FIGR Theta Gang Report

Analysis based on market close March 26, 2026

Theta Verdict

Confidence:

4 / 10

base 5; +2 extremely high IV (114%); +0.5 spot below max pain; -1 trending GEX; -1 thin liquidity; -1.5 data quality constraint

IV Environment

IV Regime

Extremely High

IV vs VIX

IV 114.5% — Extremely elevated. No VIX comparison provided, but IV >100% indicates extreme fear/speculation.

Favorable?

Yes

Term structure: Term structure is steeply downward sloping from 119.7% (0 DTE) to ~92% (28-35 DTE), then humps again at 49 DTE (97.1%). The 28-35 DTE expiries offer a relative IV discount while still providing rich premium.

💰IV >110% offers exceptional premium for sellers.

⚠️Extreme IV implies high underlying volatility risk. Use defined risk.

Pin Risk Assessment

Spot vs MP: Spot $31.94 is 4.7% below max pain of $34.

GEX regime: Trending (Total GEX -$117K) — Dealers are short gamma, likely to amplify price moves.

Gamma flip: ~$30.00 — Estimated ~$30 based on massive $30 Put OI (5,661). Below $30, negative GEX could accelerate downtrend.

OI concentrations: Major Put walls at $30 (5,661 OI), $40 (3,937 OI), and $25 (3,293 OI). Call wall at $27.50 (3,007 OI).

Verdict: Threatening — The trending GEX regime, spot below max pain, and falling max pain trend suggest a continued downward magnetic pull toward the $30 put wall. Pinning is unlikely; expect trending moves.

Premium Opportunities

put spread

Sell $30 / Buy $25 Put Spread, exp 2026-04-24 (28 DTE)

Core thesis unchanged but IV is even higher (92% vs prior 86%). Sells into the massive $30 put OI wall (5,661), which should act as strong support. High IV provides excellent credit for defined risk. 28 DTE is ideal for theta decay. The $25 long put anchors to the next major OI support level.

Credit: $1.30-$1.60

Max loss: $3.70

BE: $28.70

Mgmt: Close at 65% max profit (~$1.04 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.

call credit spread

Sell $37.50 / Buy $40 Call Spread, exp 2026-05-01 (35 DTE)

Spot is 17.4% below the $37.50 strike. This strike showed strong net positive call flow (+$131K), suggesting call selling or put buying, making it an attractive resistance level. High IV (91.7%) boosts credit. Tight $2.50 width reduces buying power and defines risk cleanly against the $40 OI call wall.

Credit: $0.90-$1.20

Max loss: $2.10

BE: $38.40

Mgmt: Close at 65% max profit. Exit if price closes above $36.50 (approaching the short strike). Do not roll. Assume bid-ask spread ~$0.30.

iron condor (illustrative)

Sell $30 Put / Buy $25 Put & Sell $37.50 Call / Buy $40 Call, exp 2026-05-01 (35 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, with strikes anchored to major OI levels ($30 put, $37.50/$40 calls). Provides a wide 24% breakeven range.

Credit: $2.00-$2.50

Max loss: $3.00

BE: 28.0 - 39.5

Mgmt: Close one side at 65% profit if threatened; manage each wing independently. Exit entire position if price breaches $29 or $37. Assume significant slippage; use limit orders.

cash-secured put

Sell $27.50 Put, exp 2026-08-21 (147 DTE)

For sellers willing to own shares at a 14% discount to spot. The $27.50 strike aligns with a major call OI wall (3,007), suggesting it's a defended level. Extremely high credit ($6.5-7.5) provides a 24-27% buffer and high annualized return. Long DTE allows time for recovery. IV is still high at 91.7% for this expiry.

Credit: $6.50-$7.50

Max loss: $21.00

BE: $21.00

Mgmt: Roll down and out for a credit if strike is threatened (e.g., to $25 strike). Be prepared for assignment below $21.0. Close at 70-80% profit if opportunity arises. Assume wide bid-ask.

Risk Alerts

!Trending (Negative) GEX regime: Dealers are short gamma and will amplify price moves, increasing risk of sharp breaks through support. Favor defined-risk strategies.

!Gamma Flip ~$30: A daily close below $30 could trigger accelerated selling due to the negative GEX profile. This is the critical line for all put-selling strategies.

!Max Pain Trend Falling: Max pain is trending down from $34 to $32 across near-term expirations, suggesting a continued downward magnetic bias.

!Net Negative Premium Flow (-$1.0M): Institutional/net buyers are positioning for a move, paying high premiums. Sellers are taking the other side of potentially informed flow.

!Unusual Call Buying in $31/$32 Strikes: Notable volume in near-dated calls (3/27, 4/24) could indicate near-term bullish bets against the predominant put-heavy OI, adding to volatility.

!Extreme IV (114.5%): While great for premium, this indicates the underlying is in a state of high volatility and potential distress. Position size small.

!Liquidity Constraints: With ~95K 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 for 2026-03-26. 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.