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META

Meta Platforms, Inc.Close $670.91EOD only
Max Pain
$660.00
Next expiry Apr 22, 2026
Expected Move
±$13.25
2.0% from close
Price Gap
-10.91
Distance to max pain
IV Rank
36
Middle-high premium
P/C OI
0.47
Slightly call-heavy
Consensus
7.0/10
Consensus signal
Published snapshot: Apr 20, 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
Apr 20, 2026 close
META Earnings Report
Analysis based on market close April 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

High-confidence bullish pinning into earnings; order flow and call-heavy prints concentrated 670–687 strikes suggest upside pin near 670–680 ahead of 2026-04-29 results.

Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.2% from MP; +0.5 VIX 20
Most important: Call-heavy flow + GEX pinning concentrated around 670–680 indicating elevated chance of end-week pin/managed upside.
📌Call-heavy flow clustered at 670–680 — high probability of short-term pinning.
⚠️Front-dated IV elevated; a large realized move will still cause a steep crush and whipsaw.

Regime Classification

Vol Regime
Normal
Gamma Regime
Pinning
Flow Regime
Bullish
Spot vs MP
At
Gamma flip: ~$500.00 — Approx — based on put OI concentration of 14,967 (25.2% below spot)

Earnings Overview

Next earnings: 2026-04-29 (8 days)explicit

Expected moves:

  • 2026-04-22 (1d): ±$10.80 (1.6%)
  • 2026-04-24 (3d): ±$18.38 (2.7%)
  • 2026-04-27 (6d): ±$22.20 (3.3%)

IV Setup

Term structure: Near-term IV elevated into event (~27–35%), front-dated IV > weeklies; longer terms cheaper.

Crush estimate: Post-print IV crush estimated ~25–40% for front-dated expiries, tied to realized move magnitude.

Skew: Skew shows call-side demand at 670–700 with put floor 500–600; tail put IV (652.5) richer.

Historical Context

Beat rate: 75% (3/4 quarters)

Avg move vs expected: Historically moves modestly exceed modeled expected moves; 75% beat rate (3/4).

Directional bias: Slight upside bias given recent beats and concentrated bullish flow.

Key Levels

1$500.00 gamma flip
2EM guardrails: 2d $658.04/$679.64; 1w $646.64/$691.04
3Max pain pins: $670 (2026-04-22); $635 (2026-04-24); $665 (2026-04-27)

Flow Highlights

Large call prints concentrated 672.5–687.5 expiries (4/22 and 4/27).

Active call demand likely creating positive gamma/pinning pressure near 670–680.

Significant put OI concentration ~25% below spot with net positive premium.

Put floor structural support below 600 reduces near-term downside convexity.

Strategies

Earnings iron condor
Sell 2026-05-01 $650.00/$610.00 put wing and $672.50/$705.00 call wing
Credit: $20.54-$25.11
Max loss: $14.89
Max gain: $25.11
BE: 624.89 / 697.61
Trigger: Trim or widen wings if spot breaches 670–680; close into large print or >50% of max gain/near expiration.
Balances harvesting pin-driven premium with defined risk vs naked wings.
Outperforms: Collects front-dated premium around concentrated 670–680 call flow while capping loss if pin breaks; benefits from post-print IV crush and time decay.
Underperforms: Move outside short strikes invalidates range thesis.
Call diagonal (sell May buy Jun)
Sell 2026-05-01 $670.00 call / buy 2026-06-18 $680.00 call
Debit: $10.55-$12.90
Max loss: $12.90
Max gain: Variable
BE: Path-dependent
Trigger: Roll long call out or up if bullish momentum persists; cut if spot falls below ~615.
Captures rich front IV and hedges upside with longer-term call.
Outperforms: Sells May 670 to collect decay/crush, buys Jun 680 for upside protection and roll optionality.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Short strangle
Sell 2026-05-01 $650.00 put + sell $680.00 call
Credit: $33.62-$41.09
Max loss: Unlimited
Max gain: $41.09
BE: 608.91 / 721.09
Trigger: Hedge or close the short call if spot approaches 670–680 or post-print volatility spikes.
Collects roughly $24 total (~3.6% of spot) giving breakevens ≈640/694 vs options-implied one-day move ≈$18 (IV) — ~30% cushion; concentrated call demand steepens OTM call skew, so premium appears rich vs expected move.
Outperforms: Sell May 650 put and 680 call to exploit implied skew and call-heavy flow near 670–680.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Event/guidance risk: revenue, margins or management guidance surprises can cause sharp directional moves and invalidate pinning
!Flow risk: large block prints may be flipped or delta-hedged intraday, altering pin dynamics
!IV/model risk: crush estimate sensitive to realized move size and direction; front-dated IV can still gap wide

What to Watch

?Unusual prints and delta-hedge flow around 670–680 (4/22–4/27)
?Front-dated single-stock IV moves (27–35%) and relative index vol responsiveness — index vol shifts can amplify single-stock hedging but don't replace stock-specific flow
?Spot behavior vs max-pain pins $670/$665 and gamma flip level ~500 put concentration
How to Use These Reports
This earnings reflects the market close on April 21, 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.