thetaOwl

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
0
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 Theta Report
Analysis based on market close April 7, 2026

Consensus-supported lens with chain history and key metrics in the rail.

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Sell 30-45 DTE cash-secured put spreads (CSP put spreads) around $30 OI support
Invalidation: Close below gamma flip ~$30 or below 2d EM $28.42
Confidence:
4 / 10
base 4.0 (provided); +1 pinning GEX (+$1.3M) helps; -1 limited chain depth / net premium negative; -1 spot 8.1% below MP and near gamma flip

IV Environment

IV Regime
High
IV vs VIX
Avg IV 102.4% (ATM short-dated: 104.9% @ 3d, 93.8% @10d) — materially elevated vs typical equity vol
Favorable?
Yes

Term structure: Very steep short-dated vol (3d ATM 104.9%) that eases slightly into 2-6 week expirations (~88.9%–93.8%) — good carry for selling 30–45 DTE premium

💰Avg IV 102.4% — rich environment for sellers, especially 30–45 DTE
⚠️Bid/ask spreads can be wide on this chain; assume spread friction when sizing credits

Pin Risk Assessment

Spot vs MP: Spot $30.77 is below Max Pain pins (nearest MPs $33.50 on 4/10 and $35.00 on 4/17); pre-computed says Spot vs MP: Below

GEX regime: Pinning (GEX +$1.3M) — dealer positioning is net long gamma which creates a magnetic effect toward OI-rich strikes

Gamma flip: ~$30.00Gamma flip ~ $30 — below this dealers' hedging can amplify moves; being at/just above flip favors short puts while above the flip increases pinning

OI concentrations: Large put OI at $30.00 (5,476) and put floor concentrated at $25.00 (3,307); call OI walls at $35-$45 (2,974 @ $35, 2,945 @ $50)

Verdict: Favorable — pinning GEX plus large $30 put cluster supports selling puts/put spreads; call-heavy walls above create upside resistance useful for call-selling wings

Premium Opportunities

#1
put spread (CSP defined-risk)
Sell 30 / buy 27.50 put spread 2026-05-22 (~45 DTE) — cash-secured short put spread around $30 support
High IV (ATM ~92-93% at multi-week expirations) + strong put OI at $30 (5,476) and GEX pinning (+$1.3M) make selling downside defined-risk favorable. 45 DTE gives robust theta with less tail than weekly naked puts.
Credit: $1.00-$1.50
Max loss: $1.50
BE: $28.50
Mgmt: Assume bid/ask slippage of $0.20–$0.50 on entry. Take profits at 50–65% of max credit collected. Roll down and widen if price closes below $30.00 or if single-day move breaches 2d EM $28.42. Cut losses if sold-put spread mark reaches 80% of max loss.
#2
iron condor (defined-risk wings)
Sell 31.00C / buy 34.00C and sell 27.50P / buy 25.00P 2026-04-24 (17 DTE)
Short-dated 17 DTE iron condor captures very high front-week IV (3d ATM 104.9%, 10d 93.8%, 17d 88.9%) while staying inside the 2-week expected move bounds. Put side benefits from $30 put OI floor and call side sits under heavy call OI walls at $35+. Use defined-risk wings to limit assignment and gamma exposure.
Credit: $1.10-$1.40
Max loss: $2.40
BE: 25.10 / 32.60
Mgmt: Prefer defined-risk wings due to chain depth limits. Close at 50% of max profit or if either short strike is tested intraday. If spot closes beyond either 2d EM bound ($28.42 or $33.12) consider rolling the tested wing 1–2 strikes and out 1–2 weeks. Cut losses at 75% of max loss or if gamma flip ~$30 is decisively breached intraday.
#3
cash-secured put (naked short put) — conservative size
Sell 27.50 put 2026-05-22 (~45 DTE) cash-secured
If willing to own FIGR, selling 27.50P near the put OI cluster picks up elevated Theta and sits below current $30.77 spot and the gamma flip. High IV increases premium. Use conservative sizing given limited chain depth and potential assignment.
Credit: $1.20-$1.90
Max loss: Unlimited to downside (equivalent to stock - credit); practical worst-case to $0
BE: $26.30
Mgmt: Only sell naked puts if cash-secured and size appropriately. Close at 50–60% of max profit or roll down/extend if price approaches 2d EM $28.42. Never hold naked through earnings (earnings 2026-05-15). Cut losses / buy back at 80% of max loss or if spot < $28.42 on close.
#4
covered call (if long stock)
Sell 35.00 call 2026-05-22 (~45 DTE) against stock (covered call)
Large call OI at $35 (2,974 OI; GEX +$554K) and heavy call flow toward higher strikes suggest decent premiums for covered call sellers. Elevated IV supports collecting more premium while keeping upside defined by strike.
Credit: $0.55-$1.10
Max loss: Stock downside (offset by premium)
BE: $29.67
Mgmt: Expect early assignment if dividend/ex-date appears (none listed). Take profits on calls at 50% of max credit or roll up and out if stock rallies toward $34–35. Close if stock falls below $28.42 (2d EM) to preserve capital.

Risk Alerts

!Gamma flip ~ $30 — below this level dealers may amplify moves; close or hedge short credits if spot decisively breaches and closes below $30.00.
!Very high IV (Avg IV 102.4%) — favorable for sellers but signals event risk / large moves; front-week IV extremely elevated (3d ATM 104.9%).
!Earnings 2026-05-15 — do not sell naked through earnings; close/roll positions before the announcement.
!Chain depth limited (Total OI 110,986, active strikes 74) — hard rule: confidence capped at 4.0. Bid/ask spreads can be wide; assume $0.20–$0.50 friction on multi-leg entries.
!Unusual flow concentrated on puts at $40/$42.50 (large net put buys) suggests institutional hedges or directional positioning — could alter pinning if activity continues.
How to Use These Reports
This theta reflects the market close on April 7, 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.