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 March 26, 2026

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from March 26, 2026. A newer theta report is available for April 7, 2026.

View latest report

Theta Verdict

Attractiveness6.5 / 10
Sizing: Small (defined risk only)
Primary: Sell defined-risk put spreads anchored to the $30 OI support, with call credit spreads above $37.50.
Invalidation: Close all short put positions on a daily close below $30.00.
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: ~$30.00Estimated ~$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

#1
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.
#2
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.
#3
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.
#4
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.
How to Use These Reports
This theta reflects the market close on March 26, 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.

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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.