SOFI

Watch next session: Monitor 18.5 strikes flow (calls vs puts); VIX>22 or sustained rise; Price gap/close below 17.5-18.5 cluster

Net premium: +$10.4M bullish

P/C volume ratio: 0.48

P/C OI ratio: 0.53

Call additions: Concentrated call buying at $18.50 (exp 4/24, 5/08) and scattered May calls to $23.50; short‑dated call flow lifting upside exposure but not decisive on trend.

Put additions: Heavy put flow at $18.50 (5/08), $17.50 (5/01) and longer‑dated $17/$14.50 puts — consistent with downside protection or collar construction rather than pure directional bearish bets.

GEX/DEX consistency: GEX +$88M and DEX +120.9M bias toward reduced realized vol and potential strike‑gravitation, but pinning is plausible not certain; alternative hedging (collars, delta floors) can produce similar signatures.

OI clusters: Largest OI cluster ~70,851 puts located ~18% below spot (matches gamma concentration); notable call OI centered at $18.50.

Hedging evidence: Protective short‑dated puts plus longer‑dated put accumulation and call selling consistent with collars/rolled hedges rather than singular directional conviction.

Max pain context: Spot near max‑pain range; structure and dealer flows make pinning toward $18–18.50 plausible, but break below strikes would shift dynamics quickly.