FIGR Flow Report

Analysis based on market close March 30, 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 (5,676 OI) and the ~$30 gamma flip level; Any significant call buying that challenges the $32-$34 resistance zone, particularly at the $32 strike

Flow Summary

Net premium: -$1.1M bearish

P/C volume ratio: 0.52 — call-dominant volume, but premium tells opposite story

P/C OI ratio: 0.54 — moderate put lean in positioning

The bearish institutional narrative persists, virtually unchanged from prior sessions. Net premium remains decisively negative, driven by large, high-strike put purchases. The flow is consistent but activity is thin, with minimal new unusual prints. The market remains in a standoff between bearish premium flow and a spot price clinging above critical gamma support.

Notable Prints

FIGR 4/10 $37 Call

Vol: 496

OI: 123

Vol/OI: 4.0x

IV: 92.0%

Notional: ~$156K

Intent: Long-dated OTM call purchase or spread leg

Dual read: Directional bet on a sharp rally, or a short call sale/write for premium

Read-through: Given the overwhelmingly bearish premium flow and high IV regime, this is more likely a short call sale (credit) as part of a bearish structure (e.g., call credit spread) or a covered call write. The size is meaningful but not enough to offset the institutional put flow.

FIGR 4/24 $32 Call

Vol: 200

OI: 100

Vol/OI: 2.0x

IV: 95.2%

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: This is a repeat of the prior day's top print. The consistency suggests this is likely a roll or adjustment to an existing position (e.g., rolling a short call forward in time), not a new directional bet. It reinforces the overhead resistance narrative.

FIGR 4/24 $30 Call

Vol: 200

OI: 105

Vol/OI: 1.9x

IV: 89.0%

Notional: ~$60K

Intent: Near-ATM call purchase or sale

Dual read: Bullish bet on holding $30 support, or a short call to finance puts

Read-through: Strike is slightly below spot, making it a cheap bullish bet if bought. However, the lower IV (89.0%) relative to other strikes and the bearish context suggest this could be sold, possibly as a leg to finance the massive OTM put purchases seen in the premium flow data.

Institutional Positioning

Call additions: Minor, low-premium activity at $30 and $32. The $30 call shows the largest net positive premium ($329K), likely serving as a gamma hedge for market makers against the massive $30 put wall. Other call activity is negligible.

Put additions: Unchanged and dominant: Massive premium spent on OTM puts at $40 (-$362K net), $36 (-$259K), $75 (-$236K), $65 (-$173K), and $80 (-$131K). This is a carbon copy of prior days—institutional hedging or outright bearish positioning on a scale that dwarfs all call activity.

GEX/DEX consistency: Yes — Strongly aligned. Positive but small GEX (+$0.9M) indicates a pinning/mean-reverting regime near current spot. Dealers are long gamma here and will dampen moves, but the dominant dollar flow remains bearish, suggesting any rally will be sold into.

OI clusters: Major put walls remain at $30 (5,676 OI) and $40 (3,937 OI). The $30 wall is critical support. Call OI is dispersed, with the largest cluster at the deep OTM $40 call (9,660 OI), which is likely legacy or speculative lottery tickets, not fresh bullish bets.

Hedging evidence: Overwhelming and unchanged. The size and strike selection ($40, $75, $80) of the put purchases are textbook tail-risk or portfolio protection. The consistency day-over-day confirms this is a deliberate, sustained positioning shift, not a one-off event.

Max pain context: Spot ($31.43) remains ~4.8% below the near-term max pain ($33 for 3/27). 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, aligning with the bearish flow.

Signal vs Noise

~High call volume (P/C Volume 0.52) is noise—likely retail/small lot speculation, overwhelmed by the institutional put hedging in dollar terms.

~The top unusual prints are likely rolls or adjustments to existing positions (e.g., the repeated $32 and $30 calls), not new directional initiation.

~Far OTM calls ($40, $50, $70) and puts ($25, $40) are likely long-dated, low-cost lottery tickets or parts of multi-legged spreads, not immediate directional signals.

~The positive net premium at the $30 call strike is likely offsetting gamma for market makers against the massive $30 put wall, not a standalone bullish bet.

Key Conclusions

⚠️Institutional Hedging Unchanged: The -$1.1M net premium, concentrated in OTM puts, is the clear, repeated signal. Volume lies, premium doesn't.

📌Pinning Regime at Critical Support: Positive GEX (+$0.9M) suggests dealers will dampen volatility, pinning spot near $31. The battle is at the $30 put wall/gamma flip.

🧱$30 Put Wall (5,676 OI) is Absolute Support: A decisive break below $30 targets the next major OI cluster at $25. Defense of this level is paramount.

🔄Flow is Stagnant: Unusual activity is minimal and repetitive, indicating position maintenance, not new conviction. The bearish thesis is unchallenged but not accelerating.

🆚Standoff: Max Pain Magnet ($33) vs. Flow & OI Gravity ($30). Flow and positioning suggest the path of least resistance remains toward $30, but dealers are currently damping the move.

Read the Flow analysis for FIGR for 2026-03-30. 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.