SOFI

Watch next session: Monitor spot vs MP and VIX moves; Watch for large put sweeps or heavy sell-to-open calls; Recalculate GEX if DEX flow reverses

Net premium: +$13.5M bullish

P/C volume ratio: 0.42

P/C OI ratio: 0.53

Call additions: concentrated longer-dated calls (notable activity at 2, 15, 31 strikes) suggesting gradual accumulation and bullish skew over weeks–months

Put additions: heavy short-dated May puts clustered 16.5–18.5; looks like defensive hedging or income selling focused on near-term expiries

GEX/DEX consistency: GEX +127M and DEX +124M broadly consistent with net bullish exposure, though short-dated dealer flows add near-term gamma risk

OI clusters: largest OI in puts ~70.8k (~21% below spot) for May; calls show pockets at $2 and $15 strikes for longer-dated expiries

Hedging evidence: elevated IV on May puts and size of short-dated blocks consistent with protective collars/hedge sales; longer-dated call buys indicate buy-and-hold accumulation

Max pain context: spot sits slightly above calculated MP; evidence points to a moderate probability (~55–65%) of pinning pressure into May expiries rather than certainty