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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 Flow 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.

Flow Verdict

Confidence:

4 / 10

base 4.0 (precomputed); +1 pinning GEX at $35/$34/$31; -1 spot 8.1% from MP; -0.0 data quality cap

Watch next session: $30.00 put flow and any increase in volume against the 5,476 OI at $30; Follow-up activity at $35 strikes (call vol/OI growth) and premium flows at $40/$42.5 showing continued large put selling

Flow Summary

Net premium: -$1.4M bearish (net premium negative today)

P/C volume ratio: 0.50 — call-dominant by volume

P/C OI ratio: 0.48 — existing OI skewed toward calls slightly

Intraday flow is mixed: volume is call-heavy (P/C vol 0.50) but net premium is negative (-$1.4M), indicating large put premium traded earlier or heavy put premium sellers/buyers driving cash flow. Dealers show modest positive GEX (+$1.3M) which supports pinning near option clusters; biggest structural concentration is a large $30 put OI (5,476) that creates a pronounced support/hedge level.

Notable Prints

FIGR 2026-04-10 $35.00 Call

Vol: 2,101

OI: 437

Vol/OI: 4.8x

IV: 134.8%

Notional: ~$42,020 (last $0.20 x 2101 x 100)

Intent: Directional call buying or short-squeeze hedging into front-week expiration

Dual read: Bought calls (bullish/speculative) OR dealer sold calls into orders (could be overwriting against stock or structured vega blowout)

Read-through: Front-week call demand at $35 (OTM, 14% above spot) is notable given elevated IV; size is meaningful for gamma into expiry but the position is small vs total OI — suggests tactical bullish bets or volatility-driven trades rather than large institutional delta accumulation.

FIGR 2026-04-10 $35.00 Call (Chain-level activity: 891 vol, OI 2,974)

Vol: 891

OI: 2,974

Vol/OI: 0.3x

IV: 99.9%

Notional: ~$49k-$140k depending on executed price (call premium aggregate shown as $139,878 in premium flow)

Intent: Established call OI cluster and heavy front-week trading — likely a mix of bullish positioning and dealer inventory; could be new buys or roll-ins consolidating open interest into $35

Dual read: Buy-side accumulation (bullish) OR market-maker covering/creating structured positions (neutral risk transfer)

Read-through: Large OI at $35 creates a pinning magnet on the upside over the next week if activity continues; however $35 is >10% above spot so outside immediate expected move for 2-day horizon.

FIGR 2026-04-10 $30.00 Put (front-week)

Vol: 120

OI: 5,476

Vol/OI: 0.0x

IV: 91.5%

Notional: ~$168k (approx: mid premium ~$1.40 x 120 x 100) and structural hedging size at OI 5,476

Intent: Protective hedging (puts concentrated at-the-money/near-spot) and large existing positioning by institutions/homebase hedgers

Dual read: Some of today's volume may be roll/close activity but the massive OI indicates broad standing protective interest rather than a single intraday directional trade

Read-through: The $30 put cluster is the dominant dealer-hedge level and supports price near current spot — it explains the gamma flip ~ $30 and limits downside in the immediate expected-move window.

FIGR 2026-04-10 $40.00 Call / Put premium flow (net large put premium at $40 and $42.5)

Vol: 17

OI: 9,856

Vol/OI: 0.0x

Notional: ~$327k net put premium at $40 and ~$401k at $42.50 (see Top Premium Flow entries: net -$327,338 at $40; -$401,402 at $42.50)

Intent: Large net put premium on higher strikes indicates either institutional put buying at upper strikes (protection) or structured sales of calls funded by put sales; the negative net premium values signal net money into puts on those strikes

Dual read: Protective long puts (bearish/insurance) OR complex structured trades (e.g., put-heavy collars) where underlying equity exposure mitigates directional read

Read-through: Heavy premium on $40/$42.5 puts is a tail-risk/insurance signal; not immediate for 2–3 day horizon but relevant for multi-week positioning and the observed downward MP trend.

Institutional Positioning

Call additions: $35 calls show both heavy traded volume (891 vol) and a large OI base (2,974) — institutions likely holding or adding upside exposure concentrated at $35-$37.5 strikes (near-term chains).

Put additions: Large standing put position at $30 (5,476 OI) and notable premium flows into $40/$42.5 puts (net negative premium) suggest institutions maintain sizable protective positions; some fresh put premium at higher strikes indicates insurance rather than directional shorting.

GEX/DEX consistency: Consistent: modest positive GEX (+$1.3M) and DEX +3.924M shares align with a pinning/neutral-to-slight-bullish dealer posture around $30–$35 rather than large net short-gamma.

OI clusters: Largest OI clusters: $40 call OI=9,856 (structural), $30 put OI=5,476 (major support/hedge), $35 call OI=2,974 (near-term upside magnet). These create a structural asymmetric profile: strong put floor at $30 and call interest higher up, which can produce pinning between $30–$35.

Hedging evidence: Yes — clear evidence of large-scale hedging: $30 puts are a protective base; premium at $40/$42.5 puts points to tail protection. Little direct evidence of widespread collars, but mixed premium signs (negative net premium) imply structured insurance trades exist.

Max pain context: Max pain short-term is $33.50 (04-10) and $35 (04-17). Max pain is trending down over expirations; current positioning (heavy $30 puts and call walls higher) suggests dealers will attempt to pin/steer price toward the $31–$34 zone over the coming weeks.

Signal vs Noise

~Front-week $35 call spike (Vol=2,101) could be short-term gamma/speculative flow into expiry rather than material institutional directional exposure — inspect follow-up prints before assuming large bullish commitment.

~Net premium negative is concentrated at higher strikes ($40/$42.5) — likely insurance/tail hedges or structured put purchases, not immediate directional selling into the spot range.

~Elevated IV (ATM ~104.9% for 3d) and front-week expirations increase roll/expiration activity; some observed volume likely reflects expiration rolls and gamma-hedging rather than new conviction trades.

~Market maker inventory adjustments plausible: positive GEX and large OI clusters imply dealers are hedging delta/gamma rather than raw directional positioning — beware interpreting single large prints as outright long/short exposure.

Key Conclusions

🔁Flow is mixed: call-volume dominance but net premium is negative (-$1.4M), implying hedging and insurance flows coexist with speculative call buying.

🛡️$30 put OI (5,476) is the structural support/hedge — dealers' gamma flip sits ~ $30 and will limit near-term downside.

📌Front-week $35 call activity creates an upside pin/magnet risk if follow-through continues, but $35 is >10% above spot so not an immediate 2-day pivot.

⚠️Large put premium at $40/$42.50 signals institutional insurance; watch whether this expands (more bearish tail-hedging) or unwinds (lowering downside skew).

🧭Gamma and max-pain point to a $31–$34 target corridor in the near term (MP 04-10 $33.50; GEX concentration at $31 and $34).

How to Use These Reports

This flow 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.