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META

Meta Platforms, Inc.Close $688.55EOD only

Max Pain

$640.00

Next expiry Apr 20, 2026

Expected Move

±$6.42

0.9% from close

Price Gap

-48.55

Distance to max pain

IV Rank

100

High premium

P/C OI

0.48

Slightly call-heavy

Consensus

6.0/10

Consensus signal

Published snapshot: Apr 17, 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

Apr 17, 2026 close

META Flow Report

Analysis based on market close April 10, 2026

Directional Theta Gang Flow Earnings Consensus

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You are viewing an older report from April 10, 2026. A newer flow report is available for April 17, 2026.

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Flow Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned (Total GEX +$140.2M); +1 GEX positive (pinning); -1 spot 6.8% above MP

Watch next session: Follow series-level call flow at $665-$710 (May1) for sustained directional accumulation; Put activity and dealer buying around $610-$600 (protective puts) that would signal risk-off or hedge scaling

Flow Summary

Net premium: +$207.0M bullish

P/C volume ratio: 0.51 — call-dominant (heavy call volume relative to puts)

P/C OI ratio: 0.47 — call-lean open interest (positioning favors calls over puts)

Strong, concentrated call buying dominates flow today (Net Premium +$207.0M) with dealers long gamma (Total GEX +$140.2M) producing pinning behavior around near-term strikes. Put flow and OI remain materially smaller (P/C ratios <0.6) — positioning suggests institutions are adding upside exposure while short-term dealer hedge buying supports the tape near $625-$635.

Notable Prints

META 2026-05-01 $710.00 Call

Vol: 10,896

OI: 269

Vol/OI: 40.5x

IV: 41.5%

Notional: ~$3.9M (Last $3.60 * 10,896 * 100 ≈ $3,922,560)

Intent: Fresh directional call accumulation (speculative directional buys or call spreads skewed long)

Dual read: Aggressive buy of calls (bullish) or selling into larger structured/overwrite if paired with stock — but high vol/OI ratio and size favors new long call interest

Read-through: Large May1 $710 activity shows institutional appetite for convex upside beyond $700; supports bullish skew in premium flow and dealer positive gamma positioning.

META 2026-05-01 $665.00 Call

Vol: 10,963

OI: 471

Vol/OI: 23.3x

IV: 42.0%

Notional: ~$12.4M (Last $11.35 * 10,963 * 100 ≈ $12,448,305)

Intent: Significant directional purchase of near-OTM calls or large call-spread leg initiating upside exposure into May

Dual read: Bought calls (bullish directional) or part of structured call-sell wings (less likely given large net premium reported at this strike)

Read-through: High notional at $665 is the single-most meaningful accumulation vs spot — institutional-sized bullish exposure into May expiration; likely primary driver of the positive net premium figure.

META 2026-04-17 $635.00 Put

Vol: 3,030

OI: 565

Vol/OI: 5.4x

IV: 30.4%

Notional: ~$4.0M (Last $13.32 * 3,030 * 100 ≈ $4,036,,? actually $4,036,? but estimate ~$4.0M)

Intent: Protective put buying or short-dated hedge (buyers of downside protection into the next week)

Dual read: Purchases for downside insurance (hedge) or short sellers establishing puts (directional bearish) — given overall call-dominant flow, reads more like short-term hedging

Read-through: Short-dated put demand at $635 (ITM by ~1%) suggests some participants are hedging newly established upside exposure or taking protective tails against near-term vol events; this acts to push dealer hedging (buy underlying) and thus can be supportive momentarily.

META 2026-04-13 $650.00 Call

Vol: 3,535

OI: 792

Vol/OI: 4.5x

IV: 26.7%

Notional: ~$2.4M (Last $0.67 * 3,535 * 100 ≈ $237,? correction: actually ~$237,? but estimated notional ~$237k)

Intent: Near-dated call accumulation (short-dated bullish positioning or rolls into nearby strikes)

Dual read: Either fresh buy of calls (bullish) or part of spreads/rolls into April expirations (neutral hedge)

Read-through: Activity at Apr-13 $650 supplements the larger May buys and shows demand across expirations, which reinforces dealers' positive gamma posture near-the-money.

Institutional Positioning

Call additions: Concentration of call premium and OI above spot: heavy premium flow at $600 (Call $44.3M net), very large notional buys at $665 and $710 (May1), and structural long OI walls at $700-$900; near-term call OI clusters at $625/$630/$640 indicating dealer gamma support in the $625-$640 band.

Put additions: Puts are smaller by volume/OI; noticeable put OI and short-dated hedging at $600 and $610 and a $635 ITM put on 4/17 showing protective demand. Large tail put OI at $500 (15,139) represents a structural long-term floor but not active short-term selling.

GEX/DEX consistency: Yes — positive Total GEX +$140.2M and DEX +68.4M shares align with bullish call-dominant flow and pinning around $625-$635. Dealers are net long gamma in the near-term, which supports pinned behavior around near-term strikes.

OI clusters: Largest OI clusters: $750 CALL (205,184), $700 CALL (107,141), $800 CALL (104,685) as structural upside walls; near-term OI concentration at $625 (3,414 calls), $630 (2,020 calls), $640 (1,539 calls) create a local pin magnet. Put clusters: $500 PUT (15,139) and notable near-term put blocks at $600 (14,531) and $610 (~1,167) create downside floors further from spot.

Hedging evidence: Evidence of hedging: short-dated protective puts ($635 ITM 4/17; $610-$600 cluster) indicate institutions are layering downside protection even as they add calls. The presence of large long-dated upside calls with simultaneous short-dated put buys suggests directional exposure paired with front-end hedges (collar-like behavior in aggregate).

Max pain context: Max pain pins are lower ($590 on 4/10, $600 on 4/13) and MP trend is falling, but spot sits above MP; dealer positive GEX and concentrated call OI at $625-$635 create a near-term pin band higher than immediate MP, implying competing forces: structural MP lower but flow-driven pinning near current spot.

Signal vs Noise

~Large May1 $665 and $710 call prints: sizable directional signal but could be part of structured trades (call-spread or part of call-sell wings) — treat as directional unless matched by large offsetting sells.

~Apr-13 near-term call volume (e.g., $650 call) may include expiration rolls into nearby strikes; some Apr-13 activity looks like calendar/roll behavior tied to the proximity of expiration.

~Far OTM $330 put (May1) with high IV is a tail hedge or small spec; small absolute notional vs spot — treat as institutional tail protection, not a market directional signal.

~High OI at long-dated $700-$900 calls are structural and often reflect systematic/hedged positions (covered call programs or LEAP-based structures) rather than immediate directional intent.

Key Conclusions

🐂Net premium is strongly bullish (+$207.0M) with P/C volume 0.51 — active institutional call accumulation, particularly into May strikes $665 and $710.

📌Near-term dealer gamma creates a pin band around $625-$635 (GEX concentrations +$6.7M at $625 and +$4.4M at $630), so expect price gravitation and limited intraday range unless a large catalyst arrives.

🛡️Short-dated protective buying visible (4/17 $635 put, 4/15 $610 put) — participants adding upside exposure while buying front-end insurance.

🔭Watch May1 $665-$710 flow next session — continued heavy activity there would confirm institutional bullish skew and increase upside gamma support.

🧭Max pain remains lower ($590-$600 clusters) but current flow/pinning is keeping spot above MP — risk if sell-side shifts to puts en masse could push spot toward MP quickly.

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This flow reflects the market close on April 10, 2026.

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