ADBE Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings

Flow Verdict

Confidence:

7 / 10

base 5; +2 strong net premium bearish; +1 P/C volume >1; -1 OI ratio call-lean; +0 GEX/DEX aligned

Watch next session: Flow around $240-$245 put strikes; Any large call buying to offset bearish premium

Flow Summary

Net premium: -$58.9M bearish

P/C volume ratio: 1.14 — put-dominant

P/C OI ratio: 0.73 — moderate call lean

Significant bearish premium outflow dominates the session, with put volume exceeding calls. However, open interest remains call-leaning, suggesting a potential clash between short-term hedging/directional bearish bets and longer-term bullish positioning.

Notable Prints

ADBE 6/18/26 $350 Put

Vol: 300

OI: 100

Vol/OI: 3.0x

IV: 60.9%

Notional: ~$10.5M (300 * $350 * 100)

Intent: Long-dated, deep OTM protective put purchase or speculative bearish bet

Dual read: Bought (bearish hedge/speculation) or sold (income, but unlikely given IV and strike)

Read-through: Large notional bet on a significant downside move over the next ~2.5 months, well beyond the expected move. The 60.9% IV suggests buying pressure.

ADBE 3/19/27 $330 Call

Vol: 452

OI: 200

Vol/OI: 2.3x

IV: 46.6%

Notional: ~$14.9M (452 * $330 * 100)

Intent: LEAPS call buying for long-term bullish exposure

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

Read-through: Contradicts the near-term bearish flow. Represents a large, long-dated bullish bet, potentially a hedge against a short stock position or a pure directional view beyond 2026.

Institutional Positioning

Call additions: LEAPS calls at $330 (2027), some activity at $260. OI is concentrated in OTM calls ($500, $400).

Put additions: Significant premium paid for OTM puts at $340, $360, $320, $260, $350. This is the dominant flow driver.

GEX/DEX consistency: Yes — Negative GEX (-$0.6M, pro-cyclical) aligns with bearish net premium flow. DEX is positive but small relative to OI.

OI clusters: Major put OI at $220 (4,731), $240 (3,659), $300 (3,658). Major call OI is extremely OTM ($500, $400). Creates a strong put wall at $220-$240 and a distant call magnet >$400.

Hedging evidence: Strong evidence via large premium outflows for OTM puts ($340, $360, $320, $350). The $350 Put unusual print is a clear hedge/speculative downside bet.

Max pain context: Spot ($243.08) is just below nearest max pain ($245). The rising MP trend ($245 → $260) suggests OI is building higher over time, but near-term pin risk is to $245.

Signal vs Noise

~The massive net premium outflows at OTM put strikes ($340, $360, $320, $350) are likely directional hedging or speculative bearish bets, not noise. The notional values are too large.

~The $500 and $400 Call OI (6,757, 3,559) are likely legacy positions or financing structures, not relevant for near-term directional signals.

~Low volume on many top OI strikes suggests today's flow is concentrated in specific, meaningful prints rather than broad market activity.

Key Conclusions

🐻Net premium strongly bearish (-$58.9M), driven by large OTM put purchases.

⚔️Contradiction between bearish flow (puts) and bullish OI/structure (calls, rising max pain).

🛡️Institutions are paying up for downside protection (high IV on puts), indicating elevated near-term risk perception.

📌Spot near max pain $245 with a strong put wall at $220-$240. Downside appears more defined than upside near-term.

Read the Flow analysis for ADBE for 2026-03-31. 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.