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ADBE

Adobe Inc.Close $253.37EOD only

Max Pain

$250.00

Next expiry May 22, 2026

Expected Move

±$7.72

3.0% from close

Price Gap

-3.37

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.74

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects ADBE options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 20, 2026 close

ADBE Flow Report

Analysis based on market close April 2, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

Confidence:

5.5 / 10

base 5; +0.5 bearish premium flow persists; -1.0 P/C volume ratio now call-dominant; +1.0 large, concentrated bearish prints; +0 GEX/DEX aligned

Watch next session: Flow around the $235-$240 put strikes for 4/10 expiry; Any aggressive call buying to defend the $245 max pain level

Flow Summary

Net premium: -$27.1M bearish

P/C volume ratio: 0.69 — call-dominant

P/C OI ratio: 0.73 — moderate call lean

A contradictory picture: net premium remains bearish, driven by massive single-strike put purchases, but overall volume is call-skewed. The flow is dominated by a few large, bearish institutional hedges, while the broader tape shows call activity, likely retail or shorter-term positioning.

Notable Prints

ADBE 4/10/26 $230 Put

Vol: 1,118

OI: 233

Vol/OI: 4.8x

IV: 38.6%

Notional: ~$25.8M (1118 * $230 * 100)

Intent: Fresh directional put buying or protective hedge

Dual read: Bought (bearish) or sold (income, less likely given IV and strike below spot)

Read-through: This is the most significant bearish signal. High volume and notional value targeting a ~5.3% drop from spot within 8 days. The 38.6% IV suggests buying pressure, not selling for premium.

ADBE 4/10/26 $235 Put

Vol: 1,108

OI: 121

Vol/OI: 9.2x

IV: 37.3%

Notional: ~$26.0M (1108 * $235 * 100)

Intent: Fresh directional put buying or protective hedge

Dual read: Bought (bearish) or sold (income)

Read-through: Paired with the $230P, this forms a concentrated bearish bet for the 4/10 expiry. The extremely high vol/oi ratio indicates new, aggressive positioning. Targets a ~3.3% drop.

ADBE 9/18/26 $240 Put

Vol: 1,549

OI: 723

Vol/OI: 2.1x

IV: 42.9%

Notional: ~$37.2M (1549 * $240 * 100)

Intent: Longer-dated protective put purchase or bearish speculation

Dual read: Bought (bearish hedge) or sold (covered put/write)

Read-through: A large, longer-dated downside bet. The 42.9% IV is elevated, consistent with buying. This could be an institution hedging a long equity position out to September, signaling concern over a multi-month horizon.

ADBE 4/10/26 $240 Call

Vol: 1,037

OI: 284

Vol/OI: 3.6x

IV: 38.7%

Notional: ~$24.9M (1037 * $240 * 100)

Intent: Near-the-money call buying or call spread leg

Dual read: Bought (bullish) or sold covered call (neutral/bearish)

Read-through: Contradicts the heavy put flow. Could be a bullish bet for a bounce, a hedge against short puts, or part of a complex spread (e.g., call calendar, diagonal). Its presence alongside massive put buying creates the mixed flow regime.

ADBE 4/2/26 $245 Call

Vol: 1,062

OI: 525

Vol/OI: 2.0x

IV: 10.2%

Notional: ~$26.0M (1062 * $245 * 100)

Intent: 0DTE speculation or pin play at max pain

Dual read: Bought (pin to $245) or sold (expecting rejection at $245)

Read-through: Pure expiration play. With spot at $242.92 and max pain at $245, this is likely traders betting on a last-minute push to the pin. It's noise for directional intent beyond today.

Institutional Positioning

Call additions: Minimal. Some activity at $240C (4/10) and $320C (11/20), but dwarfed by put premium.

Put additions: Concentrated at $230P & $235P (4/10) and $240P (9/18). Large notional, high-IV purchases indicative of hedging or directional bearish bets.

GEX/DEX consistency: Yes — Positive but small GEX (+$0.2M, pinning/mean-reverting) aligns with spot being at max pain. The bearish flow (negative premium) is from large OTM puts which have less gamma impact.

OI clusters: Major put walls at $220 (4,723 OI) and $240 (3,648 OI). Major call OI is extremely OTM ($500, $400). This creates a defined floor near $220 and a distant, likely irrelevant, ceiling.

Hedging evidence: Strong evidence. The large, high-IV purchases of $230P, $235P (4/10), and $240P (9/18) are classic protective put hedging patterns, especially the longer-dated September put.

Max pain context: Spot ($242.92) is at the nearest expiration max pain ($245). The rising MP trend suggests longer-term OI is building at higher strikes ($250+), but near-term pin risk is to $245.

Signal vs Noise

~The 0DTE $245 Call volume is pure expiration noise related to the max pain pin at $245.

~The $350 Put (6/18) unusual print, while notable, is extremely OTM (~44% below spot) and its notional is small compared to the near-term put buys. Likely a tail-risk hedge, not a primary directional signal.

~The massive net premium outflows at OTM strikes like $360 and $350 (from Top Premium Flow) are likely continuations of the large, long-dated hedging seen in the prior report, not new aggressive selling today.

Key Conclusions

⚠️Flow is dominated by a few large, bearish institutional hedges ($230P, $235P, $240P), creating significant net premium outflows.

🤼Contradiction: Call volume leads (P/C 0.69), but put premium dominates. Suggests retail/short-term call activity vs. institutional put hedging.

🛡️Institutions are actively buying downside protection for April and September, indicating elevated near-to-medium-term risk perception.

📌Spot pinned at max pain ($245) with a strong put wall at $220. Downside appears more defined than upside near-term.

How to Use These Reports

This flow reflects the market close on April 2, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.