SOFI Flow Report

Analysis based on market close March 31, 2026

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.

Read the Flow analysis for SOFI for 2026-03-31. 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.