I worked on a high frequency mm desk at a bank and then at a HFT firm and never heard “toxic order flow” used to mean this. “Toxic order flow” is when other HFTs cross the spread to hit your limit orders faster than you can pull them (eg because you are both reacting to
the same info but they are faster) leading to an instantaneous mark to market loss. The idea that you would see toxic order flow from click-to-trade retail traders is..... interesting.
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Not saying what you’re describing isn’t a real phenomenon. Just that it’s not what people mean when they talk about toxic order flow.
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