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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 April 2, 2026

Directional Theta Gang Flow Earnings Consensus

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You are viewing an older report from April 2, 2026. A newer flow report is available for May 20, 2026.

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Flow Verdict

Confidence:

8 / 10

base 5; +2 net premium remains positive and GEX flips to positive (+$24M); +1 P/C volume ratio extremely call-dominant (0.54); +0.5 spot below MP creating pin-up pressure; -0.5 VIX regime high (IV 72%)

Watch next session: Spot reaction at $16.00 (gamma flip estimate); Flow into the $17.50C (12K+ volume today) for follow-through; Any defensive put buying at $15.00

Flow Summary

Net premium: +$448K bullish

P/C volume ratio: 0.54 — extremely call-dominant

P/C OI ratio: 0.57 — moderate call lean

Bullish flow regime solidifies. Net premium remains positive, volume is heavily call-skewed, and critically, GEX has flipped from negative to a significant positive $24M. This shifts dealer hedging from amplifying moves to suppressing volatility, supporting a grind higher toward max pain.

Notable Prints

SOFI 4/17 $17.50 Call

Vol: 12,265

OI: 5,043

Vol/OI: 2.4x

IV: 54.3%

Notional: ~$1.1M (12,265 * ~$0.09 avg price from premium flow)

Intent: Fresh directional call buying

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

Read-through: This is the highest-volume single print. The strike is above all near-term max pain levels ($16-$17) and the current spot. Buying here is a direct bet on a rally through resistance within two weeks. The moderate IV suggests this is not panic buying but targeted speculation.

SOFI 5/1 $17.00 Call

Vol: 5,856

OI: 2,873

Vol/OI: 2.0x

IV: 65.2%

Notional: ~$760K (5,856 * ~$0.13 avg price from premium flow)

Intent: Directional call buying / roll from nearer dates

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

Read-through: Significant volume extending the bullish bet another two weeks out. This could be a roll from the 4/10 or 4/17 $17C, or fresh capital targeting a post-earnings (4/28-29) move. The strike aligns with the persistent max pain level, reinforcing the magnetic pull to $17.

SOFI 4/10 $14.50 Put

Vol: 4,817

OI: 2,472

Vol/OI: 1.9x

IV: 63.3%

Notional: ~$385K (4,817 * ~$0.08 avg price from premium flow)

Intent: Short-dated put selling (premium collection) or protective put closing

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

Read-through: With spot at $15.85, this is a $1.35 OTM put expiring in 8 days. The high volume relative to OI and the net positive premium flow at the $15 strike suggest this is more likely put selling (bullish/neutral) than new protective buying. It's a bet that $14.50 will hold.

SOFI 10/16 $13.00 Put

Vol: 1,005

OI: 252

Vol/OI: 4.0x

IV: 69.2%

Notional: ~$503K (1,005 * ~$0.50 estimated price)

Intent: Long-dated protective put purchase or put spread leg

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

Read-through: A meaningful, longer-dated put position ~18% below spot. The high vol/oi ratio indicates new positioning. This could be a standalone hedge for a long stock position, or part of a collar or diagonal spread paired with near-term calls. It provides downside protection for 6+ months.

SOFI 11/20 $14.00 Put

Vol: 1,445

OI: 384

Vol/OI: 3.8x

IV: 64.8%

Notional: ~$578K (1,445 * ~$0.40 estimated price)

Intent: Long-dated protective put purchase

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

Read-through: Similar to the 10/16 $13P, this is a new, longer-dated put position ~12% OTM. The clustering of flow in these Nov/Oct ~$13-$14 puts suggests institutions are layering in inexpensive, longer-term tail risk protection while engaging in near-term bullish call activity.

Institutional Positioning

Call additions: Aggressive near-term calls at $17.50 (4/17) and $17.00 (5/1). Premium flow remains heavily net positive at $12, $16, $17, $20 calls.

Put additions: Minimal new near-term put buying. New longer-dated put hedges at $13 (10/16) and $14 (11/20). The massive $15.00 put wall (71,266 OI) remains the key support.

GEX/DEX consistency: Yes — Major shift. GEX is now significantly positive (+$24M) and aligns with the bullish flow. Dealers are long gamma and will hedge by selling on rallies and buying on dips, promoting mean reversion and pinning toward high-OI strikes.

OI clusters: Call Walls: $19 (88.8K), $22 (88.1K), $30 (65.9K). Put Walls: $15 (71.3K), $16 (57.6K). Spot is trapped between the $15/$16 put walls and the $17 max pain, with positive GEX pulling it upward.

Hedging evidence: Clear evidence of layered hedging: aggressive near-term bullish call bets are being paired with longer-dated OTM put purchases (Oct/Nov $13-$14). This creates a bullish-to-neutral calendar spread posture—bullish in the near term with longer-term protection.

Max pain context: Spot ($15.85) is below the dominant max pain zone of $16-$17. Positive GEX and bullish flow create a strong magnetic pull toward $17 over the next 1-3 weeks.

Signal vs Noise

~The $10.00 Put 4/10 with 125% IV is extreme OTM noise, likely a spread leg or tiny OI skewing metrics.

~The $13.00 Call 4/10 with 145.7% IV is similarly noise—likely a leg of a complex multi-strike structure given the extreme IV and OTM strike.

~High volume in the $1.00 Call (OI 56,934, Vol 1) is a legacy position and not indicative of new flow.

Key Conclusions

✅Regime Confirmed: Bullish flow from prior report has solidified. The critical change is GEX flipping to +$24M (pinning/mean-reverting), now aligning with call dominance.

🎯Target $17.00: Flow is targeting a move to and through max pain. The $17.50C (4/17) is the largest fresh bullish bet, with the $17.00 strike a key magnet.

🛡️Hedged Bullishness: Institutions are buying near-term calls but simultaneously adding longer-dated OTM puts (Oct/Nov $13-$14). This is a calibrated, not reckless, bullish stance.

🧲Positive Gamma Pin: With spot below max pain and positive GEX, the path of least resistance is a controlled grind higher toward $16-$17, with volatility suppressed.

How to Use These Reports

This flow reflects the market close on April 2, 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.