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META

Meta Platforms, Inc.Close $607.38EOD only
Max Pain
$605.00
Next expiry May 22, 2026
Expected Move
±$8.30
1.4% from close
Price Gap
-2.38
Distance to max pain
IV Rank
35
Middle-high premium
P/C OI
0.45
Slightly call-heavy
Consensus
9.0/10
Bullish tilt
Published snapshot: May 21, 2026 close
End-of-day snapshot

This page reflects META options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
May 21, 2026 close
META Earnings Report
Analysis based on market close April 6, 2026
DirectionalTheta GangFlowEarningsConsensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from April 6, 2026. A newer earnings report is available for May 21, 2026.

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Earnings Verdict

Earnings on 2026-04-29 (23 days out). IV elevated at 46.8% for post-earnings expiration (2026-05-01), suggesting crush play viable. Historical EPS beat rate 75% but recent miss introduces uncertainty. Key risk: IV crush may be less severe if VIX stays elevated.

Confidence:
5.5 / 10
base 5; +1 GEX positive (pinning); +0.5 spot 1.9% from MP; -1 GEX/flow contradict
Most important: IV term structure shows sharp kink at 2026-05-01 (46.8% vs 37.7% pre), confirming earnings premium.
📅Earnings confirmed 2026-04-29, EPS est $6.76

Regime Classification

Vol Regime
Normal
Gamma Regime
Pinning (GEX +$36.9M)
Flow Regime
Mixed (net prem -$117.1M, P/C 0.84)
Spot vs MP
Above
Gamma flip: ~$500.00 — Below $500, dealers amplify moves; far from spot at $573.02

Earnings Overview

Next earnings: 2026-04-29 (23 days)explicit

Expected moves:

  • 2026-05-01 (25d): ±$54.95 (9.6%)

IV Setup

Term structure: Sharp kink at 2026-05-01 (46.8% vs 37.7% pre-earnings)

Crush estimate: ~10 vol pts, back to ~37%

Skew: Puts slightly richer than calls based on P/C OI ratio 0.48

Historical Context

Beat rate: 75% (3/4 quarters)

Avg move vs expected: Insufficient data for move vs expected

Directional bias: 3/4 gap up post-earnings

Key Levels

1$595.00 (GEX +$373K, call OI cluster)
2$585.00 (GEX +$288K)
3$575.00 (GEX +$146K)
4$550.00 (put OI cluster)
5$542.50 (put OI cluster)
6$525.00 (put OI cluster)

Flow Highlights

Heavy $575P 2026-04-08 buying (7,119 vol vs 120 OI, 59.3x)

Near-term downside protection or earnings hedge

Large net premium outflow -$117.1M with P/C volume ratio 0.84

Mixed flow, more call selling or put buying overall

Strategies

Iron condor
Sell $518.07/$512.80P x $627.97/$633.25C 2026-05-01
Credit: $8.00-$10.00
Max loss: $42.00
Max gain: $9.00
BE: $526.07
Trigger: Enter 5-7 days before earnings
Elevated IV at 46.8% supports premium sale; historical beat rate suggests contained moves
Outperforms: Stock stays within EM bounds $518.07-$627.97
Underperforms: Gap exceeds EM by >20%
Long straddle
Buy $572.5 straddle 2026-05-01
Max loss: $54.95
Max gain: Unlimited
BE: $517.55
Trigger: Enter if IV hasn't spiked >50% from current levels
Historical directional bias (3/4 gap up) and elevated IV could lead to larger-than-expected move
Outperforms: Actual move exceeds EM by >30%
Underperforms: Stock pins near max pain $562-$572, IV crushes ~10 pts
Put credit spread
Sell $550/$545P 2026-05-01
Credit: $1.50-$2.00
Max loss: $3.50
Max gain: $1.75
BE: $548.25
Trigger: Enter 3-5 days before earnings
Put OI clusters at $550 and below provide support; historical beat rate favors upside
Outperforms: Stock stays above $550
Underperforms: Stock breaks below $545

Risk Assessment

!Gap risk: 9.6% EM but could exceed on guidance change given recent EPS miss in 2025-09-30
!IV crush may disappoint if overall market vol (VIX) stays elevated, reducing crush magnitude
!Liquidity: High with 2.4M OI and 268K volume, but watch for wide spreads on OTM strikes
!Sizing: Use reduced size due to 23 days to earnings and potential early theta decay

What to Watch

?IV trajectory into earnings, especially 2026-05-01 expiration
?Unusual OTM put activity below $550
?Max pain pinning near $562-$572
How to Use These Reports
This earnings reflects the market close on April 6, 2026.
What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.