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META

Meta Platforms, Inc.Close $610.26EOD only

Max Pain

$602.50

Next expiry May 26, 2026

Expected Move

±$9.07

1.5% from close

Price Gap

-7.76

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.45

Slightly call-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: May 22, 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 22, 2026 close

META Flow Report

Analysis based on market close April 9, 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 April 9, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

7 / 10

base 7.0 (provided): + flow strongly call-dominant; + large positive GEX ($161.0M pinning); - spot 6.5% above MP

Watch next session: Activity and OI change at $630/$635 calls (watch 4/10/4/13 flows); Put flow/closing at $625-$635 exp 4/10 (expirations could compress pinning)

Flow Summary

Net premium: +$225.5M bullish

P/C volume ratio: 0.65 — call-dominant today

P/C OI ratio: 0.48 — call-lean positioning (calls have materially more OI than puts)

Large, concentrated call premium and OI build (notably at 630–650 and the structural 700–750 call walls) combined with dealer GEX +$161.0M creates a bullish, pinning regime around current spot. Short-term unusual activity shows heavy trading on both sides for 4/10 expiries, but overall flow is dominated by fresh call buying and call premium, suggesting institutions are positioning for higher or at least non-declining price into near expiries.

Notable Prints

META 2026-04-10 $630.00 Put

Vol: 22,642

OI: 445

Vol/OI: 50.9x

IV: 40.4%

Notional: ~$13.81M

Intent: Short-term hedging / protective puts into expiry (buyers of downside protection ahead of close/expiry)

Dual read: Bought puts (protective hedges) OR aggressive put selling (complex flow) — but high vol/OI ratio and sizable notional points to bought protection

Read-through: Significant demand for near-dated downside insurance at-the-money; can create short-gamma pain for dealers intraday but overall doesn't overturn the call-dominant net premium. Expect dealer delta hedging to support price near $630 if these are bought puts.

META 2026-04-10 $640.00 Call

Vol: 35,182

OI: 2,665

Vol/OI: 13.2x

IV: 40.5%

Notional: ~$4.96M

Intent: Directional call buying (fresh bullish exposure into the 4/10 expiry)

Dual read: Bought calls (bullish) OR call writes/overwrites (neutral) — however net premium and P/C skew favor interpreting as buy-side demand

Read-through: Large call flow at $640 into 4/10 adds short-dated upside gamma that pushes dealer hedging to buy spot into upticks, reinforcing a near term pin toward the 635–640 band.

META 2026-04-10 $635.00 Call

Vol: 32,443

OI: 2,656

Vol/OI: 12.2x

IV: 40.7%

Notional: ~$8.66M

Intent: Fresh directional call buying or call-heavy spread leg supporting bullish view

Dual read: Fresh buys (bullish) OR part of structured sell (e.g., calendars/overwrites) — but tied to large call premium at nearby strikes, suggests bullish positioning

Read-through: Reinforces a short-term upside focus; combined with the $640 calls, this cluster increases dealer short-gamma on the upside, causing hedge flows that can lift spot into these strikes.

META 2026-04-10 $625.00 Put

Vol: 15,402

OI: 440

Vol/OI: 35.0x

IV: 41.5%

Notional: ~$5.85M

Intent: Near-dated downside protection (protective buying) or closing of short puts into expiry

Dual read: Bought puts (defensive) OR short put closeouts (position management) — high vol/OI suggests new activity rather than small adjustments

Read-through: Adds to the short-dated demand for downside protection clustered tightly under spot; creates a dealer bid as they hedge, supporting price around $625.

META 2026-04-10 $620.00 Put

Vol: 16,537

OI: 938

Vol/OI: 17.6x

IV: 42.8%

Notional: ~$3.90M

Intent: Protective hedges/rolled puts into expiry

Dual read: Bought protection (bearish hedge) OR structured flow (part of collar/spread) — likely hedge given proximity to expiry

Read-through: Contributes to concentrated put buying in the 620–630 band; dealers will likely buy spot hedges as price dips toward those strikes, enhancing pinning behavior.

Institutional Positioning

Call additions: Net premium and OI show institutions adding call exposure concentrated at $625-$650 (notably strong premium at $630, $650 and heavy OI at $700/$750 longer-term). Top premium strikes: $630 ($49,002,552 call premium net), $650 ($32,424,770 call premium), $700 ($30,895,412 call premium).

Put additions: Significant near-term put demand clustered at $620-$635 for 4/10 expiry and notable OI at $600 and structural put floor at $500. Unusual volume indicates fresh short-dated protective buying at-the-money.

GEX/DEX consistency: Yes — positive Total GEX $161.0M and DEX +72.9M shares align with the bullish net premium of $225.5M and call-dominant P/C metrics; short-dated pinning concentrations at 625/630/620 are consistent with GEX-derived pinning.

OI clusters: Largest OI concentrations: $750 call (205,186 OI) and $700 call (107,436 OI) are structural upside walls further out; near-term concentrations that matter for pinning/support: $625 (3,349 call OI with +$8.1M GEX), $630 (4,040 call OI +$7.1M GEX), puts clustered at $590/$600/$500 but short-dated put OI at $620-$625 (several thousand contracts traded into expiry). These clusters create a near-term magnet in the 620–635 band and longer-term resistance around 650 and above.

Hedging evidence: Clear evidence of short-dated protective put buying (4/10 expiries at 620–635) which implies institutional hedging; limited sign of broad collar activity versus large directional call premium — collars may exist but are secondary to fresh call buys and pure put hedges.

Max pain context: Max pain short-term is $590 (4/10), but spot ($628.39) sits well above MP and MP trend is falling. However heavy short-dated activity (4/10 calls and puts) is creating a local pinning band around $625–$635 rather than driving price toward $590 in the immediate session.

Signal vs Noise

~Majority of heavy trades cluster on 2026-04-10 expiries — much of the AV could be expiration hedging or roll activity rather than new directional conviction beyond the day.

~Large long-dated call OI at $700 and $750 are structural positioning/overhangs (wall) and not immediate directional prints — they act as longer-term ceilings, not intraday signals.

~High volume at very-near-term strikes (625–635) likely includes dealer inventory adjustments and expiry-driven hedges; treat single-day vol spikes into 4/10 as mixed signal unless followed by multi-day OI build.

~Some premium concentration entries (e.g., call premium at ‘$5.00’ line in top premium flow) look like aggregated buckets/labels — ignore as they are data artifacts rather than tradeable strikes.

Key Conclusions

🐂Net premium +$225.5M and P/C vol 0.65 produce a clear bullish near-term bias with dealer GEX +$161.0M reinforcing pinning around spot.

📌Pin/near-term magnet zone: $625–$635 (GEX concentrations +$8.1M at $625 and +$7.1M at $630) — expect price to gravitate here into expiry hedging.

🛡️Large 4/10 put buys at $620–$630 (high vol/OI ratios) point to protective hedging; dealers hedging those buys will likely create buying pressure on dips.

⚠️Heavy expiry flow (4/10) is a potential noise source — watch if flows persist beyond expiry day to confirm directional positioning.

📈Upside pressure concentrated at $635–$650 short-term; breaking and holding above $639.17 (2d EM upper bound) would confirm continued bullish momentum.

How to Use These Reports

This flow reflects the market close on April 9, 2026.

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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.

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