Daily Options Selling Strategy | Figma's Earnings Beat Expectations, Shares Surge Nearly 12% After Hours; Is a Bottom Reversal for Software Stocks Underway?

I. Market Barometer

The three major US stock indexes collectively closed higher in the previous trading session, with overall market risk appetite on the rise. Activity in the options market was robust, with an increase in the Call/Put volume ratio, reflecting growing investor optimism about future market performance. This also provides more premium income opportunities for options selling strategies.

II. Focus on Hot Targets

$Figma Inc (FIG.US)$: Q1 Revenue Growth Accelerates, AI Products Drive Paid Expansion

$Figma Inc (FIG.US)$ The previous trading day closed up 6.86% at $18.92. The company released its Q1 2026 earnings report after the market close on May 14, with core results surpassing expectations across the board. Revenue grew by 46% year-over-year to $333 million, far exceeding market expectations of $313 million, and the growth rate accelerated from 40% in the previous quarter, indicating that the company’s growth momentum continues to strengthen.

Following the earnings release, the company's after-hours share price surged nearly 12%, and as of this writing, the overnight session gains have further widened to over 13%.

The AI product portfolio continues to drive paid user expansion and improve customer stickiness.Q1 net dollar retention rate rose to 139%, the highest level in more than two years, indicating not only high retention among existing customers but also continued expansion of purchases. There are 1,525 large customers with over $100,000 ARR, a year-over-year increase of 48%. The AI product Figma Make performed particularly well, with a large customer penetration rate of approximately 60% among weekly active users, proving that AI design tools are moving from early trials to enterprise-level scaled deployment. Additionally, the newly launched MCP feature allows AI agents to directly read and write Figma files, significantly reducing labor costs in the design delivery process. Usage of this feature among weekly active users increased fivefold during the quarter, demonstrating rapid adoption within the developer ecosystem.

There is still pressure on profitability, but the company remains optimistic about its full-year guidance.On a GAAP basis, the net loss was $142 million, primarily due to $169 million in stock-based compensation expenses. Excluding this impact, the company’s operating cash flow was positive. The company simultaneously raised its full-year revenue guidance to $1.422-1.428 billion, implying a full-year growth rate of approximately 35%, higher than previous market expectations, indicating management’s confidence in the sustainability of AI-driven growth.

Institutional ratings remain divided, with a consensus of 'Hold'.Among covering institutions, the rating consensus is 'Hold', with an average target price of $40.25, a high of $60, and a low of $30. The bullish view argues that AI design tools are reshaping product design workflows, and Figma, as an industry standard, possesses strong pricing power and switching costs. The cautious view points out that the company faces competitive pressures from rivals like Adobe, ongoing GAAP losses, and the dilutive effect of stock-based compensation, making the short-term profitability inflection point unclear.

Since its IPO, the company’s stock price has continued to decline, and it has recently been in a phase of low-level consolidation. Technically, yesterday’s bottom-volume bullish candlestick broke above the 5-day moving average, and attention should be paid to whether the upward trend can continue to reverse the stock’s weakness.

III. Seller Options Strategy

1. Cash Secured Put: Sell 1 contract $Figma Inc (FIG.US)$ 20260515 17P, estimated required margin (for reference only): $1700 ($17 × 100)

Opportunity filtering logic:

Figma's share price has fallen to the bottom range for consolidation, with the recent low of $16.6 forming a support level. Investors who are optimistic about a valuation rebound in software stocks but are concerned about the risks of a short-term pullback can sell the aforementioned Put contracts to collect premiums.

Selling Puts allows the collection of premiums to enhance the return on idle funds; if the stock price retraces to around the $17 strike price, it also provides an opportunity to accumulate Figma at a more favorable price.

IV. Risk Control Reminder

Although the seller strategy has a high probability of success, investors must still manage risks effectively:

– Position management is key:The biggest risk for option sellers lies in black swan events. It is recommended that margin exposure for a single underlying should not exceed 20% of total capital. Never sell options beyond your capacity for the sake of greedy premiums.

– Timely rolling of covered call options: When a covered call option becomes deeply in-the-money (stock price far exceeds the strike price), and if the underlying stock is still viewed favorably, decisively 'roll' the position — that is, close the current option by buying it back and simultaneously sell an option with a later expiration date and a higher strike price to avoid having the stock called away at a low price.

– Cash-secured put options warn of 'left-tail risk':For cash-secured puts, if the stock price collapses due to deteriorating fundamentals (rather than a normal pullback), do not hold on stubbornly. At this time, stop losses should be executed, or 'rolling down' can be employed to buy time and wait for volatility to normalize.

Make good use of the options seller zone to understand the income strategies for selling optionsEarn option premiums!

Options Risk Warning

An option is a contract that grants the holder the right, but not the obligation, to buy or sell an asset at a fixed price on a specific date or at any time before that date. The price of an option is influenced by various factors, including the current price of the underlying asset, the strike price, time to expiration, and implied volatility. Implied volatility reflects the market’s expectations for the level of volatility in the option over a future period. It is a data point derived inversely from the Black-Scholes option pricing model and is generally regarded as an indicator of market sentiment. When investors anticipate greater volatility, they may be more willing to pay a higher price for options to hedge risks, resulting in higher implied volatility. Traders and investors use implied volatility to assess the attractiveness of option prices, identify potential mispricings, and manage risk exposure.

Disclaimer

This content does not constitute any offer, solicitation, recommendation, opinion, or guarantee for any securities, financial products, or tools. The risk of loss in trading options can be substantial. In some cases, losses incurred may exceed the initial margin deposited. Even if you set contingency orders, such as 'stop-loss' or 'limit' orders, these may not necessarily prevent losses. Market conditions may make such orders unexecutable. You may be required to deposit additional margin within a short period. If you fail to provide the required amount within the specified time, your open positions may be liquidated. However, you will still be responsible for any shortfall in your account resulting from such liquidation. Therefore, before trading, you should study and understand options and carefully consider whether such trading suits you based on your financial situation and investment objectives. If you trade options, you should be familiar with the procedures for exercising options and the rights and obligations upon expiration. Options trading involves extremely high risks and is not suitable for all investors. Investors should read Characteristics and Risks of Standardized Options carefully before engaging in any options trading strategy.

Editor/Doris

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