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P

Persistent

5+ consecutive settlement days with open FTDs. Sustained delivery failures indicate structural short pressure.

E

Extreme Volume

Single-day FTD volume exceeds 500K shares. Large delivery failures signal potential forced buying ahead.

V

High Value

Aggregate FTD value exceeds $10M. Dollar-weighted failures reveal institutional-scale delivery issues.

D

Direction

FTD trend is increasing over the measurement period. Rising failures compound forced buying pressure.

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High Quality
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Extreme FTDs
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Short Interest & Volume — cross-reference FTDs with short volume ratios for conviction

Methodology

Data sourced from SEC EDGAR Failure-to-Deliver files, published twice monthly with a 2-week lag. Each record shows the aggregate quantity of shares that failed to deliver on a given settlement date.

We aggregate by ticker across the reporting period, flag persistent failures (5+ consecutive days), extreme single-day volume (500K+ shares), high dollar value ($10M+), and directional trend (increasing vs decreasing). Quality score combines flag count and consistency.

FTDs create forced buying pressure because market makers and clearing firms must eventually deliver shares. Persistent, high-value FTDs often precede sharp price moves as delivery obligations are settled.