Tracks the ratio of inverse-ETF volume to long-ETF volume across major
index, sector, country, and commodity pairs. A high ratio means traders are crowding into the
short side — either hedging or making a directional bet. Spikes vs the rolling baseline are
positioning signals worth noting.
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Ratio = inverse-ETF 5-day avg dollar volume (close × shares) ÷ long-ETF 5-day avg dollar volume.
Using traded value (not share count) keeps ratios meaningful when pair members have very different prices.
Z-score = how many std-devs today's ratio is from the chosen rolling baseline (10/25/60/90d).
z > 2 = unusually crowded short positioning.
5d trend = ratio change over the last 5 trading days.
Buy% = % of last 5-day dollar volume that traded on UP days (OBV/Money-Flow proxy).
Buy% z = how unusual that buy share is vs the ticker's own rolling history.
KOSPI pairs are denominated in KRW (won), US pairs in USD — ratios stay unitless and comparable.