partitioning large signed networks

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I have a large signed network. The signed network is a weighted graph whose edges can be +1 or _1. I need to partition this graph so that most positive edges are placed inside the clusters and the negative edges are placed outside the cluster. this graph is very sparse. Do you have ideas? there is a special version of Louvain algorithm for the signed network in Pajek. Does anyone know about the details of this algorithm?

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Johannes Wachs On BEST ANSWER

This paper by Vincent Traag outlines one approach.

He also has a python package (built on top of igraph) called louvain that can do this for you.

This blog post demonstrates the package and method on an interesting use case.