SOFI Bear Call Credit Spread — 2026-11-13

SOFI (SoFi Technologies, Inc. - Common Stock) shows bearish unusual options activity: $1140K of buyer-initiated unusual put flow (45% put-dominant) detected across near-term expirations, with a peak vol/OI ratio of 0.4x on the 17 put. We fade this by SELLING premium on the other side: the trade profits from time decay as long as SOFI stays below $17.5 through expiration. IV rank is 4 (low) — rather than sell naked premium at this IV, this is defined as a bear call credit spread (short $17.5 / long $18) so max loss is capped. Sell the $17.5 / buy the $18 call bear call credit spread expiring 2026-11-13 (17 DTE) for a net credit of $0.12 ($12 per spread). Breakeven at $17.62; net delta 0.08. NOTE: earnings (2026-10-27) fall inside the trade window — the IV crush after the print helps a premium seller, but the gap risk is real, so this is structured as a defined-risk spread and not a naked short.

Underlying: SOFI @ ~$16.52 | 2026-11-13 (17 DTE) | Net credit (entry): ~$12 per spread. Use limit orders at the mid or slightly better.

ENTRY: Sell the $17.5 / buy the $18 call credit spread expiring 2026-11-13 (17 DTE) as ONE order at a LIMIT of the mid or better — target credit $12 on a $0.5 -wide spread. IV rank 4 is low — premium is thin, so keep size small and lean on a defined-risk structure. Don't leg in. Gamma: dealer gamma is POSITIVE (vol-suppressing) — spot tends to pin/mean-revert, so a briefly-tested strike often reverts; don't over-adjust on the first touch; put wall (support) at $17; call wall (resistance) at $16. | TAKE PROFIT: Buy the spread back to LOCK IN gains at ~50% of the $12 max credit (close near $6 remaining). Also close on TIME: exit around 21 DTE regardless of P&L to sidestep the late-cycle gamma/pin risk near SOFI's short strike(s) — currently 17 DTE, so plan the exit 0 day(s) out. Defined risk — max loss $38. | IF TESTED: If SOFI tests the $17.5 short call (delta ~0.30) or the loss reaches ~$24 (≈2× credit), roll the WHOLE spread UP and OUT ~7–14 days for a net credit. Treat a close above the $16 call wall as the hard trigger to act (the resistance magnet has broken). If price blows past the $18 long call, the spread is at/near max loss ($38) — take it. Breakeven $17.62. EARNINGS: a report (2026-10-27) falls inside this trade — the post-print IV crush helps a seller, but the gap can jump a short strike, so do NOT add size into the event and be ready to take the defined-risk loss if it gaps through. | MAXIMIZE: Winning below $17.5? Let it decay toward 50%. To improve, roll the spread DOWN toward the money next cycle for a richer credit once most credit is banked, or sell a bull put spread below the market to convert into an iron condor and collect premium from both sides.