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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 31, 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 31, 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 (5,431 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: -$641K bearish

P/C volume ratio: 0.63 — call-dominant volume, but premium tells opposite story

P/C OI ratio: 0.53 — moderate put lean in positioning

The bearish institutional narrative persists, though with slightly less intensity. Net premium remains negative, driven by large, high-strike put purchases, but the magnitude has decreased from -$1.1M to -$641K. 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 4/2 $28.50 Put

Vol: 205

OI: 45

Vol/OI: 4.6x

IV: 106.3%

Notional: ~$58K

Intent: Near-term directional put purchase or protective hedge

Dual read: Bearish bet on a drop below $28.50, or a hedge for a long stock position

Read-through: High IV (106.3%) and short-dated nature suggest this is a new, aggressive bet on an immediate move lower. The strike is below the critical $30 support, targeting a breakdown.

FIGR 4/2 $34 Put

Vol: 205

OI: 89

Vol/OI: 2.3x

IV: 96.5%

Notional: ~$70K

Intent: Near-term OTM put purchase

Dual read: Bearish bet on a rejection from resistance, or a hedge against a long position

Read-through: Strike aligns with near-term max pain ($33-$33.50). This could be a bet that spot fails to rally into that zone, or a hedge for someone expecting a failure at resistance.

FIGR 4/24 $32 Call

Vol: 200

OI: 100

Vol/OI: 2.0x

IV: 97.1%

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: 99.9%

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 at the critical support level. Given the bearish context and high IV, this could be sold, possibly as a leg to finance the massive OTM put purchases seen in the premium flow data, or as a bullish bet on a bounce.

Institutional Positioning

Call additions: Minor, low-premium activity at $30 and $32. The $30 call shows the largest net positive premium ($344K), likely serving as a gamma hedge for market makers against the massive $30 put wall. Other call activity is negligible.

Put additions: Dominant but slightly reduced: Large premium spent on OTM puts at $40 (-$259K net), $75 (-$231K), $65 (-$172K), and $80 (-$130K). This is a continuation of the institutional hedging or outright bearish positioning, though the total net premium has decreased.

GEX/DEX consistency: Yes — Strongly aligned. Positive GEX (+$1.4M) 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 (5,431 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 consistent. 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.

Max pain context: Spot ($31.83) remains ~3.5% 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 0.63) is noise—likely retail/small lot speculation, overwhelmed by the institutional put hedging in dollar terms.

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

~Far OTM calls ($40, $45, $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 Persists: The -$641K net premium, concentrated in OTM puts, remains the dominant signal. Intensity has eased slightly, but the bias is unchanged.

📌Pinning Regime at Critical Support: Positive GEX (+$1.4M) suggests dealers will dampen volatility, pinning spot near $31-$32. The battle is at the $30 put wall/gamma flip.

🧱$30 Put Wall (5,431 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.

How to Use These Reports

This flow reflects the market close on March 31, 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.