META Flow Report

Analysis based on market close March 31, 2026

Flow Verdict

Confidence:

7.5 / 10

base 5; +1.5 significant bearish net premium; +1.0 concentrated put flow near spot; +0.5 pinning GEX regime; -0.5 mixed P/C volume ratio

Watch next session: Spot reaction to $575-$580 put OI cluster; Net premium direction for 4/2 expiry

Flow Summary

Net premium: -$133.7M bearish

P/C volume ratio: 0.91 — slightly put-dominant

P/C OI ratio: 0.50 — heavily call-leaning positioning

Significant bearish premium flow contradicts long-term call-heavy positioning. The market is paying for near-term downside protection while holding onto longer-dated upside exposure, suggesting a defensive or corrective posture in the immediate term.

Notable Prints

META 4/1 $580 Put

Vol: 40,670

OI: 292

Vol/OI: 139.3x

IV: 0.0%

Notional: ~$23.6M (est. $580 avg price)

Intent: Fresh, aggressive put buying for immediate downside protection/hedge.

Dual read: Bought to open (bearish hedge) vs. Sold to open (bullish, selling puts for premium). Given 0% IV and massive volume, this is almost certainly a buyer paying near-intrinsic value for protection.

Read-through: Institutional urgency to hedge a position at or just above spot ($572). The 0% IV indicates the trade was executed at or above the ask, a clear buyer.

META 4/1 $577.50 Put

Vol: 29,636

OI: 181

Vol/OI: 163.7x

IV: 4.6%

Notional: ~$16.3M (est. $5.50 avg price)

Intent: Fresh put buying, slightly OTM hedge.

Dual read: Similar to $580P, low IV suggests buyer paying near-intrinsic value.

Read-through: Part of a concentrated cluster of put buying just below spot, defining a near-term support/resistance zone.

META 4/1 $590 Call

Vol: 41,125

OI: 1,065

Vol/OI: 38.6x

IV: 14.5%

Notional: ~$12.1M (based on provided premium flow)

Intent: Likely call selling (covered calls or short calls) given the bearish net premium context.

Dual read: Could be bullish buyers, but the -$30M net premium at this strike strongly suggests sellers.

Read-through: Consistent with an institutional overwriting strategy—selling upside calls against long stock—amidst the defensive put buying. Creates a resistance magnet.

META 4/1 $592.50 Call

Vol: 16,915

OI: 289

Vol/OI: 58.5x

IV: 17.2%

Notional: ~$5.0M (est. $3.00 avg price)

Intent: Fresh call selling or spread leg.

Dual read: Given high volume vs. OI and proximity to the $590C flow, likely part of the same overwriting or bearish call spread activity.

Read-through: Extends the call resistance cluster above spot, capping near-term upside.

META 4/1 $575 Put

Vol: 30,019

OI: 259

Vol/OI: 115.9x

IV: 6.4%

Notional: ~$9.0M (est. $3.00 avg price)

Intent: Fresh put buying, completing the $575-$580 put wall.

Dual read: Clear buyer flow for protection.

Read-through: Finalizes a dense put OI zone from $575-$580, which will act as a gravitational pull (pinning) due to positive GEX from short put positions.

Institutional Positioning

Call additions: Minimal near-term. Long-dated OI is heavily call-leaning ($750C, $700C, $800C), but today's flow is not adding to those.

Put additions: Concentrated in 4/1 $575-$580 puts. Significant notional spent on immediate downside protection.

GEX/DEX consistency: Yes — Positive GEX ($61.6M) from the massive put OI near spot aligns with the 'pinning' regime, favoring mean reversion and suppressing volatility.

OI clusters: Near-term: $575-$580 Put Wall (from today's flow). Long-term: Massive call OI at $700+, $750+. This creates a 'boxed' feeling—pinned near-term with long-dated upside dreams.

Hedging evidence: Strong evidence of near-term hedging via 4/1 put buys. The call selling at $590-$595 could be part of collars or overwrites to finance the put protection.

Max pain context: Spot ($572) is 2.6% above aggregate Max Pain ($558). The nearest expiries (4/1 MP $557.5) pull downward. The put flow at $575-$580 may be an attempt to defend a higher pin.

Signal vs Noise

~The $5 Put with 29,989 OI is a perpetual placeholder/financing strike, not a directional bet.

~Long-dated call OI at $750+ is likely legacy positions (LEAPS, speculative buys) and not reflective of today's flow intent.

~The $770, $735, $690 Put premium flow (large negative net) is likely from far OTM put sales (credit spreads or naked short puts) for yield, not bearish bets.

~High volume in 4/1 options is partly due to weekly expiration dynamics (rolls, closing).

Key Conclusions

⚠️Defensive Shift: Institutions are paying up for near-term downside protection (4/1 puts), creating a bearish flow signal against a long-term bullish OI backdrop.

📌Pinning Zone Established: Massive put OI built at $575-$580, supported by positive GEX. Expect spot to be magnetized to this range near expiry.

🛡️Overwriting Resistance: Call selling at $590-$595 caps immediate upside and helps finance the put hedge, a classic institutional risk-off maneuver.

📅Eyes on 4/29: IV ramp begins in May (45.9% ATM), but today's flow is focused on navigating the next few sessions, not positioning for earnings yet.

Read the Flow analysis for META for 2026-03-31. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.