thetaOwl

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
36
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 Theta Report
Analysis based on market close April 7, 2026

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

You are viewing an older report from April 7, 2026. A newer theta report is available for May 22, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Sell cash-secured puts and defined-risk put spreads 30–45 DTE near OI put floor
Invalidation: Close below $550 (1w EM guardrail $552.15) — failure there breaks the pin thesis
Confidence:
6 / 10
base 5; +1 pinning (GEX +$40.5M); +1 spot at MP; -1 mixed flow/net premium negative

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 49.5% (near-term ATM: 49.4% @ 2026-05-08) — high versus broad-market VIX typical levels but classified as Normal in regime
Favorable?
Yes

Term structure: Short-dated IV is elevated (1d ATM 53.4%, 3d 47.9%, 6d 40.7%); medium-term shows a bump around 24–45d (49.2% @ 24d, 49.4% @31d) — favorable for 30–45 DTE sellers

💰Medium-term IV (~24–45d) ~49% provides rich credit for sellers
📉Very short-dated IV (1–6d) is higher but more volatile — prefer defined-risk for weeklys

Pin Risk Assessment

Spot vs MP: At (Spot $575.05 vs Max Pain $575 on 2026-04-08/04-10)

GEX regime: Pinning (Total GEX +$40.5M — dealers long gamma, creating pin magnet near current strikes)

Gamma flip: ~$500.00Gamma flip ~ $500 (structural put floor) — below ~$500 dealers flip sign and accelerate moves; well below current spot so tail risk only on large drawdowns

OI concentrations: Call walls at $700-$800 (large structural OI); near-term call concentrations at $597.50 (4,055 OI), $610 (6,014 OI); put clusters at $500 (3,167 OI), $560 (2,982 OI), $580 (2,314 OI)

Verdict: Favorable — strong pinning and GEX concentrations near $597.50–$600 and max pain at $575 support selling premium around current spot; credit positions benefit from dealer pinning

Premium Opportunities

#1
cash-secured put (CSP)
Sell 2026-05-08 $560 put (31 DTE) — collect premium while securing stock at a ~2.6% discount to spot
Spot sits at MP $575 and GEX is pinning; $560 is near put-OI cluster (put floor influence) and within 1w/2d EM guardrails — medium-term IV (49% @ 31d) makes this attractive for cash-secured selling
Credit: $6.00-$8.00
Max loss: 560 strike assignment downside to $0 (allocated capital $560/share) — effective max unrealized loss = spot - strike + premium received
BE: $554.00
Mgmt: Take profit at 40–60% of credit collected; if underlying closes below $552.15 (1w EM lower guardrail) or trade moves against and reaches 2x premium width in mark-to-market loss, roll down to next 30–45d cycle or close
#2
vertical put spread (defined-risk put spread)
Sell 2026-05-08 $565 / buy $555 put spread (31 DTE) — $10 wide
Keeps defined risk while selling into pinning regime; $565 short is ~1% OTM relative to MP and fits near-term put OI at $565/$560; wider IV in medium-term supports attractive credit for a $10 width
Credit: $3.50-$5.00
Max loss: $6.50
BE: $561.50
Mgmt: Close at 60–70% of max profit; roll down 1 strike and out 30–45d if price closes below $560; cut losses if spread mark >70% of max loss or price closes below $552.15
#3
iron condor (defined-risk symmetrical)
Sell 2026-05-15 (38 DTE) 590/600 call spread and 540/530 put spread (net wings 10/10)
Uses wider EM 1w/2w bounds ($552–$598) and GEX pin near $597.50; selling both wings collects decent premium from mid-term IV bump while keeping defined risk if a directional move occurs
Credit: $2.20-$3.20
Max loss: $6.80
BE: Lower: 537.80 / Upper: 593.20
Mgmt: Take profit 40–50% of collected credit; close or roll wings outward if spot tests a short strike (<=1% intraday breach of short strike); cut losses if either short strike is penetrated and not recovering within 2 trading days
#4
covered call (income on long stock)
Buy stock and sell 2026-05-08 $595 call (31 DTE)
If you want long exposure, selling $595 calls captures medium-term IV while staying above EM upper guardrail ($597.95 1w); GEX pinning reduces chance of sharp gap above strike in near term
Debit: $5.00-$7.00
Max loss: Stock downside (unlimited to 0) offset by option premium; breakeven = cost basis - premium
BE: $568.00
Mgmt: Buy to close at 50–70% of max option premium collected; if stock rallies toward $595, consider rolling up-and-out to next 30–45d cycle; if stock falls below $552.15, reassess and potentially buy back calls
#5
calendar (time decay play)
Sell near-term (2026-04-17 or weekly) $575 call and buy 2026-05-08 $575 call (calendar) — target 24–31 DTE spread
Short-dated IV higher (1–6d ATM 40–53%); selling short-dated premium against longer-dated call leverages elevated front-week IV. Use only if comfortable with sticky price near MP and ready to manage front-week assignment risk.
Max loss: Debit paid
BE: Dependent on front-month decay and underlying path
Mgmt: Avoid selling through earnings (earnings 2026-04-29); close short leg before expiry if spot moves >1% away from strike or unusual activity persists; limit debit loss to predefined allocation

Risk Alerts

!Max Pain is $575 for the next two expirations and spot is at $575.05 — pin risk exists; short strikes at or inside $575 need active management into expiry
!Gamma flip ~ $500 — large one-way risk if price falls >~13% (out of current EM bounds); defined-risk only below that range is preferred
!Very high GEX (+$40.5M) creates pinning but also potential for sharp moves if flow flips — monitor net premium flows (Net Premium: $-39.5M) indicating recent put buying institutional activity
!Short-dated IV elevated (1d–6d ATM 53.4% → 40.7%) — avoid naked weeklys unless defined-risk; use verticals for weekly expiries
!Upcoming earnings 2026-04-29 (outside 2 weeks) — still avoid initiating naked directional positions that extend through the print
How to Use These Reports
This theta reflects the market close on April 7, 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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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.