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FIGR

Figure Technology Solutions, InClose $36.40EOD only

Max Pain

$43.50

Next expiry May 22, 2026

Expected Move

±$2.15

5.9% from close

Price Gap

+7.10

Distance to max pain

IV Rank

Low premium

P/C OI

0.44

Slightly call-heavy

Consensus

5.0/10

Consensus signal

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects FIGR options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 20, 2026 close

FIGR Directional Report

Analysis based on market close April 7, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Outlook

Neutral-to-slight-bullish with a pinning magnet above into the mid-$30s; Confidence: 4.0/10. Primary supports: positive GEX pin concentration at $34–$35, heavy put OI at the $30 strike (5,476) that creates dealer hedging, and very high ATM IV (avg 102.4%) favoring premium sellers; conflicts: spot is below max-pain and MP trend is falling (weakening upside gravity) and net premium is negative (-$1.4M) indicating recent sell-side flow.

Confidence:

4 / 10

Base score 4.0 (pre-computed); drivers: +GEX pinning, -spot 8.1% below MP, -mixed flow/net premium; no single imminent catalyst found so no override.

Supports: GEX +$1.3M concentrated at $34/$35/$31; $30 put OI 5,476 creating dealer buying into weakness; 2d EM lower bound $28.42 providing near-term floor.
Conflicts: Spot sits below nearby MP levels ($33.50–$35.00) and net premium -$1.4M/P-C vol 0.50 points to recent directional selling; mixed flow including large tail call buys at high strikes introduces asymmetric upside risk.

📌Gamma flip near $30 — dealers will materially rebalance if spot crosses ~$30

📈ATM IV elevated (104.9% 4/10) vs 10–45d 89–94% — front-end rich, favors front-month premium sale

🔍Unusual: 4/10 $35 call block (Vol 2,101 vs OI 437) — buying into the $35 pin

Regime Classification

Vol Regime

High

High IV: ATM 4/10 104.9% and avg IV 102.4% — options are rich, which structurally favors selling premium if you accept directional gamma risk.

Gamma Regime

Pinning

Pinning: modest positive total GEX $+1.3M with concentrated GEX at $34 (172K), $35 (554K) and $31 (173K) — dealers are likely to hedge toward those levels, creating an intra-range magnet.

Flow Regime

Mixed

Mixed flow: net premium -$1.4M (net sell pressure) with P/C vol 0.50 — retail put activity exists but larger-sized institutional activity includes both large put OI and big dollar call tail buys (net call premium at high strikes).

Spot vs Max Pain

Below

Spot $30.77 sits below near-term max pains ($33.50 on 4/10 → $35 on 4/17) which reduces upward pin gravity but concentrated GEX still injects mid-$30s magnetism.

Thesis duration: Multi-week — Pinning and GEX concentrations persist across multiple expirations (34/35 show in 4/10–4/24, MP trend falls over 10 expirations) — trade with 30–45 DTE as primary horizon, weeklies for tactical overlays.

Price Range Forecast

Next 2 days

$28.42$33.12

Dealer pinning and a gamma flip at ~$30 compress downside; break below $28.42 (2d EM lower) accelerates selling.

Next 1 week

$26.95$34.60

Max pain 4/10 $33.50 and concentrated GEX at $34–$35 pull spot higher absent fresh negative flow; close < $26.95 widens range lower.

Next 2 weeks

$26.05$35.50

MPs at $31–$35 across expiries and elevated IV create range where selling premium is favored unless large directional flow arrives.

Key Levels

Max pain pins: $34 (2026-04-10); $35 (2026-04-17); $32 (2026-04-24)

EM guardrails: 2d $28.42/$33.12; 1w $26.95/$34.60

Support: $30.00 · $29.00 · $28.42

Resistance: $33.00 · $32.50 · $31.00

Gamma flip: ~$30.00 — Approx — based on put OI concentration of 5,476 (2.5% below spot)

Structural: Structural call wall at $35–$45 caps large upside; structural put floor concentrated at $25 is far below current spot and only matters for deep downside hedges.

Dealer Positioning (GEX/DEX)

GEX: $+1.3M

DEX: +3.9M shares

Gamma flip: ~$30 (Approx — based on put OI concentration of 5,476 (2.5% below spot))

NTM gamma: Near-term dealer gamma net +$1.3M concentrated at $34/$35 (large pin attractors) and a smaller +$173K at $31; crossing down 2% (~$30.16) would force dealers to buy stock (put gamma increases), crossing up 2% (~$31.39) reduces dealer short-call hedges and can relieve upside squeeze — both moves compress realized range near the flip.

IV Analysis

IV vs VIX: IV is very rich (avg IV 102.4%; front-day 4/10 ATM 104.9%) — elevated vs typical equities and favors selling if you can manage gamma.

Term structure: Front-end term structure slopes down after 4/10: 4/10 ATM 104.9% → 4/17 93.8% → 4/24 88.9% then flattens ~92–94% into May; front-month premium is most expensive.

Skew: Large call IV at $35 (134.8%) vs ATM suggests specific demand; calendar/diagonal selling of the front-month (higher IV) into cheaper 30–45d strikes shows a vol-pt edge (~+11 vol-pts selling 4/10 vs buying 5/15 at ATM).

Flow Analysis

Net premium: Net premium -$1.4M (net sell pressure) with P/C volume 0.50 — heavier call-side dollar flow at high strikes and concentrated put OI at $30 indicates mixed institutional hedging vs directional selling.

Directional prints: 134.8 call 35 OTM 2026-04-10 — 4/10 $35 call unusual block Vol=2,101 vs OI=437 (4.8x) — could be directional buy (bull call) or long-dated sell/roll; current mix and heavy put OI make directional buy more consistent.

Unusual: 134.8 call 35 OTM 2026-04-10 — Large front-month call print concentrated at the $35 pin — indicates aggressive upside exposure or structured flow; interpret as call-buy leaning given net premium and IV profile.

Risks & Catalysts

!Gamma flip sits near $30 — a clean break lower forces dealer re-hedging and can cascade realized downside

!Front-month expiry and pins at $33.50–$35 within the next two weeks create expiry-pin churn and potential IV spikes

!High IV + thin chain vs large strikes (open interest concentrated) implies liquidity/Execution risk and large slippage on fills

!Unexpected macro/sector sell-off would invert current selling-edge thesis and blow out short-premium positions

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Long stock	Moderate-Weak	Buy shares at market $30.77	High capital and downside to gamma flip ~$30
Short stock	Weak	Avoid — mixed flow and pinning create mean-reversion risk	Pin magnet to mid-$30s can cause short gamma pain
Covered call	Moderate	Buy stock + sell 2026-05-15 $35 call	Upside capped at $35; early assignment into earnings risk
Cash-secured put / Put spread	Moderate-Strong	Sell 2026-04-17 $30/$28 put spread	Break of $30/gamma flip accelerates losses
Long calls	Weak	Buy 2026-04-10 $35 call (expensive IV) — not recommended	Front-month vol crush and high IV make long calls costly
Long puts / Bear put spread	Moderate-Weak	Buy 2026-04-17 $31/$29 bear put spread	High IV increases cost; limited edge absent clear down catalyst
Iron condor	Moderate-Strong	Sell 2026-05-15 put 28 / buy 26 ; sell 2026-05-15 call 33 / buy 35 (defined-risk IC 38 DTE)	Front-month pin/large call prints can push spot through wings; IV collapse/re-pricing risk on early expiry
Call spread (vertical)	Moderate	Sell 2026-04-17 33/35 call spread	Unusual $35 call flow and pinning could make this blow up short-term
Front-month calendar/diagonal (sell high-IV front)	Moderate-Strong	Sell 2026-04-10 $31 call, buy 2026-05-15 $31 call (sell higher IV front-month)	If spot gaps through sold strike into expiry, short front leg gamma is painful

Top Plays

Sell 4/17 $30/$28 put spread

Sell 2026-04-17 $30/$28 put spread

Collect front-week elevated premium against strong put OI at $30 and gamma flip near $30; short spread benefits if pin holds above flip.

Credit: $0.70-$1.10

Max loss: $18.30

BE: $29.30

Mgmt: Take profit at 50–70% of max credit; cut if spot < $29.00 or VIX >30.

Defined-risk premium collectors who accept expiry gamma

May iron condor 28/26P x 33/35C

Sell 2026-05-15 28/26 put spread and 33/35 call spread (defined-risk IC)

Multi-week trade using positive GEX pinning and high front IV to collect sizable premium while giving room to the EM bounds ($26.95–$34.60 1w); 38 DTE reduces front-week pin churn.

Credit: $1.50-$2.20

Max loss: $198.50

BE: $30.50–$31.20 (range dependent)

Mgmt: Take profit at 40–60% of max credit; hedge or roll if spot trades inside short wing within 10 DTE.

Accounts wanting defined risk with multi-week horizon

Front-month diagonal (sell 4/10 $31 call, buy 5/15 $31 call)

Sell 2026-04-10 $31 call, buy 2026-05-15 $31 call

Sell the most expensive front-month IV (104.9%) and buy cheaper 38d IV (~93.7%) — approx +11 vol-pt edge; offers directional upside participation with limited roll cost.

Credit: $0.40-$0.85

Max loss: Limited to net debit if executed as debit/credit combo

BE: Varies by net; monitor front-week pin risks

Mgmt: Close front short leg into 4/10 expiry if spot > short strike or IV collapses; take profits on 50% decay.

Traders wanting to monetize front-month rich IV while keeping upside exposure

Watchlist Triggers

Entry Triggers

IFIf spot tags $30.00 and holds 30 minutes above $30.00 → Sell 2026-04-17 $30/$28 put spread

IFIf spot trades into $32.50–$33.00 and front IV remains >100% → Sell 2026-05-15 iron condor 28/26P x 33/35C

IFIf 4/10 $35 call prints continue (Vol/OI >3x) and spot < $33.50 → Buy protective 2026-04-17 $33 put or widen call spread wings for existing shorts

Adjustment Triggers

ADJIf spot moves +2% (~$31.39) through dealer hedging levels → Trim short-call exposure and roll sold call spreads up one strike and out to 5/15

ADJIf spot moves -2% (~$30.16) and front VIX/IV spikes > +10 vol-pts → Buy back front-month short premium (close put spreads) and initiate protective puts 31/29

Exit Triggers

EXITIf any short-premium trade reaches 50–60% of max profit → Close half or full position to lock gains

EXITIf spot < $28.42 (2d EM lower) or VIX >30 → Exit all short-premium and cut position risk

Tactical Summary

Primary thesis: sell premium around the pin into the mid-$30s with multi-week bias; invalidation is a clean break below $28.42 (2d EM lower) or sustained spot < $30 (gamma flip). Top plays: short front-week put spread (defined-risk), 38‑DTE iron condor (multi-week defined risk), and a front-month sell/buy diagonal (sell rich front IV) — choose based on time horizon and tolerance for expiry gamma.

How to Use These Reports

This directional reflects the market close on April 7, 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.