FIGR Flow Report

Analysis based on market close April 7, 2026

Directional Theta Gang Flow Earnings Consensus

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).

Read the Flow analysis for FIGR for 2026-04-07. 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.