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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 March 26, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from March 26, 2026. A newer flow report is available for April 7, 2026.

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Flow Verdict

Confidence:

4 / 10

base 5; +0.5 sustained bearish net premium; +0.5 GEX/flow aligned; -1.0 low-flow day with minimal unusual activity; -0.5 spot holding above gamma flip (~$30); -0.5 P/C volume ratio shows retail call interest

Watch next session: Defense of the $30 put wall (5,661 OI) and the $30.34 gamma flip level; Any significant call buying that challenges the $32-$35 resistance zone, particularly at the $32 strike

Flow Summary

Net premium: -$1.0M bearish

P/C volume ratio: 0.50 — call-dominant volume, but premium tells opposite story

P/C OI ratio: 0.65 — moderate put lean in positioning

The bearish institutional narrative persists. Despite a near-even P/C volume ratio, net premium remains decisively negative, driven by large, high-strike put purchases. This is a continuation of the 'smart money vs. crowd' signal where premium paid reveals true intent. The flow is consistent but activity is thin.

Notable Prints

FIGR 3/27 $32 Call

Vol: 210

OI: 63

Vol/OI: 3.3x

IV: 116.8%

Notional: ~$67K

Intent: Short-dated ATM premium sale (call writing) or closing trade

Dual read: Buying for a quick gamma scalp, or selling/writing for premium capture

Read-through: With IV extremely high (116.8%) and the dominant flow bearish, this is most likely a seller adding overhead resistance right at the money on expiration day. It's a high-conviction bet that the spot won't rise significantly today. Could also be closing of yesterday's position.

FIGR 4/24 $32 Call

Vol: 200

OI: 100

Vol/OI: 2.0x

IV: 94.3%

Notional: ~$64K

Intent: Longer-dated call writing or spread leg

Dual read: Directional buy for a Q2 breakout, or sale as part of a covered call/ratio spread

Read-through: The lower IV (94.3% vs front-month 116.8%) makes buying more attractive, but the overarching bearish premium flow and high absolute vol regime suggest this is more likely a leg of a bearish structure (e.g., a call credit spread) or covered call writing from existing shareholders, rolling out in time.

FIGR 4/2 $31 Call

Vol: 131

OI: 81

Vol/OI: 1.6x

IV: 104.6%

Notional: ~$41K

Intent: Near-term OTM call sale or bear call spread leg

Dual read: Bullish bet on a bounce above $31, or a short call to finance puts

Read-through: Strike below current price could be a cheap bullish bet, but the high IV and context point to this being sold, possibly as the short leg of a bear call spread (e.g., buy $40 put, sell $31 call) which aligns with the massive put flow at $40. The intent is likely bearish or neutral, not bullish.

Institutional Positioning

Call additions: Minor, low-premium activity at $32 and $37.50. The $37.50 call shows net positive premium ($131K) but is isolated and likely a spread leg against the dominant put flow. The $32 call also shows positive premium ($109K), likely offsetting gamma for market makers.

Put additions: Unchanged and dominant: Massive premium spent on OTM puts at $40 (-$335K net), $75 (-$232K), $36 (-$218K), $65 (-$161K), and $80 (-$125K). This is institutional hedging or outright bearish positioning on a scale that dwarfs all call activity. The pattern is identical to yesterday.

GEX/DEX consistency: Yes — Strongly aligned. Negative GEX (-$117K) means dealers are short gamma and will be forced to sell into weakness and buy into strength, amplifying market moves. This is a pro-cyclical setup that favors the direction of the initial push, which the flow suggests is down.

OI clusters: Major put walls remain at $30 (5,661 OI) and $40 (3,937 OI). These are the key defensive and offensive levels. Call OI is dispersed, with the largest cluster being the deep ITM $27.50 call (3,007 OI), which is likely a legacy position or hedge, not a fresh bullish bet.

Hedging evidence: Overwhelming. The size and strike selection ($40, $75, $80) of the put purchases are textbook tail-risk or portfolio protection. They are not speculative, near-the-money bets but rather insurance against a significant downturn. The consistency day-over-day confirms this is a deliberate positioning shift.

Max pain context: Spot ($31.94) remains ~4.7% below the aggregate max pain (~$34). This creates a mild gravitational pull higher, but it is being robustly resisted by the put-heavy OI and bearish dollar flow. The max pain trend is falling ($34 → $32 over 10 expirations), suggesting the options market's 'pain point' is drifting lower over time, aligning with the bearish flow.

Signal vs Noise

~High call volume (P/C Volume 0.50) is noise—likely retail/small lot speculation or short-term scalping, overwhelmed by the institutional put hedging in dollar terms.

~The $27.50 Call OI (3,007) is a legacy in-the-money position or part of a complex collar/hedge. Its low volume indicates it is not active today.

~Far OTM calls ($50, $70) and puts ($25) are likely long-dated, low-cost lottery tickets or parts of multi-legged spreads (e.g., broken-wing butterflies), not immediate directional signals.

~The positive net premium at the $32 and $37.50 call strikes is likely offsetting gamma for market makers against the massive OTM put buys, or legs of bearish spreads, not standalone bullish bets.

~Today's unusual activity is a near-exact repeat of yesterday's top prints. This suggests these are likely rolls (closing 3/27, opening 4/24) or adjustments to existing positions, not new directional initiation.

Key Conclusions

⚠️Institutional Hedging Remains Firm: The -$1.0M net premium, concentrated in OTM puts, is the clear, repeated signal. Volume lies, premium doesn't.

📉Negative GEX Amplifier Intact: Dealers are short gamma (-$117K). A break below $30.34 (gamma flip) will be accelerated by dealer hedging flows.

🧱$30 Put Wall & Gamma Flip ($30.34) is Critical Support: The 5,661 OI at $30 defines major support. A break targets the next cluster at $25.

🔄Flow is Stagnant, Not Reversing: Unusual activity is a carbon copy of yesterday, indicating position adjustment/rolls, not new conviction. The bearish thesis is unchallenged.

🆚Battle: Max Pain Magnet ($34) vs. Flow & OI Gravity ($30). Flow and GEX suggest the path of least resistance remains toward $30.

How to Use These Reports

This flow reflects the market close on March 26, 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.