From what I have read and seen, there is no 100% sure way of knowing if dilution is happening. Some traders who have done this for a long time stated there are certain marker makers on the level 2 who usually show up to dilute or are known to dilute. Also u can tell by the volume, when it seems like there is a lot of volume but barely any movement (while in the past that same amount of volume made it go up a lot), it usually means there is dilution happening. But it seems like someone or some group is soaking up all of those diluted shares around .007-.01 or else we would have been around .003 now.
Also u can read the filings to see how many notes convertible they have and when their due dates are
I'm also fairly new so if anyone else wants to correct me or add more info, by all means go ahead