ADBE Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $253.7.

Put/Call (OI)

0.59

270k P / 460k C

Put/Call (Volume)

1.04

17k P / 16k C today

30d ATM IV

53%

annualized implied move

Call wall

$300

24k contracts

Put wall

$210

32k contracts

Tail hedging

0.6×

deep-OTM puts vs calls

What the positioning says

●Bullish positioning: only 0.59 puts per call outstanding.
●Call wall at $300 (24k contracts), 18% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $210 (32k contracts), 17% below spot — the hedge floor; often acts as support.

Open interest by strike

All expiries combined. Amber lines mark the call and put walls; the dashed line is spot.

IV term structure

At-the-money implied volatility per expiry.

Volatility smile

IV by strike — expiry 2026-09-18. A steep left side = expensive downside protection.

30-day implied volatility history

Daily ATM IV (~30 DTE bucket) collected since March 2026. Rising IV into an event = the market bracing; collapsing IV after = the crush.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	78k	34k	0.44	14k
2026-08-28	6k	8k	1.40	2k
2026-09-04	3k	4k	1.45	1k
2026-09-11	2k	3k	1.27	796
2026-09-18	71k	42k	0.59	5k
2026-09-25	2k	2k	0.89	352
2026-10-02	198	547	2.76	429
2026-10-16	18k	53k	2.92	2k
2026-11-20	41k	11k	0.26	725
2026-12-18	47k	24k	0.52	4k
2027-01-15	80k	37k	0.47	692
2027-02-19	2k	2k	1.21	157
2027-03-19	6k	8k	1.18	235
2027-06-17	20k	13k	0.65	701
2027-12-17	17k	10k	0.59	391
2028-01-21	65k	17k	0.27	877
2028-12-15	999	856	0.86	139

Source: CBOE delayed quotes, refreshed daily after US market close. Open interest is exchange-reported and lags one session. Research, not investment advice.