thetaOwl

SOFI

SoFi Technologies, Inc.Close $15.62EOD only
Max Pain
$16.00
Next expiry May 29, 2026
Expected Move
±$0.78
5.0% from close
Price Gap
+0.38
Distance to max pain
IV Rank
68
High premium
P/C OI
0.52
Slightly call-heavy
Consensus
8.5/10
Bullish tilt
Published snapshot: May 22, 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 22, 2026 close
SOFI Theta Report
Analysis based on market close April 9, 2026

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from April 9, 2026. A newer theta report is available for May 22, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Sell put spreads near the $15–$16 put wall (defined-risk cash-secured put spreads)
Invalidation: Close below gamma flip ~$15 (structural put floor / dealer dampening breaks)
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.7% from MP

IV Environment

IV Regime
High
IV vs VIX
IV 75.6% vs VIX n/a — rich (high vol on SOFI relative to typical equity; ATM term structure elevated)
Favorable?
Yes

Term structure: Elevated near- and mid-term IV with a hump into May (22d+ show ATM 70.6% → 67.8% then gradual roll); short-dated IV (1d/8d/15d) still high: 60.0% / 54.5% / 54.1%

💰Avg IV 75.6% — rich environment to collect theta with defined-risk structures
📈Term structure bump into early May (22d ATM 70.6%) — favors 30–45 DTE selling

Pin Risk Assessment

Spot vs MP: Spot $16.27 is above Max Pain $16.00 (next expiry) and near 1-week MP $17.00; spot is ~+1.7% from nearest MP

GEX regime: Pinning (Total GEX +$76.7M — dealer gamma long near current strikes)

Gamma flip: ~$15.00Below $15 dealers flip to negative gamma / accelerate moves — defined-risk positions should be closed or tightened if price approaches this level

OI concentrations: Call wall $18–$22 (large call OI at $19, $20, $22). Put floor concentrated at $15 (71,279 OI) and $16 (56,644 OI); GEX pin magnets at $16.50 (+$25.1M), $17.00 (+$23.4M), $17.50 (+$12.3M).

Verdict: Favorable — strong positive GEX and put-floor near $15–$16 create a pinning environment that supports selling premium, particularly put spreads and wings that sit above the gamma flip.

Premium Opportunities

#1
put spread
Sell $15 / Buy $14 put spread exp 2026-05-15 (36 DTE)
Defined-risk CSP spread sits on the strong put-floor ($15 OI 71,279) and above gamma flip $15. High IV (May ATM ~67.8%) gives attractive credit; GEX pinning supports staying above $15.
Credit: $0.40-$0.60
Max loss: $0.60
BE: 14.60
Mgmt: Take profit at 60–70% of max credit; roll down or close if underlying closes below $15.30 (tighten protection) or if price breaches gamma flip ~$15; cut loss at 80% of max loss (i.e., widen/close if spread >$0.48 from breakeven)
#2
iron condor
Sell $15 / Buy $14 put AND Sell $19 / Buy $20 call exp 2026-05-22 (43 DTE)
Wide pin range between put floor and call walls; GEX pin magnets at $16.50/$17.00 provide center stability while large call OI at $19–$22 caps upside. High IV supports wing credit. Using 1-point wings keeps defined risk and good theta.
Credit: $0.60-$0.85
Max loss: $0.40
BE: 14.40 / 19.60
Mgmt: Take profit at 50% of max credit; close if either short strike is tested on a daily close; roll wings outward if credit decays <30% and short strike under pressure; cut loss if underlying closes beyond the untested short strike or if market skew moves against the wing.
#3
cash-secured put (naked short put) / covered alternative (conservative)
Sell $16 put exp 2026-05-15 (36 DTE) — cash-secured or converted to short put spread by buying $15 put
High premium at $16 (heavy put OI at $16, 56,644) and positive pinning make selling the $16 put attractive for income; convert to defined-risk 16/15 put spread if you prefer capped loss (max loss = width - credit).
Credit: $0.80-$1.20
Max loss: Unlimited to 16→0 (if naked) / 8.80 if converted to 16/15 spread
BE: $15.20
Mgmt: If selling naked, convert to 16/15 put spread if price closes below $15.50 or if delta >0.5; take profit at 50–75% of max premium; cut losses/roll out if price closes below $15 (gamma flip) or if put price >60% of collected premium.
#4
covered call
Buy 100 shares and sell $17 call exp 2026-05-15 (36 DTE)
Sell a slightly OTM call into heavy call flow at $17 and nearby GEX pinning; collects premium while maintaining upside to $17 (next expiries show max pain moving toward $17). Suitable if willing to own shares or if delta-hedged.
Credit: $0.35-$0.55
Max loss: Stock downside (offset by premium) — breakeven approx 15.72
BE: $15.72
Mgmt: Close or roll up if stock rallies above $17 on strong flow; take profit on option at 50–75% of premium; close calls prior to earnings (earnings 2026-04-28/29 are upcoming in ~3 weeks) if holding into the report.
#5
calendar spread (directional neutral)
Sell 2026-04-24 $16.50 call and buy 2026-05-15 $16.50 call (short near-term, long mid-term) — DTE short: 15d, long: 36d
Short front-week near spot where GEX magnet exists at $16.50 (+$25.1M). High short-term IV (1d–15d) still elevated; this structure monetizes short-dated theta while keeping long-tail exposure.
Debit: $0.05-$0.25
Max loss: $0.25
BE: Complex (time decay positive if spot holds near $16.50)
Mgmt: Close short leg into pin (if spot pins exactly and gamma squeezes); take profit on calendar when short leg decays 70–80% or roll calendar forward if underlying stays within the 1w EM guardrail ($15.20–$17.34). Cut losses if spot moves >$1.50 beyond short strike within a few sessions.

Risk Alerts

!Gamma flip ~$15 — dealer behavior changes below this level; exit or tighten credits if price approaches $15
!Upcoming earnings 2026-04-28 / 2026-04-29 (~3 weeks) — avoid naked short through earnings or close/roll before announcement
!Very high IV (Avg IV 75.6%) increases both premium and tail-risk; defined-risk positions preferred
!Large concentrated call OI wall $18–$22 could cap upside and create one-sided flow if big buying occurs — watch for sudden call-driven pin moves higher
!Unusual large call flow into $17 and micro-flow at deep ITM May $2 strike indicates some directional positioning; monitor for heavy directional flow that can compress wings
How to Use These Reports
This theta reflects the market close on April 9, 2026.
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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.

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If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.