SOFI Flow Report

Analysis based on market close March 26, 2026

Directional Theta Gang Flow Earnings

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 net premium bearish; +1.5 GEX/flow aligned; -1 P/C ratio call-dominant

Watch next session: $15.50 Put OI and flow; Spot vs $15.00-$16.00 put wall; Any gamma flip above $15

Flow Summary

Net premium: -$4.7M bearish

P/C volume ratio: 0.56 — call-dominant volume

P/C OI ratio: 0.58 — moderate put lean in positioning

A clear divergence exists: volume favors calls (P/C 0.56), but net premium is significantly negative (-$4.7M), indicating large, bearish premium paid for puts. Positioning (P/C OI 0.58) and GEX (-$20M) support the bearish flow thesis.

Notable Prints

SOFI 4/2 $15.50 Put

Vol: 13,343

OI: 3,320

Vol/OI: 4.0x

IV: 53.3%

Notional: ~$1.85M (13,343 * $1.39 avg price)

Intent: Fresh directional put buying for near-term downside

Dual read: Bought to open (bearish) or sold to close (bullish)

Read-through: High volume vs OI and high notional value point to new bearish positioning. The $15.50 strike is just below spot, targeting an immediate move lower, aligning with the massive net negative premium at the $15 strike.

SOFI 4/10 $19.00 Call

Vol: 9,219

OI: 5,359

Vol/OI: 1.7x

IV: 65.2%

Notional: ~$905K (9,219 * $0.98 avg price)

Intent: Covered call writing or call selling against existing long stock

Dual read: Sold to open (neutral/bearish) or bought to close (bullish)

Read-through: This is the largest call volume print. Given the high OI and the strike being well above spot ($19 vs $15.89), this is likely sellers generating premium, not bullish bettors. It fits a neutral-to-bearish income or hedging strategy.

SOFI 4/24 $14.00 Put

Vol: 3,469

OI: 1,458

Vol/OI: 2.4x

IV: 65.2%

Notional: ~$461K (3,469 * $1.33 avg price)

Intent: Downside protection or directional bearish bet

Dual read: Bought to open (bearish) or sold to close (bullish)

Read-through: Adds to the bearish put flow narrative, establishing a floor target ~12% below spot. The multi-week expiration suggests concern beyond immediate earnings or events.

SOFI 3/27 $16.00 Call

Vol: 6,152

OI: 3,022

Vol/OI: 2.0x

IV: 72.3%

Notional: ~$308K (6,152 * $0.50 avg price)

Intent: Lottery ticket or gamma scalp near expiry

Dual read: Bought (bullish breakout) or sold (pin risk play)

Read-through: With expiry in 1 day and spot at $15.89, this is a low-delta, high-risk play. More likely noise or MM hedging around the $16 strike than a strong directional signal.

SOFI 4/17 $9.00 Call

Vol: 163

OI: 16

Vol/OI: 10.2x

IV: 189.1%

Notional: ~$16K (163 * $0.10 avg price)

Intent: Extreme OTM lottery ticket or spread leg

Dual read: Bought (speculative) or sold (premium capture)

Read-through: Despite the high vol/oi ratio, the tiny notional and extreme OTM nature make this noise, not a meaningful directional signal.

Institutional Positioning

Call additions: Minimal. Most call volume appears to be selling (e.g., $19C). Some OTM speculative interest in $20+ strikes.

Put additions: Concentrated at $15.00, $15.50, and $16.00 strikes for April expiries. This is where the significant negative net premium is located.

GEX/DEX consistency: Yes — strongly aligned. Negative GEX (-$20M) indicates dealers are short gamma and will hedge in a directionally reinforcing manner (sell on drops, buy on rallies). This amplifies the bearish signal from the put flow.

OI clusters: Major Put Walls: $15.00 (71,595 OI), $16.00 (71,937 OI). Major Call Walls: $19.00 (91,523 OI), $22.00 (89,040 OI). Spot is trapped between the put wall below and call wall above.

Hedging evidence: Strong evidence of protective put buying at $15-$16 strikes, as shown by net premium. The call selling at $19 could be part of collar strategies (long stock + long put + short call).

Max pain context: Spot ($15.89) is significantly below the near-term max pain cluster of $17-$18. This creates a gravitational pull *higher*, which is currently being resisted by the bearish flow and negative GEX.

Signal vs Noise

~High vol/oi on deep OTM calls/puts (e.g., $9C, $6P) is noise due to tiny notional value.

~$16C 3/27 volume is likely gamma-related MM hedging or pin-risk trading ahead of Friday expiry, not a clean directional signal.

~Large OI in $1 calls and $30+ calls is likely from legacy positions or multi-leg strategies, not indicative of current flow.

Key Conclusions

⚠️Flow/GEX Divergence from Max Pain: Bearish flow & negative GEX oppose the bullish pull of max pain (~$17). Watch which force wins.

🛡️Institutions are buying downside protection: Major net premium paid for $15-$16 puts indicates hedging or outright bearish bets.

🌀Negative Gamma Regime: Dealers are short gamma, making the market prone to larger, faster moves, particularly to the downside.

🎯Key Zone: $15.00-$16.00. A break below this massive put OI cluster could trigger accelerated selling due to dealer hedging.

Read the Flow analysis for SOFI 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.