FIGR Theta Gang Report
Analysis based on market close March 31, 2026
Theta Verdict
Confidence:4 / 10
base 5; +2 extremely high IV (99.6%); +1 pinning GEX (+$1.4M); +0.5 spot below max pain; -1 thin liquidity; -1.5 data quality constraint
IV Environment
IV Regime
Extremely High
IV vs VIX
IV 99.6% — Extremely elevated. No VIX comparison provided, but IV >95% indicates extreme fear/speculation.
Favorable?
Yes
Term structure: Term structure is relatively flat in the front month (97-98%), with a slight dip at 11 DTE (93.3%). The 39 DTE expiry (5/08) shows a kink to 97.5%, offering rich premium while avoiding the 5/15 earnings.
IV >99% offers exceptional premium for sellers.
Extreme IV implies high underlying volatility risk. Use defined risk.
Pin Risk Assessment
Spot vs MP: Spot $31.83 is 3.5% below max pain of $33.00 for the 3/27 expiry.
GEX regime: Pinning (Total GEX +$1.4M) — Dealers are long gamma, likely to dampen price moves and pin near high OI strikes.
Gamma flip: ~$30.00 — Estimated ~$30 based on massive $30 Put OI (5,431). Below $30, GEX sign could flip, potentially accelerating moves.
OI concentrations: Major Put walls at $30 (5,431 OI), $40 (3,937 OI), and $25 (3,306 OI). Call wall at $40 (9,660 OI).
Verdict: Favorable — The pinning GEX regime has strengthened (+$1.4M vs prior +$935K). Dealers will now act more aggressively to suppress volatility, supporting credit positions anchored to the $30 put wall. The downward magnetic pull toward $30 remains, but the path should be less volatile.
Premium Opportunities
#1
put spread
Sell $30 / Buy $25 Put Spread, exp 2026-04-17 (18 DTE)
Core thesis strengthened by the stronger pinning GEX regime (+$1.4M). Sells into the massive $30 put OI wall (5,431), which should act as strong support. High IV (94.2% for this expiry) provides excellent credit for defined risk. 18 DTE is ideal for theta decay in a pinning environment. The $25 long put anchors to the next major OI support level.
Mgmt: Close at 65% max profit (~$1.13 credit retained). Roll only if $30 is breached but $25 holds, for a net credit. Exit entire position if price closes below $29.50. Assume bid-ask spread ~$0.30.
#2
call credit spread
Sell $35 / Buy $37.50 Call Spread, exp 2026-04-24 (25 DTE)
Spot is 10.0% below the $35 strike. This strike is below the 4/24 max pain ($30) and the 4/17 max pain ($37.50), reducing magnetic pull. High IV (95.8%) boosts credit. The $37.50 long call provides a buffer below the major $40 call OI wall. Tight $2.50 width reduces buying power and defines risk cleanly.
Mgmt: Close at 65% max profit. Exit if price closes above $34.50 (approaching the short strike). Do not roll. Assume bid-ask spread ~$0.25.
#3
iron condor (illustrative)
Sell $30 Put / Buy $25 Put & Sell $35 Call / Buy $37.50 Call, exp 2026-04-24 (25 DTE)
Illustrative only due to liquidity. Combines the top put and call spread ideas into one defined-range, high-premium play. Capitalizes on high IV across both sides and the strong pinning GEX regime, which favors range-bound price action. Strikes anchored to major OI levels ($30 put, $35/$37.50 calls). Provides a wide 15% breakeven range.
Mgmt: Close one side at 65% profit if threatened; manage each wing independently. Exit entire position if price breaches $29 or $36. Assume significant slippage; use limit orders.
#4
cash-secured put
Sell $27.50 Put, exp 2026-05-08 (39 DTE)
For sellers willing to own shares at a 13.6% discount to spot. The $27.50 strike aligns with a major call OI wall (3,007), suggesting it's a defended level. High credit ($3.6-4.2) provides a 13-15% buffer. The 39 DTE expiry has an IV kink (97.5%), offering rich premium while avoiding the longer-dated earnings event. The stronger pinning regime reduces the risk of a sharp drop to the strike.
Mgmt: Roll down and out for a credit if strike is threatened (e.g., to $25 strike). Be prepared for assignment below $23.9. Close at 70-80% profit if opportunity arises. Assume wide bid-ask (~$0.60).
Risk Alerts
Earnings on 2026-05-15 (46 days out): Never sell naked options through earnings. Close or roll all short positions before the announcement. The estimated move is ±27.2%.
Gamma Flip ~$30: A daily close below $30 could flip the GEX regime from pinning to trending, triggering accelerated selling. This is the critical line for all put-selling strategies.
Max Pain Trend Falling: Max pain is trending down from $33 to $30 across near-term expirations, suggesting a continued downward magnetic bias toward the $30 put wall.
Net Negative Premium Flow (-$641K): Institutional/net buyers are positioning for a move, paying high premiums. Sellers are taking the other side of potentially informed flow.
Unusual Put Buying in $28.50 & $34 Strikes (4/02): 205 volume each could indicate near-term directional bets, adding to volatility around the weekly expiry.
Extreme IV (99.6%): While great for premium, this indicates the underlying is in a state of high volatility and potential distress. Position size small.
Liquidity Constraints: With ~104K total OI, multi-leg strategies will face significant slippage. Use limit orders and assume mid-point of bid-ask for credit estimates. Iron condors are illustrative only.
Read the Theta Gang analysis for FIGR. 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.