FIG Options Alert: Big Money Betting Against Figma's Recovery

Hey traders! 👋 We just caught some interesting options activity on Figma (FIG) that's worth unpacking. The design software darling that IPO'd in July has been on quite the rollercoaster ride, and today's unusual options flow suggests institutional traders are positioning for more turbulence ahead.

📊 Company Quick Look

Figma Inc. (NYSE: FIG)
- Current Price: $52.57
- Market Cap: $26.6 billion
- Sector: Software Services
- Description: Browser-based design platform serving 13 million monthly users and 95% of Fortune 500 companies

Quick reality check: FIG is down ~60% from its August peak of $142.92, but still up 152.7% YTD from its $20.82 start price. That's some serious volatility! 📈📉

🚨 Today's Unusual Options Activity

Here's what caught our scanners at 1:28 PM ET:

Time	Symbol	Option Type	Strike	Expiration	Premium	Volume	Open Interest	Size	Spot Price	Option Price
13:28:54	FIG	PUT (BUY)	$60	2025-11-21	$3M	5,300	4,100	2,500	$52.95	$11.85
13:28:54	FIG	CALL (SELL)	$60	2025-11-21	$1.1M	5,400	3,900	2,500	$52.95	$4.35

Translation for retail traders: Someone just dropped $3 million on protective puts while simultaneously selling calls for $1.1 million in premium. This is what we call a "collar trade" - they're either protecting a long position or betting on limited upside with downside protection.

📈 Technical Setup & Gamma Levels

Looking at the gamma exposure chart, here's where the big money has placed their bets:

🛡️ Key Support Levels (Put Heavy)

• $52 strike: Massive put gamma wall (current support)
• $50 strike: Even bigger put concentration (-5.42 net GEX)
• $45 strike: Light put support

🚧 Resistance Zones (Mixed Activity)

• $53 strike: Immediate resistance (heavy put concentration)
• $54 strike: Strong resistance wall (-7.29 net GEX)
• $55 strike: Mixed activity zone
• $58-60 zone: Bullish call gamma (positive GEX)

The chart shows FIG stuck in a tight range between $52-54, with today's price action testing that $52 support level. The overall gamma profile is bearish with total put gamma almost 2x call gamma.

🎯 What This Means for Your Trading

The Bear Case (What Options Flow Suggests) 🐻

1. Massive put buying at $60 strike suggests protection against further downside
2. Net bearish gamma means market makers will amplify moves lower
3. Call selling caps upside potential around $60

The Bull Case (Devil's Advocate) 🐂

1. Stock is already down 60% from highs - how much lower can it go?
2. Strong support at $50 with massive put concentration
3. Q3 earnings on December 3rd could be a positive catalyst[^1_1]

🎪 Upcoming Catalysts to Watch

Near-Term Events

1. Q3 2025 Earnings - December 3, 2025[^1_1]
2. Expected EPS: $0.05
3. Expected Revenue: $263.9M (33% growth)

4. This is THE big catalyst everyone's watching

5. Product Adoption Metrics

6. New AI tools launched at Config 2025 (Figma Make, Sites, Draw, Buzz)[^1_9]

7. 80% of customers already using 2+ products[^1_3]

8. Lock-up Expiration Overhang

9. Employee lock-ups ended September 2025[^1_7]
10. Senior exec lock-ups still pending

💰 Three Trading Scenarios

Based on gamma levels and current technicals:

📉 Bear Scenario (30% probability)

• Target: $50 (major put wall)
• Stop: $54 (resistance break)
• Play: Buy $50 puts or put spreads for November

🦀 Sideways Grind (50% probability)

• Range: $50-54
• Play: Sell iron condors or strangles
• Market makers will pin this around max pain

🚀 Earnings Surprise Rally (20% probability)

• Target 1: $58 (positive gamma zone)
• Target 2: $60 (today's collar strike)
• Play: Wait for earnings approach, buy call spreads if IV drops

⚠️ Risk Management Alert

Listen up, this is important for your account:

1. FIG has 525% implied volatility - that's insanely high!
2. Wide bid-ask spreads on many strikes - use limit orders
3. Earnings in early December - IV crush will be brutal
4. Today's $60 strike collar suggests institutional money expects limited moves

🎬 The Bottom Line

Today's unusual options activity paints a cautiously bearish picture for FIG. The combination of protective put buying and call selling suggests smart money is:
- Protecting against more downside
- Not expecting explosive upside near-term
- Positioning ahead of December earnings

My take? This looks like institutional hedging ahead of a volatile earnings report. The stock's already been crushed, but with growth slowing from 41% to 33%[^1_2], the market wants to see execution before rewarding the stock.

For retail traders: Don't fight the flow, but also don't bet the farm. If you're bullish, wait for a clear break above $54. If bearish, the $50 put wall is your friend. And remember - with volatility this high, selling premium might be the smartest play.

Stay nimble, size appropriately, and always use stops! 💪

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Disclaimer: This analysis is for educational purposes only. Options trading involves substantial risk. Always do your own research and consult with a financial advisor.