MLX Broker Data, page-5

Sorry if my previous statement was somewhat misleading. What I meant is that all retail brokers are among the sellers - as shown in the screenshot with red net values. I didn’t mean they are at the top of the sellers list.
The top sellers are:FinClear Execution (I wouldn’t classify it strictly as retail - probably a mix),Argonaut Securities (professional),Goldman Sachs (professional), andCommonwealth Securities (retail).

However, I usually treat only four brokers as retail brokers - CommSec, AIEX, CMC Markets, and WealthHub - because they tend to show very similar “retail-like” behavior most of the time. I’d say their accumulation patterns correlate about 90% of the time.

To demonstrate this, I merged the charts of all four brokers to show how closely their accumulation trends align (JIN for 2 years). It highlights the typical "dumb" behavior of averaging down by retail investors, even when a company's fundamentals are deteriorating.

As for Interactive Brokers - sometimes they align with the retail group, sometimes not. I tend to think they serve a mix, but since they operate globally, and not many overseas retail investors focus on the ASX, I believe most of their ASX activity comes from professional investors.




Regarding the idea that “when a stock goes parabolic, it’s usually retail buyers” - I’d partly agree. That may be true for sub-$50M market cap stocks, but for larger caps, professional investors, especially investment banks, often drive parabolic moves. Of course, it's not a strict rule.Actually, I use broker data quite often to validate exactly this kind of setup. When a stock goes parabolic or breaks out of a channel, I check the broker data.If professional brokers are pushing the price, I’m often interested.If retail brokers are behind it, I expect a deep correction soon after.Just my limited observations from a few years of actively tracking broker data.