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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 March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from March 31, 2026. A newer flow report is available for April 2, 2026.

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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.

How to Use These Reports

This flow reflects the market close on March 31, 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.