thetaOwl
HomeOptionsMETAReports

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 May 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

META setup strong with bullish flow, pinning at $605, high confidence ahead of July earnings.

Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.4% from MP; +1 VIX 17
Most important: Gamma pinning and heavy call buying support META; watch $605 and $615 resistance.
🔍Heavy call buying for May 22 expiry suggests aggressive upside; watch pinning strength.
⚠️VIX at 17 not alarming but any spike could trigger gamma flip.

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 15,217 (17.7% below spot)

Earnings Overview

Next earnings: 2026-07-29 (69 days)explicit

Expected moves:

  • 2026-05-22 (1d): ±$8.30 (1.4%)
  • 2026-05-26 (5d): ±$13.17 (2.2%)
  • 2026-05-27 (6d): ±$7.83 (1.3%)

IV Setup

Term structure: Normal; front-end slightly elevated but not extreme.

Crush estimate: N/A (next earnings 69 days out)

Skew: Slight put skew in longer-dated OTM puts; near-term skew flat.

Historical Context

Beat rate: 80% (4/5 quarters)

Avg move vs expected: 80% beat rate; moves typically within expected range.

Directional bias: Slight bullish bias from historical outperformance.

Key Levels

1$500.00 gamma flip
2EM guardrails: 2d $599.08/$615.68; 1w $594.21/$620.56
3Max pain pins: $605 (2026-05-22); $605 (2026-05-26); $605 (2026-05-27)

Flow Highlights

Massive call buying at $610 and $615 expiring May 22; OI surge.

Bullish bet on short-term upside; positioning for pinning above $600.

Unusual put activity at $650 and $780 strikes, but low OI.

Hedging or bearish bets, but small relative to call flow.

Strategies

Iron Condor on META
Sell 2026-06-18 $605.00/$595.00 put wing and $635.00/$645.00 call wing
Credit: $6.10-$7.45
Max loss: $2.55
Max gain: $7.45
BE: 597.55 / 642.45
Trigger: Exit if spot approaches $595 or $635; adjust wings on volatility spike.
Best for neutral price action; META pinned at $605 with strong put/call support.
Outperforms: Sells wings at $595/$605 put and $635/$645 call, capturing premium within expected range.
Underperforms: Move outside short strikes invalidates range thesis.
Short Strangle on META
Sell 2026-06-18 $580.00 put + sell $650.00 call
Credit: $14.09-$17.22
Max loss: Unlimited
Max gain: $17.22
BE: 562.78 / 667.22
Trigger: Roll untested side if tested; set stop loss at 2x credit.
Higher premium but unlimited risk; less ideal due to pinning but suitable for aggressive sellers.
Outperforms: Sells put at $580 and call at $650 to collect rich IV premium.
Underperforms: Break outside short strikes invalidates short-vol thesis.

Risk Assessment

!Gamma flip if spot drops below $500 (put OI wall).
!Overbought from heavy call flow; profit-taking risk.
!VIX at 17 moderate; spike could unsettle positions.

What to Watch

?$605 Max Pain pin for May 22 expiry.
?$615 resistance and call OI wall at $700+.
?Put floor at $500 for downside protection.
How to Use These Reports
This earnings reflects the market close on May 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.