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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

32

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 Theta 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 theta report is available for May 20, 2026.

View latest report

Theta Verdict

Confidence:

7 / 10

base 5; +1 pinning regime; +1 normal IV; +1 deep liquidity; -1 mixed flow

IV Environment

IV Regime

Normal

IV vs VIX

IV 46.9% — Normal for META. No VIX comparison provided.

Favorable?

Yes

Term structure: Backwardated near-term (22.5% 1d), humped at 31-38 DTE (~45%), then flattens.

💰IV ~47% provides decent premium for sellers.

📊Term structure hump at 31-38 DTE offers best premium/DTE ratio.

Pin Risk Assessment

Spot vs MP: Above max pain by 2.6% (spot $572.13 vs MP $558)

GEX regime: Strong Pinning (GEX +$61.6M)

OI concentrations: Major call walls at $750, $700, $800. Massive put OI at $5 (29,989) is likely expired/administrative. Near-term OI support in $550-$560 range aligns with max pain.

Verdict: Highly Favorable — Strong positive GEX and spot above max pain create a magnetic pull toward $558-$560, supporting credit strategies that avoid the far OTM call walls.

Premium Opportunities

#1

put spread

Sell $560/$550 Put Spread exp 2026-04-17 (17 DTE)

Targets the max pain & OI support zone ($558-$560) with strong positive GEX pinning. 17 DTE captures accelerated theta decay. Credit is ~22% of spread width.

Credit: $1.80-$2.20

Max loss: $8.00

BE: $558.20

Mgmt: Close at 65% profit (~$1.43 credit kept). Roll down/out if spot breaches $565. Exit entirely on close below $558.

#2

iron condor

Sell $550/$545P x $600/$605C Iron Condor exp 2026-04-24 (24 DTE)

Plays the pinning range between max pain (~$558) and the nearest major call OI wall ($600). Positive GEX suppresses large moves. 24 DTE offers good premium for defined risk.

Credit: $1.40-$1.80

Max loss: $3.60

BE: 548.60 / 601.40

Mgmt: Close at 50% profit. Manage wings independently: roll tested side out 1-2 weeks for credit. Exit entire position if spot moves outside $545-$605.

#3

cash-secured put

Sell $550 Put exp 2026-05-01 (31 DTE)

For capital-secure sellers willing to own META. Strikes at max pain support with peak IV (45.9% at 31 DTE) for premium capture. ~2.7% return on capital in 31 days.

Credit: $12.50-$15.50

Max loss: $537.50

BE: $537.50

Mgmt: Roll down/out for a credit if put tested (spot below $560). Accept assignment below $550 if comfortable; otherwise buy to close at a loss >2x credit received.

#4

calendar spread

Sell $570 Call exp 2026-04-01 (1 DTE) / Buy $570 Call exp 2026-04-17 (17 DTE)

Exploits steep IV term structure (22.5% vs 37.6%). Short call is slightly OTM with spot likely pinned. High probability of short call expiring worthless.

Credit: $1.00-$1.50

BE: Complex; profit from IV crush & theta decay on short weekly.

Mgmt: Close entire spread for small profit if short call hits 80% profit. If spot rallies, long call protects; consider rolling short call up/out.

Risk Alerts

!Earnings estimated 2026-04-29 (~4 weeks out). Close or roll all short premium positions before this date to avoid IV crush and gap risk.

!Mixed flow regime (Net Prem -$133.7M, P/C 0.91) suggests institutional uncertainty. Size positions moderately.

!Massive OI call walls at $700-$800 are far away but represent potential long-term resistance if a major rally occurs.

!Unusual volume in weekly $577.50-$580 puts (exp 4/01) could indicate near-term hedging; monitor for any spot weakness toward those strikes.

!Max pain trend is falling ($558 → $550). Be alert for a gradual downward drift in pinning point over coming weeks.

How to Use These Reports

This theta 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.