Mar. 3 at 3:07 AM
Big move on
$ADI today
An institution dropped
$36M on deep ITM Mar 20 calls, hitting the ask at 240, 250, 260 strikes
Looks like a short-dated play, probably hedging instead of a straight-up bullish bet
With ADI drifting about 0.95% today and around 2.4% over five days, all the options flow has been call-side
It's 24 times the usual momentum and no puts in sight
This divergence makes me think twice about more downside right now
Best to watch for price action or more flow around the Mar 20 chain before making any big moves
Keep an eye on it