FIGR Flow Report

Analysis based on market close March 26, 2026

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.

Read the Flow analysis for FIGR for 2026-03-26. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.