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SOFI

SoFi Technologies, Inc.Close $15.69EOD only

Max Pain

$15.50

Next expiry May 22, 2026

Expected Move

±$0.59

3.8% from close

Price Gap

-0.19

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.52

Slightly call-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects SOFI options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 20, 2026 close

SOFI Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

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 flow report is available for May 20, 2026.

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Flow Verdict

Confidence:

7.5 / 10

base 5; +2 net premium flipped from -$17M to +$0.1M; +1 P/C volume ratio extremely call-dominant (0.45); +0.5 spot below MP creating pin-up pressure; -1 GEX remains negative (-$9.6M) and pro-cyclical

Watch next session: $15.50C OI and flow for near-term resistance; Spot vs $16.00 gamma flip level; Any put flow defending the $15.00 strike

Flow Summary

Net premium: +$112K bullish

P/C volume ratio: 0.45 — extremely call-dominant

P/C OI ratio: 0.61 — moderate put lean in positioning

A dramatic reversal in flow sentiment. Net premium has flipped from massively bearish (-$17M) to slightly bullish (+$112K), driven by extreme call volume dominance (P/C 0.45). This suggests aggressive call buying or short covering is overwhelming the prior put-heavy regime, though negative GEX warns of continued volatility.

Notable Prints

SOFI 4/10 $17.00 Call

Vol: 17,431

OI: 5,359

Vol/OI: 3.2x

IV: 57.8%

Notional: ~$847K (17,431 * $0.0486 avg price from premium flow)

Intent: Fresh directional call buying targeting a move above max pain

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

Read-through: This is the highest volume single-strike print. The $17 strike aligns with near-term max pain ($17 for 3/27, $16.50 for 4/10). The low-to-mid IV and significant notional point to bullish speculation that spot will be pinned or driven higher into expiration.

SOFI 4/17 $15.50 Call

Vol: 9,319

OI: 2,775

Vol/OI: 3.4x

IV: 64.1%

Notional: ~$1.12M (9,319 * $0.1205 avg price from premium flow)

Intent: At-the-money call buying for a breakout

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

Read-through: Large, high-notional flow at the nearest strike above spot ($15.44). This is a direct bet on an immediate move higher. Given the prior bearish context, this could represent short covering or a conviction reversal play.

SOFI 5/1 $12.00 Call

Vol: 2,902

OI: 1,002

Vol/OI: 2.9x

IV: 90.6%

Notional: ~$1.30M (2,902 * $0.4465 avg price from premium flow)

Intent: Long-dated, deep ITM call purchase (leverage or synthetic long)

Dual read: Bought to open (bullish leverage) or sold to close (reducing long exposure)

Read-through: Massive net premium spent at a strike ~22% below spot. This is a high-delta, leveraged bullish position, often used as a stock substitute. Its size and ITM nature signal strong institutional bullish conviction with a longer timeframe.

SOFI 4/2 $2.00 Call

Vol: 305

OI: 122

Vol/OI: 2.5x

IV: 1346.9%

Notional: ~$1.26M (305 * $4.14 avg price from premium flow)

Intent: Extreme OTM lottery call or spread leg

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

Read-through: While volume is low, the notional is enormous due to extreme premium. This is almost certainly a multi-leg spread component (e.g., a broken wing butterfly or ratio spread) and not a directional bet. It's a key driver of the net premium flip but is structural noise.

SOFI 12/18 $17.00 Put

Vol: 140

OI: 62

Vol/OI: 2.3x

IV: 61.5%

Notional: ~$140K (140 * ~$1.00 estimated price)

Intent: Long-dated protective put or put spread leg

Dual read: Bought to open (hedging) or sold to close (removing hedge)

Read-through: A small but notable put addition far out in time. This could be a hedge against a longer-term bearish view, potentially pairing with the bullish near-term call flow to create a calendar or diagonal spread, reflecting a view of near-term rally but longer-term uncertainty.

Institutional Positioning

Call additions: Aggressive buying in near-dated calls at $15.50 and $17.00, and significant leveraged long positioning in the 5/1 $12.00 ITM call. This is a clear shift from the prior put-dominated regime.

Put additions: Minimal new put flow evident in unusual activity. The top premium flow strikes show net negative premium at $20P, $15P, $24P, etc., but this is likely existing OI, not new buying. The $15.00 put wall (71,224 OI) remains the key defensive level.

GEX/DEX consistency: No — conflicting. Flow is bullish, but GEX remains negative (-$9.6M) and pro-cyclical. This creates a volatile setup: dealers are short gamma and will hedge by buying on rallies and selling on dips, potentially amplifying moves in both directions.

OI clusters: Major Put Walls: $15.00 (71,224 OI), $16.00 (59,519 OI). Major Call Walls: $19.00 (89,626 OI), $22.00 (88,268 OI). Spot is sandwiched between the large $15 put cluster and the $16 put/$16.50 call clusters, with a magnetic pull toward the $17 max pain area.

Hedging evidence: The dramatic flip in flow suggests prior bearish hedges (e.g., the $9P, $12.50P from prior report) may be being closed or rolled. The new long-dated $17P is small but indicates some institutions are layering in longer-term protection amidst the bullish reversal.

Max pain context: Spot ($15.44) remains below the near-term max pain cluster ($16-$17). The gravitational pull is higher, which now aligns with the new bullish flow, creating a potential pin-up scenario toward $16.50-$17.00.

Signal vs Noise

~The massive premium flow into the $2.00 and $1.00 Calls is structural noise—these are extreme OTM strikes with astronomical IV, almost certainly legs of complex multi-strike spreads (e.g., jade lizards, broken wing butterflies) and not directional bets.

~High vol/oi on other deep OTM calls ($9C 4/24, $8C 4/2, $4C 4/24) is also noise due to tiny open interest and likely spread-related activity.

~The $20.00 Put shows large net negative premium (-$624K), but this is likely due to existing large OI (part of the call wall hedge) and not fresh bearish flow today.

Key Conclusions

🔄Sentiment Reversal: Flow has violently flipped from bearish (-$17M net prem) to bullish (+$0.1M) with extreme call volume dominance (P/C 0.45). This is a major regime change.

🎯Targeting Max Pain: New call flow is concentrated at $15.50 and $17.00, directly targeting the $16-$17 max pain zone. This sets up a potential pin-up from current levels.

⚡Volatile Setup: Bullish flow conflicts with negative, pro-cyclical GEX (-$9.6M). This means moves higher could be amplified by dealer short-covering, but any failure could lead to a sharp reversal.

🧱$15.00 Put Wall is Key Support: The massive 71K OI at $15.00 puts remains the critical line in the sand. A hold above it supports the bullish reversal thesis; a break invalidates it.

How to Use These Reports

This flow 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.

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.