SOFI
SoFi Technologies, Inc.Close $17.05EOD onlyMax Pain
$17.00
Next expiry Apr 17, 2026
Expected Move
±$0.84
4.9% from close
Price Gap
-0.05
Distance to max pain
IV Rank
100
High premium
P/C OI
0.56
Slightly call-heavy
Consensus
7.5/10
Range bias
Published snapshot: Apr 13, 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
Apr 13, 2026 close
SOFI Theta Report
Analysis based on market close April 13, 2026
Historical consensus-supported lens with full content, report chain context, and metric rail.
Theta Verdict
Attractiveness8.5 / 10
Sizing: Moderate
Primary: Sell defined-risk put spreads near $17-$16 support (take advantage of pinning + high IV)
Invalidation: Close below gamma flip ~$15 — invalidate credit bias and cut/roll defensively
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot ~MP; +0.5 VIX 19.12
IV Environment
IV Regime
High
IV vs VIX
Avg IV 72.5% vs VIX 19.12 — ATM term vol (18d) 70.9% is very rich vs broad-market vol
Favorable?
Yes
Term structure: Front-week IV (4-11d) is lower (~52-54%) with a big jump into the 18d+ expirations (70.9% at 18d) — good for selling 18-46 DTE where vol is elevated
💰Avg IV 72.5% with 18d ATM IV 70.9% — rich premium to harvest
📈IV term structure steepens after the next two weeks — prefer 18-46 DTE for best edge
Pin Risk Assessment
Spot vs MP: At (spot $17.05 vs max pain $17.00 for 4/17; $16.50 for 4/24 — essentially pinned to $17)
GEX regime: Pinning (GEX +$80.5M — strong positive gamma exposure)
Gamma flip: ~$15.00 — Below ~$15 dealers flip; gamma sensitivity falls and downside can accelerate — treat <$15 as regime change
OI concentrations: Call wall $18-$25 (large call OI concentration), Put floor $15-$16 (put OI 57k @16, 71k @15) — strong magnetic support between $15-$17.5
Verdict: Favorable — pinning (GEX +80.5M), max pain at $17 and large put OI at $15-$16 create a dealer magnet that supports credit selling on the downside; calls OI walls provide resistance on upside which helps defined-risk wings
Premium Opportunities
#1
put spread
Sell 15/16 put spread 2026-05-15 (32 DTE)
Pinning regime and large put OI at $15-$16 form strong support; 32 DTE ATM IV 65.3% keeps premium rich while defined-risk spread limits assignment exposure.
Credit: $0.75-$0.95
Max loss: $0.25
BE: 15.25/15.05 (short strike 15.00 - credit 0.75/0.95)
Mgmt: Take profits at 60-70% of max credit; roll down and widen by 1 strike if close to short strike with >50% of max loss realized; close on a daily close below $15 (gamma flip)
#2
iron condor
Sell 16/15 put and 19/20 call iron condor 2026-05-15 (32 DTE)
High two-sided IV and strong pinning around $17 create a wide, high-probability range. Call OI walls at $19-$22 and put floor at $15-$16 give dealer hedging that supports a short wings approach.
Credit: $1.05-$1.40
Max loss: $0.95
BE: 15.95 (put side) / 20.95 (call side) based on credit range
Mgmt: Close at 50% of max profit; if either short strike is tested (daily close beyond short strike), close or roll that wing out by 1-2 strikes and keep defined risk; exit entire position if spot closes below $15 or above $21
#3
covered call
Buy 100 shares and sell 2026-05-15 $18.00 call (32 DTE)
Bullish dealer/flow backdrop and positive GEX make conservative covered-call collars attractive; selling the $18 call captures elevated call premium (call OI concentration at $18-$19) while still allowing modest upside.
Credit: $1.10-$1.50
Max loss: Uncapped (stock ownership) net basis = 17.05 - premium; downside risk subject to stock move
BE: $15.95
Mgmt: Buy-to-close at 70% of max premium; roll up and out if stock rallies strongly and you want to remain long; cut underlying if price drops below $15 (gamma flip) or if IV collapses materially
#4
calendar (vol arbitrage)
Sell 2026-04-24 (11d) $17.00 call, buy 2026-05-15 (32d) $17.00 call (calendar)
Very steep front-to-mid term structure (52-54% front vs ~65-71% 18-32d) — sell front-week premium where IV is lower relative to 18d+, collect theta while retaining longer-dated protection. Works because pinning keeps spot near $17 in short-run.
Debit: $0.30-$0.55
Max loss: $0.55
BE: Range depends on front-week close and vol movement; position profits if near-term front IV decays faster than longer-dated IV
Mgmt: Target 40-60% of max debit recovered as exit; close the short leg before expiration if >50% profit; cut if spot moves >$1.20 away from $17 or front IV spikes >15 points
Risk Alerts
!Earnings 2026-04-28/04-29 (within ~2 weeks) — avoid naked short premium or be flat/close positions before announcement.
!Gamma flip at ~$15 — a close below $15 can flip dealer behavior and accelerate downside; treat <$15 as invalidation for bullish/pinning credit assumptions.
!Concentrated call OI $18-$25 and large single-strike call flow at $17/$17.5 — upside squeezes possible; manage short calls tightly if price approaches $18.
!High avg IV (72.5%) with steep term structure — IV crush risk if vol collapses after earnings or a flow event; calendar/debit structures hedge some of this but naked sellers should size down.
!Unusual flow concentrated at $17 call (net call premium $3.14M / put $0.71M) — heavy one-sided institutional buying could drive pinning but also create skews that move strikes; monitor intraday flow.
Read the Theta analysis for SOFI for 2026-04-13. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.