ADI max pain for the Oct 16, 2026 expiry is $380. The last price, $406.19, is 6.9% above it. Call wall $440 · put floor $330.
What the institutional money is doing on ADI right now — dark pool, options positioning, and where the news and the money disagree. Free.
News frames ADI as a growth story, but money signals show institutions quietly reducing exposure off-exchange and hedging downside rather than buying into the narrative.
The 2.49% underperformance aligns with money signals: options traders hold more calls than puts, but off-exchange distribution and elevated short activity suggest institutions are exiting or protecting against further downside.
Bullish news contrasts with money positioning: call-heavy options lean is constructive, but dark-pool stealth (16/100) and distribution regime show large players are quietly selling or hedging, not accumulating on the milestone.
The partnership is a positive use-case story, but options and dark-pool data show no fresh buying conviction: call-heavy positioning is steady-state, and off-exchange volume remains subdued with distribution regime intact.
Reported institutional trimming aligns with money signals: dark-pool distribution regime and elevated short share in off-exchange prints confirm large holders are quietly exiting, not accumulating.
A divergence is when the news narrative and the institutional money flow point in opposite directions — a bearish headline while large call premium is bought, or heavy dark-pool selling under a bullish story. It signals the crowd and the desks may disagree.
Dark-pool volume — The share of trading executed off-exchange, at wholesalers and dark pools. About half of all US share volume prints there on an ordinary day, so the level by itself says almost nothing. What carries information is the distance from this name’s own recent norm, and whether the off-exchange size ran above its usual.
Off-exchange short share — How much of that off-exchange volume was sold short. The median across all listed names is about 49%, because wholesalers filling retail buy orders sell short and cover later. A reading near half is plumbing, not a bearish vote — compare it to the same name’s own 20-day norm.
Max pain — The price where the most options expire worthless — positioning often gravitates toward it near expiry.
Call wall / Put floor — Strikes with the heaviest call/put open interest — they often act as short-term resistance and support.
Put/Call ratio — Below ~0.7 leans bullish (more calls); above ~1 leans defensive (more puts).
