META Flow Report

Analysis based on market close April 9, 2026

Directional Theta Gang Flow Earnings Consensus

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.

Read the Flow analysis for META for 2026-04-09. 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.