Home Options METAReports

META

Meta Platforms, Inc.Close $605.06EOD only

Max Pain

$605.00

Next expiry May 22, 2026

Expected Move

±$12.50

2.1% from close

Price Gap

-0.06

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.46

Slightly call-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: May 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

May 20, 2026 close

META Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from March 31, 2026. A newer flow report is available for May 20, 2026.

View latest report

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.

How to Use These Reports

This flow reflects the market close on March 31, 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.