Options/FIG

FIGFigma, Inc.

Options Analysis Report•SERVICES-PREPACKAGED SOFTWARE

Market Cap $15.4B|NYSE

● 2026-08-31$28.82

NEUTRAL

Analysis: 2026-08-28 EOD data

1Y -56.0%YTD -23.4%7D +5.0%

Options Vol

35,977

30D

Implied Move

±19.0%

IV Rank

12%

FIG Options Overview

IV is elevated with unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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FIG Gamma Walls

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Value

Is IV priced right?

6.3

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks4/9 checks passed

IV Rank

≤35%

IV Rank 84.2% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 0.60x — IV ≤ HV

Sector Relative≤50%

Sector percentile 60% — above sector median

Term Structure

<1.1x

Front/Back 0.95x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 61.3% — normal range

Spread-Adjusted Value

<80%

Effective IV 86.9% (ATM 61.3% + spread 12.8% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 20.18% (spread 12.80% + slippage 7.38%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 0.31 (vega 0.403 / spread 12.80%) — spread drag

Sentiment

Bullish or bearish?

6.3

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: -4%, Raw: -7%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -4% (neutral) — Raw: -7%

OI Skew Magnitude

≥15%

|OI skew| 30.4% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +29.5%, OI skew +30.4% — aligned

Conviction Quality

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -16%, ATM: +7%, OTM: -12% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 51% — neutral vs sector

Activity

Unusual activity?

4.1

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 0.8x avg — normal

Turnover Rate

≥15%

Vol/OI 9.5% — normal turnover

Multi-Day Persistence

≥2 days

1 day(s) elevated — may be one-day event

OI Build

≥5%

OI change +16.0% (5d) — building

Sector Relative≥60%

Sector activity percentile 85% — very active vs sector

Trade Quality

≥30%

Large trade volume 18% — mixed

Execution Urgency

≥60%

Aggressive execution 38% — patient

Flow Conviction

≥30

Conviction -4 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.9

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 12.8% — wide

Adequate OI

≥10,000

OI 377,456 — deep

Active Volume

≥500

Volume 35,977/day — active

Reasonable Cost

≤$0.50

$0.64 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 76% — wider than sector

Order Book Depth

≥100 contracts

Depth 486.9 contracts (bid:237.1 ask:249.8) — adequate

Execution Quality

<1.0%

Avg slippage 7.38% — poor

Timing

Is now a good time?

6.7

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -4.6% — flat/unclear

IV Percentile Clarity

<30 or >70

IV percentile 84% — seller opportunity

Event Detection

≥10pts kink

IV kink -2.3pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 7.90 — favors income trades

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No events detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -4% @ 52% consistency — unclear

Smart Money Timing

≥40 composite score

Score 48 (ITM 20% + inst 18%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls6.0

bullishIV cheap, bullish flow

Long Puts5.1

bearishIV cheap, bullish flow

Premium Sellers

Cash-Secured Put5.1

bullishIV too cheap, bullish flow

Covered Call4.2

bearishIV too cheap, bullish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

More on FIG

FIG gamma walls FIG max pain FIG IV rank FIG options flow