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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
0
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 Earnings Report
Analysis based on market close April 7, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

FIGR is in a High-vol, Pinning regime with mixed flow and the spot sitting Below max-pain levels; base confidence 4.0/10. Best strategy: short premium into the short-dated expected-move bands (credit strangle or iron approach) or a tight debit straddle if you want pure event exposure — prefer short premium given strong GEX pinning and concentrated put OI around $30. Key risk: a directional gap driven by unexpected guidance or another idiosyncratic catalyst that exceeds the 2–10 day EM ($2.35 to $3.83).

Confidence:
4 / 10
base 5; -1 GEX/flow contradict; +1 GEX pinning; -1 spot 8.1% from MP => 4.0
Most important: Watch IV term-structure and IV into the April 10/April 17 expirations (ATM IV ~104.9% → 93.8%); that trajectory decides whether selling premium is sensible.
📅Next confirmed earnings: 2026-05-15 (TBD). Near-term IV and flows still create tradable setups into short-dated expirations.
📌Gamma flip ~ $30 and concentrated $30 puts (OI=5,476) make $30 a key behavioral level — dealers will likely provide downside buy support near that strike.

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Below
Gamma flip: ~$30.00 — Gamma flip at ~$30 (put OI concentration 5,476, ~2.5% below spot); below this dealers start amplifying moves.

Earnings Overview

Next earnings: 2026-05-15 (38 days)explicit

Expected moves:

  • 2026-04-10 (3d): 76% / 2.35 ($28.42 - $33.12)
  • 2026-04-17 (10d): 12.4% / 3.83 ($26.95 - $34.60)
  • 2026-04-24 (17d): 15.4% / 4.72 ($26.05 - $35.50)

IV Setup

Term structure: Short-dated ATM IV is very rich: 2026-04-10 ATM 104.9% dropping to 93.8% (04-17) and ~88.9% (04-24). The term structure slopes down after the 3d; near-term expirations show a clear kink at the 3–10 day tenor.

Crush estimate: ~11–16 vol pts from 104.9% down toward the mid-90s/upper-80s depending on horizon (expect 10–15 vol-point normalization across the short tenors post-event).

Skew: Put interest concentrated at $30 and strong call OI wall at $35-$45; overall P/C OI ~0.48 and P/C volume 0.50 — skew is balanced with a notable put floor at $25 and concentrated put OI at $30 (5,476 OI).

Historical Context

Beat rate: 50% (1/2 recent reported quarters: beat on 2025-09-30, miss on 2025-12-31)

Avg move vs expected: Mixed: one large positive surprise (EPS surprise +3.62 on 2025-09-30) but sample small and inconsistent vs EM.

Directional bias: Inconsistent — limited sample; one large gap up observed in recent history.

Key Levels

1$30.00 gamma flip
2$33.50 max pain (2026-04-10)
3$28.42 EM 2d lower

Flow Highlights

Large net premium on the $42.50/$40 strikes shows heavy put-side premium at those high strikes (e.g. $42.50: Call $7,538 / Put $408,940 / Net $-401,402; $40: Call $53,478 / Put $380,815 / Net $-327,338).

Institutional-sized put activity (net negative premium) suggests hedging or directional protection well above spot; not immediate pin risk but indicates cautious positioning into larger strikes.

Concentrated put OI at $30.00 (OI=5,476) and $25.00 put floor (OI=3,307) with GEX concentration +$173K at $31.00 and +$197K at $34.00.

Dealer hedging concentrates buying demand around $30–$31 and a pinning tendency toward $33–$35; the $30 put cluster makes $30 a behavioral magnet and increases downside dampening near that level.

Unusual volume in FIGR 2026-04-10 $35.00 call: Vol=2,101 (OTM, 14% from spot) IV=134.8%.

Speculative call aggressor flow into the $35 strikes; possible directional outright or a skewed structured trade — increases short-dated upside gamma concentration.

Strategies

Short credit strangle (near-term, IV sell)
Sell 2026-04-10 33.00 Call and sell 2026-04-10 28.00 Put
Credit: $0.70-$0.85
Max loss: Unlimited (uncapped) above/below strikes
Max gain: $0.85
BE: Upside: 33.85 / Downside: 27.15 (using collected credit range)
Trigger: Enter 1–2 days before the April 10 expiry if net IV remains near current ATM (~105%).
Short-dated ATM IV is very high (104.9%); GEX pinning and concentrated put OI near $30 increase the chance of pinning within the EM bands, making sold premium likely to decay quickly.
Outperforms: Stock stays inside the 2-day EM ($28.42 - $33.12) and IV compresses.
Underperforms: A directional gap beyond the 2d EM (>$2.35) or runaway post-event move occurs.
Long near-term straddle (pure event exposure, debit)
Buy 2026-04-10 31.00 Call and buy 2026-04-10 31.00 Put (approx mid prices)
Max loss: $2.35
Max gain: Unlimited
BE: Approx breakevens: 28.65 / 33.35 (straddle cost ~2.35 using mid prices: Call ~1.05 + Put ~1.30)
Trigger: Enter within 1 day of event only if you expect a >EM move or if IV does not spike higher into the event.
Mid-priced 31-straddle uses available 31 strikes (call mid ~1.05, put mid ~1.30) and captures event risk; sensible if you expect a large surprise given mixed historical record but large prior beat.
Outperforms: Actual move exceeds the quoted EM by >30% (realized move >~3.0–4.0) or a big directional surprise occurs.
Underperforms: Stock pins inside EM and IV crushes post-announcement (reduces value even if price moves modestly).
Bull call spread (directional, limited-risk)
Buy 2026-04-17 31.00 Call and sell 2026-04-17 35.00 Call
Max loss: $1.15
Max gain: $3.85
BE: $32.15
Trigger: Use if you are biased bullish and want multi-day exposure through the 04-17 expiry; enter 3–7 days before expiry to avoid wide spreads.
Leverages available liquid strikes (31 and 35 exist) and limits downside; the 35 call has significant OI, making the short leg likely to be well priced and partially self-hedging.
Outperforms: Stock trends up into/through the 34–35 area (inside the 10d EM upper rail $34.60) and IV normalizes modestly.
Underperforms: Pinning keeps price below the upper EM rail and upside fails to materialize; heavy call OI walls at 35–45 may compress upside.

Risk Assessment

!Gap risk: Event-driven gap could exceed the 2d EM of ±$2.35 (7.6%) — guidance or a surprise catalyst could push price outside expected bands.
!IV crush: Short-dated IV is elevated (ATM 104.9%) — selling collects rich premium but leaves you exposed to tail moves; long straddles can still lose value on IV normalization if move is muted.
!Liquidity/slippage: Some strikes show wide bid/ask spreads (OTM and deep strikes) and concentrated OI at a few strikes (e.g., $30 put OI=5,476; $35 call OI large) — size accordingly.
!Sizing: Given total OI/volume are limited relative to mega-cap names, keep position sizing small and avoid legging large directional positions into the chain with thin asks/bids.
!Pin risk: Dealer GEX concentration (+$1.3M total, concentrated at $31/$34/$35) increases probability of the stock pinning inside EM bands — reduces profitability of large directional bets that need strong follow-through.

What to Watch

?Trajectory of ATM IV for 04-10 and 04-17 (104.9% → 93.8%); if IV rises into expiry, selling becomes less attractive.
?Unusual flow into $35 calls (OTM vol spike) and heavy put premium at $40/$42.50 that indicates institutional hedging.
?Price action around the $30 gamma flip; a break below $30 may accelerate downside due to dealer dynamics.
?Changes in Max Pain trend (currently falling: $34 → $30 over expirations) which could shift pinning bias.
How to Use These Reports
This earnings 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.