ADBE Flow Report

Analysis based on market close April 2, 2026

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.

Read the Flow analysis for ADBE. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.