They are reported to the consolidated tape, appearing as prints that carry specific identifiers. Learning to see and interpret [these prints](https://prime.greeks.live/question/how-can-a-firm-demonstrate-best-execution-for-a-fixed-income-trade-with-no-recent-trace-prints/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is the first step in aligning with, instead of reacting to, significant market currents.

The core mechanism is rooted in regulatory requirements for trade reporting. While dark pools provide anonymity at the point of execution, the transactions must eventually be disclosed. These delayed reports manifest on the T&S as large, anomalous prints, often executed at a single price point. They represent consummated institutional orders.

The critical insight is that these prints are not random noise; they are the footprints of substantial capital commitments. Identifying them requires a shift in focus from the frantic pace of small retail orders to the deliberate, heavy-handed entries of institutional players. This process transforms the tape from a chaotic stream of numbers into a coherent narrative of [accumulation](https://prime.greeks.live/area/accumulation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and [distribution](https://prime.greeks.live/area/distribution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) by the market’s most influential participants. It is a discipline of observation, pattern recognition, and contextual analysis. The objective is to see the market as it is, transaction by transaction.

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## Translating Shadows into Strategy

A reactive approach to the market is a structural disadvantage. A proactive methodology involves identifying the signatures of institutional activity on the tape and structuring trades that align with that perceived intent. This requires a systematic process for filtering, identifying, and interpreting [dark pool prints](https://prime.greeks.live/area/dark-pool-prints/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) within the broader context of market behavior.

The information advantage gained from this practice is tangible, allowing for more precise entries, informed position management, and a deeper understanding of where significant [support and resistance](https://prime.greeks.live/area/support-and-resistance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) levels are being established by large capital flows. It is a direct method for gauging institutional conviction.

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## Recognizing the Institutional Footprint

Institutional orders possess distinct characteristics on the tape. Their sheer size is the most evident trait, but the way they are executed and reported provides a more granular level of detail. Recognizing these footprints is the primary skill in this domain.

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## Volume and Price Characteristics

The most elementary signal is an unusually [large print](https://prime.greeks.live/guide/how-to-execute-multi-leg-options-spreads-as-a-single-print/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) relative to the stock’s average trading volume. A single print of several hundred thousand shares in a stock that typically trades in lots of a few hundred is a clear anomaly. These prints often occur at a single price, sometimes between the prevailing bid and ask, indicating a negotiated trade. When multiple [large prints](https://prime.greeks.live/question/how-can-a-firm-demonstrate-best-execution-for-a-fixed-income-trade-with-no-recent-trace-prints/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) occur at the same price level over a short period, it signals a significant effort by one or more institutions to either accumulate a large position (buying) or distribute one (selling).

This activity establishes a price level of immense importance, as the institution now has a vested interest in defending it. Tracking these levels provides a dynamic map of institutional support and resistance.

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## Trade Reporting Identifiers

The reporting facility for a trade offers a crucial clue about its origin. Trades executed on public exchanges like the NYSE or NASDAQ carry their respective identifiers. [Dark pool](https://prime.greeks.live/area/dark-pool/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) trades, however, are reported through Trade Reporting Facilities (TRFs). On the T&S window, these prints are often marked with specific designators that identify them as off-exchange transactions.

Learning the specific codes your data provider uses for these prints is essential. The presence of these identifiers confirms that a large trade was executed away from the lit markets, the definitive sign of a dark pool transaction. This confirmation elevates a large print from a point of interest to an actionable piece of intelligence.

> Accumulations of dark pool prints below the current market price can reveal significant support levels where a reversal may be initiated; the greater the transacted volume, the stronger the anticipated support.

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## A Framework for Tape Analysis

Interpreting dark pool prints is an exercise in building a case. A single print is an observation; a pattern of prints, correlated with other market data, forms a tradable thesis. The following steps provide a structured approach to this analytical process.

- **Establish A Baseline:** Before the trading session begins, identify the key price levels for the asset based on standard technical analysis. This includes prior session highs and lows, significant support and resistance zones, and volume-profile-derived points of control. This context is the canvas upon which the day’s tape story will be painted.

- **Monitor For Anomalies:** During the session, the primary focus is on identifying prints that deviate from the norm. This involves filtering the T&S for trades exceeding a certain size threshold (e.g. over 10,000 shares, or a contextually relevant number for the specific stock). Pay close attention to the execution price and the reporting facility.

- **Correlate With Price Action:** The location of a dark pool print in relation to the established technical levels is of paramount importance. A large print occurring at a key support level after a period of selling suggests institutional absorption of supply, a bullish signal. Conversely, large prints appearing at a resistance level after a strong rally may indicate distribution, a bearish sign. The print validates the significance of the technical level.

- **Assess The Post-Print Drift:** The market’s immediate reaction to a large print provides further insight. If a series of large prints appears at a specific level and the price subsequently fails to move below that level, it reinforces the interpretation of accumulation. The price action following the print is the market’s confirmation of your initial read.

- **Build A Cumulative View:** Throughout the day and across multiple days, maintain a log of the price levels where significant dark pool activity occurs. This cumulative data builds a detailed map of institutional positioning. A consistent pattern of large prints at progressively higher prices is a strong indicator of a sustained accumulation campaign.

This disciplined process of observation and correlation is how a trader moves from simply seeing the prints to understanding their strategic implication. It is a method for quantifying institutional conviction and aligning one’s own trading decisions with the flow of dominant capital.

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## Mastering the Flow of Capital

Advanced application of [tape reading](https://prime.greeks.live/area/tape-reading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) transcends the analysis of individual stocks. It involves integrating dark pool data into a holistic market view, correlating it with other data streams like options flow, and using it to construct more sophisticated portfolio-level strategies. This is the transition from a tactical tool to a strategic framework for understanding market structure and [liquidity](https://prime.greeks.live/area/liquidity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) dynamics. The objective is to anticipate shifts in market sentiment and positioning before they are fully reflected in price.

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## System-Wide Liquidity Analysis

Institutions often express broad market views by trading large blocks of major index ETFs like [SPY](https://prime.greeks.live/area/spy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) or QQQ. Monitoring dark pool activity in these bellwether instruments provides a high-level gauge of institutional sentiment. A sustained period of heavy dark pool buying in SPY, for instance, can precede a broad market rally. This is because the institutions making these trades have a global, macro perspective that is now being expressed through their execution.

An astute trader uses this information to adjust their overall portfolio bias. This might involve increasing long exposure, tightening risk parameters on short positions, or initiating new trades in highly correlated individual stocks. The ETF prints serve as a leading indicator for the entire market ecosystem.

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## The Synthesis of Equity and Options Flow

The most sophisticated market participants operate across asset classes. A truly comprehensive analysis involves synthesizing dark pool equity prints with unusual options activity. Imagine a scenario where you observe a massive dark pool buy print in a particular stock. Simultaneously, the options scanner shows a huge volume of out-of-the-money call contracts being bought for the same stock.

This combination is an exceptionally powerful signal. The equity print shows a large capital commitment, while the options activity reveals a leveraged, directionally biased bet on the stock’s appreciation. One data stream confirms the other, dramatically increasing the confidence level of the trade thesis. This multi-asset class approach provides a three-dimensional view of institutional intent, capturing both the underlying stock position and the speculative derivative overlay.

This synthesis is a demanding discipline, requiring proficiency in two distinct but related fields of market analysis. The technical details of this process are complex. It requires an understanding of options greeks, the difference between opening and closing positions, and the ability to track multi-leg strategies. Yet, the strategic payoff is immense.

The capacity to see how institutional capital is being deployed simultaneously in the stock and options markets provides an analytical edge that is difficult to replicate. It allows a trader to position themselves with a degree of conviction that is unavailable to those who view these data streams in isolation. The market is an interconnected system; a master-level analysis reflects that reality.

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## Advanced Risk and Position Management

Dark pool data provides a powerful tool for dynamic risk management. When a trade is initiated based on a detected accumulation level, that price zone becomes a critical validation point. A subsequent failure of price to hold that level on high volume signals a change in the market’s calculus and provides a clear, data-driven signal to exit the position. This is a far more sophisticated approach than relying on arbitrary percentage-based stop losses.

It ties the risk management of the trade directly to the institutional activity that formed the basis of the trade itself. The position is held as long as the institutional thesis remains valid, as evidenced by the market’s interaction with the key dark pool levels. This method embeds a high degree of market logic directly into the trade’s risk protocol, creating a resilient and adaptive strategic posture.

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## The Unwritten Language of the Market

Price is a headline. The tape is the story. Learning to read it is akin to learning a new language, one spoken not in words but in transactions. It is the language of intent, of conviction, and of capital in motion.

The charts show you where the market has been; the tape offers a glimpse of where it is going, guided by its most powerful participants. This is not a predictive system that offers certainty. It is an interpretive skill that provides an edge. It reframes the market from a place of random outcomes to a strategic environment where the actions of large institutions can be identified, understood, and leveraged.

The process of mastering this skill fundamentally alters a trader’s relationship with the market. It cultivates a state of proactive observation, replacing reactive anxiety with a quiet confidence that comes from understanding the deeper currents at play. The flow is always there. The skill is in learning to see it.

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## Glossary

<a href="https://prime.greeks.live/area/time-and-sales/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Time and Sales

Meaning ▴ Time and Sales refers to a real-time data feed providing a sequential record of every executed trade on an exchange, detailing the timestamp of the transaction, the traded price, the volume, and the aggressor side (whether the trade was a buy or a sell). </a><a href="https://prime.greeks.live/question/how-can-a-firm-demonstrate-best-execution-for-a-fixed-income-trade-with-no-recent-trace-prints/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract, sleek components, a dark circular disk and intersecting translucent blade, represent the precise Market Microstructure of an Institutional Digital Asset Derivatives RFQ engine. It embodies High-Fidelity Execution, Algorithmic Trading, and optimized Price Discovery within a robust Crypto Derivatives OS](https://options.greeks.live/wp-content/uploads/2025/07/principals-rfq-system-for-digital-asset-derivatives-execution.jpg)

## These Prints

A firm demonstrates best execution for illiquid bonds by architecting a defensible process of data aggregation and documentation. </a><a href="https://prime.greeks.live/area/accumulation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek green probe, symbolizing a precise RFQ protocol, engages a dark, textured execution venue, representing a digital asset derivatives liquidity pool. This signifies institutional-grade price discovery and high-fidelity execution through an advanced Prime RFQ, minimizing slippage and optimizing capital efficiency](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-protocol-integration-for-high-fidelity-execution-and-institutional-liquidity-aggregation-on-prime-os.jpg)

## Accumulation

Meaning ▴ Accumulation denotes the systematic acquisition or divestment of a substantial quantity of a digital asset derivative over an extended period, engineered to minimize market impact and optimize average execution price. </a><a href="https://prime.greeks.live/area/distribution/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A luminous, miniature Earth sphere rests precariously on textured, dark electronic infrastructure with subtle moisture. This visualizes institutional digital asset derivatives trading, highlighting high-fidelity execution within a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/global-digital-asset-derivatives-rfq-protocol-execution-engine-underpinning-institutional-market-microstructure-with-precision.jpg)

## Distribution

Meaning ▴ Distribution, in the context of institutional digital asset derivatives, refers to the statistical representation of a variable's frequency and magnitude across its possible range, such as the probability distribution of asset returns, price changes, or volatility within a defined temporal window. </a><a href="https://prime.greeks.live/area/dark-pool-prints/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precision sphere, an Execution Management System EMS, probes a Digital Asset Liquidity Pool. This signifies High-Fidelity Execution via Smart Order Routing for institutional-grade digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-engine-orchestrating-global-digital-asset-derivatives-liquidity-pool-price-discovery-and-high-fidelity-execution.jpg)

## Dark Pool Prints

Meaning ▴ Dark Pool Prints refer to the post-trade transparency data disseminated from alternative trading systems, specifically dark pools, detailing executed transactions that were not displayed on a public order book prior to execution. </a><a href="https://prime.greeks.live/area/support-and-resistance/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise mechanical interaction between structured components and a central dark blue element. This abstract representation signifies high-fidelity execution of institutional RFQ protocols for digital asset derivatives, optimizing price discovery and minimizing slippage within robust market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-system-interface.jpg)

## Support and Resistance

Meaning ▴ Support and Resistance levels represent specific price thresholds where an asset's historical trading activity indicates a significant propensity for either demand absorption, halting downward price movement, or supply saturation, impeding upward price progression. </a><a href="https://prime.greeks.live/question/how-can-a-firm-demonstrate-best-execution-for-a-fixed-income-trade-with-no-recent-trace-prints/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract architectural representation of a Prime RFQ for institutional digital asset derivatives, illustrating RFQ aggregation and high-fidelity execution. Intersecting beams signify multi-leg spread pathways and liquidity pools, while spheres represent atomic settlement points and implied volatility](https://options.greeks.live/wp-content/uploads/2025/07/architecting-institutional-digital-asset-derivatives-trading-systems-for-optimized-rfq-execution-and-advanced-price-discovery.jpg)

## Large Prints

A firm demonstrates best execution for illiquid bonds by architecting a defensible process of data aggregation and documentation. </a><a href="https://prime.greeks.live/guide/how-to-execute-multi-leg-options-spreads-as-a-single-print/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A dark, reflective surface features a segmented circular mechanism, reminiscent of an RFQ aggregation engine or liquidity pool. Specks suggest market microstructure dynamics or data latency](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-options-rfq-execution-microstructure-prime-os.jpg)

## Large Print

Command liquidity and execute complex options strategies with the precision of a single print, eliminating slippage and leg risk. </a><a href="https://prime.greeks.live/area/dark-pool/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Angular, reflective structures symbolize an institutional-grade Prime RFQ enabling high-fidelity execution for digital asset derivatives. A distinct, glowing sphere embodies an atomic settlement or RFQ inquiry, highlighting dark liquidity access and best execution within market microstructure](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-digital-asset-derivatives-rfq-execution-protocol.jpg)

## Dark Pool

Meaning ▴ A Dark Pool is an alternative trading system (ATS) or private exchange that facilitates the execution of large block orders without displaying pre-trade bid and offer quotations to the wider market. </a><a href="https://prime.greeks.live/area/tape-reading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A reflective sphere, bisected by a sharp metallic ring, encapsulates a dynamic cosmic pattern. This abstract representation symbolizes a Prime RFQ liquidity pool for institutional digital asset derivatives, enabling RFQ protocol price discovery and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-execution-1.jpg)

## Tape Reading

Meaning ▴ Tape Reading, within institutional digital asset derivatives, refers to the systematic analysis of real-time market data streams, specifically Level 2 and Level 3 order book information, trade prints, and time-and-sales data. </a><a href="https://prime.greeks.live/area/liquidity/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent sphere, bisected by dark rods, symbolizes an RFQ protocol's core. This represents multi-leg spread execution within a high-fidelity market microstructure for institutional grade digital asset derivatives, ensuring optimal price discovery and capital efficiency via Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-digital-asset-derivatives-rfq-protocols-high-fidelity-execution.jpg)

## Liquidity

Meaning ▴ Liquidity refers to the degree to which an asset or security can be converted into cash without significantly affecting its market price. </a><a href="https://prime.greeks.live/area/spy/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek system component displays a translucent aqua-green sphere, symbolizing a liquidity pool or volatility surface for institutional digital asset derivatives. This Prime RFQ core, with a sharp metallic element, represents high-fidelity execution through RFQ protocols, smart order routing, and algorithmic trading within market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-rfq-core-for-high-fidelity-execution.jpg)

## Spy

Meaning ▴ SPY, referencing the SPDR S&P 500 ETF Trust, functions within the institutional digital asset derivatives domain as a high-fidelity proxy for broad equity market performance and systemic risk. </a>

**Tags:** [SPY](https://options.greeks.live/area/spy/), [Support and Resistance](https://options.greeks.live/area/support-and-resistance/), [Distribution](https://options.greeks.live/area/distribution/), [Dark Pool](https://options.greeks.live/area/dark-pool/), [Dark Pool Prints](https://options.greeks.live/area/dark-pool-prints/), [Market Microstructure](https://options.greeks.live/area/market-microstructure/)	

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The primary best execution consideration is aligning the order's specific characteristics with the venue that best manages the trade-off between price improvement and information leakage.

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- 
### [Why Discreet Execution Is the Ultimate Edge in Modern Markets](https://options.greeks.live/guide/why-discreet-execution-is-the-ultimate-edge-in-modern-markets/)
![A robust, dark metallic platform, indicative of an institutional-grade execution management system. Its precise, machined components suggest high-fidelity execution for digital asset derivatives via RFQ protocols. The textured surface implies granular market microstructure data, supporting price discovery and atomic settlement for block trades within a prime brokerage framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-high-fidelity-price-discovery-and-atomic-settlement-infrastructure.jpg)

Master the art of unseen execution and gain the ultimate edge in modern markets.

- 
### [Why VWAP Is the Definitive Benchmark for High-Volume Trading Strategies](https://options.greeks.live/guide/why-vwap-is-the-definitive-benchmark-for-high-volume-trading-strategies/)
![A robust green device features a central circular control, symbolizing precise RFQ protocol interaction. This enables high-fidelity execution for institutional digital asset derivatives, optimizing market microstructure, capital efficiency, and complex options trading within a Crypto Derivatives OS.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-grade-digital-asset-derivatives-rfq-protocol-interface-for-precise-market-microstructure-execution.jpg)

VWAP is the definitive measure of fair value in motion, enabling institutional-grade execution and systematic cost control.

- 
### [What Are the Primary Differences between Broker-Operated Dark Pools and Independent Venues?](https://options.greeks.live/question/what-are-the-primary-differences-between-broker-operated-dark-pools-and-independent-venues/)
![A precise metallic instrument, resembling an algorithmic trading probe or a multi-leg spread representation, passes through a transparent RFQ protocol gateway. This illustrates high-fidelity execution within market microstructure, facilitating price discovery for digital asset derivatives. Underlying liquidity pools and dark liquidity channels are subtly visible, managed by a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-orchestration-of-institutional-digital-asset-rfq-execution.jpg)

Broker-operated pools offer curated liquidity with inherent conflicts, while independent venues provide neutral access to diverse counterparties.

- 
### [The Professional’s Edge in Spotting Concealed Market Activity](https://options.greeks.live/guide/the-professionals-edge-in-spotting-concealed-market-activity/)
![Polished concentric metallic and glass components represent an advanced Prime RFQ for institutional digital asset derivatives. It visualizes high-fidelity execution, price discovery, and order book dynamics within market microstructure, enabling efficient RFQ protocols for block trades.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-prime-os-precision.jpg)

Master the art of spotting institutional trades before they move the market and execute with precision using RFQ systems.

- 
### [How Do Dark Pools Affect Information Leakage for Institutional Trades?](https://options.greeks.live/question/how-do-dark-pools-affect-information-leakage-for-institutional-trades/)
![A marbled sphere symbolizes a complex institutional block trade, resting on segmented platforms representing diverse liquidity pools and execution venues. This visualizes sophisticated RFQ protocols, ensuring high-fidelity execution and optimal price discovery within dynamic market microstructure for digital asset derivatives. It reflects capital efficiency and intelligent smart order routing.](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-aggregation-digital-asset-derivative-execution-optimization.jpg)

Dark pools mitigate market impact by obscuring pre-trade intent, but they introduce new vectors for information leakage through sophisticated counterparty analysis.

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---

**Original URL:** https://options.greeks.live/guide/reading-the-tape-how-to-spot-dark-pool-activity/
