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 31, 2026

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

You are viewing an older report from March 31, 2026. A newer theta report is available for April 7, 2026.

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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 $35.
Invalidation: Close all short put positions on a daily close below $30.00 (gamma flip).
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: ~$30.00Estimated ~$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.
Credit: $1.45-$1.75
Max loss: $3.55
BE: $28.55
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.
Credit: $0.85-$1.10
Max loss: $1.65
BE: $35.85
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.
Credit: $2.10-$2.60
Max loss: $2.90
BE: 27.9 - 37.1
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.
Credit: $3.60-$4.20
Max loss: $23.90
BE: $23.90
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.
How to Use These Reports
This theta reflects the market close on March 31, 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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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.