base 6.0; +1 High IV (Avg IV 75.0%); +1 strong positive GEX (+$58.5M) pinning to $16-$17; -1 mixed flow / some heavy put buying at $15; base already reflects spot vs MP 'At'.
Term structure: Front-end skewed/humped: very high 3d ATM (76.4%) then the 10–45d bucket eases (~66–74%) with a small bump at 24d (74.1%) — good for short-dated defined-risk selling and intermediate calendars if desired.
Spot vs MP: At (Max pain pins $16 on 2026-04-10 and $17 on subsequent expirations). Spot $16.11 is essentially at max pain.
GEX regime: Pinning (GEX +$58.5M) — dealers are delta-hedge buyers near the pin levels.
Gamma flip: ~$15.00 — Gamma flip ~15; below $15 dealers shift to negative gamma / trend-accelerating behavior — exit or reposition defined-risk shorts if price moves below $15.
OI concentrations: Call walls $19 (88,801 OI), $22 (87,832 OI), call cluster at $17-$18; Put concentration $16 (57,458 OI), $15 (71,334 OI) — puts create a floor around $15-$16 while calls create resistance in the $17-$22 band.
#1put spread
Sell 2026-05-08 (31 DTE) 15.00/14.00 put spread (short 15, long 14) — cash-secured defined-risk sell near put floor
Put floor at $15 (71,334 OI) + positive GEX (+$58.5M) pins price to $15-$17; 31d IV (71.3%) keeps premiums rich. Defined-risk spread protects against big moves below the floor while collecting theta.
Mgmt: Take profit at 60–70% of max credit; roll down 1 strike/1–2 weeks earlier if price probes $15 and you still want exposure; cut losses if stock closes below $15 (gamma flip) or if spread trades >60% of max loss.
#2iron condor
Sell 2026-05-15 (38 DTE) 14.00/15.00 put spread + 16.50/17.50 call spread (short 15 put and short 16.50 call as inner wings)
Combines the put floor ($15) on the downside and call OI cluster near $17 with positive GEX pinning to a tight $14.71–$17.52 1-week EM range. High IV (38d ATM ~69.5%) supports generous wing premium for 38 DTE iron condors.
Mgmt: Take profit at 50% of max credit; if either short strike is tested (e.g., price ≤15.25 or ≥16.75), consider hedging by buying the tested short or rolling that side out 1–2 weeks; cut losses if a short wing is breached and cannot be hedged within a session.
#3covered call
Buy stock / Sell 2026-05-08 (31 DTE) 17.00 call (short 17 call against long stock)
If you own SOFI, selling the 17.00 call 31d out captures rich call premium (call cluster at $17 and GEX pinning higher). This is a low-stress income trade when willing to be called away into the $17 resistance area.
Mgmt: Close at 50–75% of premium captured if comfortable holding stock; roll up-and-out if assigned risk is undesired and price >17.00 with >7 DTE; buy back if price surges through $17 and momentum looks trend-like.
#4put spread (shorter DTE)
Sell 2026-04-17 (10 DTE) 16.00/15.00 put spread (short 16, long 15) — aggressive front-end credit (weekly-defined risk)
Front-week ATM IV extremely high (3d ATM 76.4%, 10d ATM 66.2%) and spot at max pain supports selling a near-term defined-risk put spread to capture rapid theta. Use weekly only because IV is very rich and GEX is pinning.
Mgmt: Take profit aggressively at 50–70% of credit (given short DTE); close or roll if price trades below $15.50 or if the gamma flip ~$15 is threatened; do not hold through earnings (earnings 2026-04-28/29).
!Earnings scheduled 2026-04-28 and 2026-04-29 — avoid naked short premium through these dates; prefer defined-risk or close positions before the announcement.
!Gamma flip ~$15 — if SOFI closes below $15, dealer behavior can flip to trend-accelerating negative gamma; exit/hedge credit positions below this level.
!Large put OI at $15 (71,334) and $16 (57,458) with heavy flows into $15 puts (Top premium flow shows net heavy put activity at $15) — institutional activity can force rapid pinning or abrupt repositioning; manage position sizing.
!IV is very high (Avg IV 75.0%) — although favorable for sellers, large realized moves remain likely; be disciplined on PT and loss rules.
!Unusual activity: 2026-05-22 $15 put showing elevated volume/OI — watch open interest accumulation at 5/22 $15 puts for potential institutional positioning that could change directional risk into that date.