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META

Meta Platforms, Inc.Close $629.86EOD only

Max Pain

$600.00

Next expiry Apr 13, 2026

Expected Move

±$5.45

0.9% from close

Price Gap

-29.86

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.47

Slightly call-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Apr 10, 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 10, 2026 close

META Theta Report

Analysis based on market close April 8, 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 8, 2026. A newer theta report is available for April 10, 2026.

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Theta Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 6.5% from MP

IV Environment

IV Regime

High

IV vs VIX

IV Avg 50.5% vs VIX N/A — vol is elevated (Avg IV 50.5%)

Favorable?

Yes

Term structure: Very elevated near-term (2d ATM 50.7%) then front-month 30d ATM ~46.1% with slight roll-down then a bump through May expirations (47.2% at 23d). Good pickings for 30-45 DTE sellers.

💰Avg IV 50.5% — rich environment for sellers

🧭Term structure: high near-term IV with elevated 30–45D vols (46–47%) — pick 30–45 DTE for sweet spot

Pin Risk Assessment

Spot vs MP: Above (Spot $612.42 vs Max Pain near-term $575 → spot is ~6.5% above MP)

GEX regime: Pinning (GEX +$122.0M; concentrated near-term GEX magnets at $610/$617.50/$597.50)

Gamma flip: ~$500.00 — Gamma flip ~ $500 — well below spot; dealers supply positive GEX near spot which encourages pinning around 610-620 band

OI concentrations: Call walls at $700-$900; near-term call OI cluster at $610 (5,965 OI) and $600 (3,683 OI); put floor at $500 (3,118 OI)

Verdict: Favorable — strong positive GEX near spot (notably +$7.9M at $610) creates a pinning magnet that helps defined-risk credit positions on calls; puts also have structural floor much lower, so selling premium against upside resistance is preferred.

Premium Opportunities

call spread

Sell 625/645 call spread 2026-05-08 (30 DTE)

High IV (Avg 50.5%) and positive pinning around 610–620 makes selling upside defined-risk spreads compelling; 625 short is OTM (≈+2% from spot) with resistance in the 625–630 area and heavy call flow at 620–630.

Credit: $2.25-$3.25

Max loss: $17.75

BE: $627.25

Mgmt: Take profit at 50–65% of max credit; roll up-and-out if underlying closes > short strike by EOD and IV compresses (roll to next 30–45DTE 15–20 delta higher call spread); cut losses/close if price trades and holds above $635 (short strike width), or if spread mark reaches 60% of max loss.

put spread (CSP / defined-risk)

Sell 580/560 put spread 2026-05-08 (30 DTE) — cash-secured put spread

Pinning and GEX magnets near 600–610 reduce probability of a quick move to 560; strong put floor at $500 provides long-tail protection. Use defined-risk put spreads rather than naked puts given elevated IV and distance to max pain.

Credit: $1.75-$2.50

Max loss: $18.25

BE: $578.25

Mgmt: Close at 50–65% of max profit; roll down-and-out if touched 580 on high volume (roll to next 30–45DTE 5–10 pts lower with net debit <50% of credit); cut losses if price trades < $597.50 (near-term GEX magnet) with poor dealer flow.

iron condor

Sell 615/625 call spread + 575/565 put spread 2026-05-15 (37 DTE)

Balanced defined-risk wings across a ~37DTE window captures elevated front- and mid-term IV (May 15 ATM ~44.2%). Pinning around 610–617.5 increases the chance both sides expire OTM while collecting substantial premium.

Credit: $3.50-$4.50

Max loss: $6.50

BE: Upper: ~629.50 / Lower: ~571.50

Mgmt: Take profit at 50% of max credit; tighten or close if underlying approaches either short strike (<2% distance) or if IV collapses >10 vol points post-entry; buy back and reopen wider wings if tested and IV elevated.

covered call

Sell 620 call (covered) 2026-05-08 (30 DTE) against long stock

If you hold shares, rich call premium at 620 for 30D captures elevated IV with likely pinning near 610–620; suits income-oriented holders wanting to monetize upside with expectation of assignment only if stock rallies above 620.

Credit: $9.50-$12.00

Max loss: Unlimited (synthetic stock risk) / opportunity cost if assigned

BE: Net stock cost less credit (example: stock $612.42 - credit ≈ $602.42 effective basis for assignment calculations)

Mgmt: Close at 60–75% of premium captured or if stock rallies and closes > $625; be prepared to roll up covered calls to 645/665 spreads if assigned and you want to maintain upside exposure.

calendar (vol play)

Sell 2026-04-17 (9 DTE) 615 call, buy 2026-05-08 (30 DTE) 615 call (calendar)

Front-end IV elevated (9d ATM 38.5% but 2d very rich); use calendar to harvest front theta while keeping upside exposure. Best used with directional neutrality and intention to roll the short leg.

Debit: $0.90-$1.60

Max loss: $160.00

BE: Multiple scenarios; calendar profits if near 615 at short expiry with front IV higher than back

Mgmt: Close the short leg for 50–80% profit or roll to next near-week if spot pins near 610–620; cut trade if underlying moves >3% away from 615 or if front/back IV differential inverts unfavorably.

Risk Alerts

!Max pain trend falling — near-term MP $575–$572 suggests longer-horizon pressure lower; avoid large naked upside exposure if MP continues to slide.

!Gamma flip ~ $500 — tail risk if forced low-vol breakdown pushes toward structural put floor; keep defined risk if selling puts.

!Unusual activity clustered at 610–615 and 627.50 (multiple large OI/flow entries) — could reflect dealer/institutional placement that will influence short-term pinning; watch size and prints around these strikes.

!IV is elevated (Avg IV 50.5%) — large IV compression is possible if headline news or buy-side volatility selling occurs; take profit early when targets hit.

!Earnings on 2026-04-29 (outside 2-week window) — not immediate, but avoid leaving large naked positions into the week of the print.

Read the Theta analysis for META for 2026-04-08. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.