SNPS max pain for the Oct 9, 2026 expiry is $410. Call wall $545 · put floor $410.
What the institutional money is doing on SNPS right now — dark pool, options positioning, and where the news and the money disagree. Free.
News frames Synopsys as a smart AI play, and options positioning leans bullish (more calls than puts), but no fresh large positions opened in the latest session—suggesting existing holders are positioned but new money is not rushing in.
The bullish call-heavy options lean aligns with the optimistic long-term thesis, but the absence of new position openings and subdued off-exchange volume suggest the market is not yet pricing in a major repricing.
Management's capital return aligns with the call-heavy options positioning, but the buyback itself does not appear to have triggered fresh options accumulation—the money is not front-running the announcement with new hedges or bets.
The buyback is now contractual, reinforcing the bullish tone, yet off-exchange volume remains below normal and no new options positions have opened—institutional traders are not using this as a catalyst to build fresh positions.
The partnership news is bullish and aligns with the call-heavy options lean, but the lack of new position openings and below-normal off-exchange activity suggest the market has already priced in Synopsys' AI upside—no fresh conviction is showing up in the options tape.
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).
