META
Meta Platforms, Inc.Close $662.49EOD onlyMax Pain
$617.50
Next expiry Apr 15, 2026
Expected Move
±$4.55
0.7% from close
Price Gap
-44.99
Distance to max pain
IV Rank
76
High premium
P/C OI
0.47
Slightly call-heavy
Consensus
6.0/10
Consensus signal
Published snapshot: Apr 14, 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 14, 2026 close
META Theta Report
Analysis based on market close April 14, 2026
Historical consensus-supported lens with full content, report chain context, and metric rail.
Theta Verdict
Attractiveness8 / 10
Sizing: Moderate
Primary: Sell cash‑secured put spreads (30–45 DTE) around the 650–630 OI support band
Invalidation: Close below $641.84 (1-week EM lower bound) — roll/close credits if price closes beneath
Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 7.3% from MP; +0.5 VIX 18.4
IV Environment
IV Regime
Normal
IV vs VIX
Avg IV 49.1% vs VIX 18.36 — option IV is elevated vs index vol (rich on longer-dated) but near-term ATM IV is 29–32% and spikes to ~47.6% at 17d
Favorable?
Yes
Term structure: Near-term ATM vols: 6d–10d ~29–32%; a large hump at 17d (47.6%) then elevated 31–45d (41.8%–41.3%) — good for selling 30–45 DTE premium; weeklys rich on specific strikes (4/15–4/17) but short-dated pinning risk present
💰30–45 DTE vols (31–45d ATM ~41.3%–41.8%) are rich versus near-dated — favors selling directional credit spreads and calendars
📌Gamma pinning is strong (GEX +$209.4M) — dealers likely to provide support around near-term pin magnets at 650/660/670
Pin Risk Assessment
Spot vs MP: Above (spot $662.49 vs max pain short‑term $617.50 → spot is 7.3% above nearest MP)
GEX regime: Pinning (GEX +$209.4M) — large positive GEX implies dealer hedging will tend to damp moves and magnet price toward concentrated strikes
Gamma flip: ~$500.00 — Gamma flip is ~ $500 — far below spot; dealer behavior flips only well below current levels, so short-dated pinning dominates now
OI concentrations: Call OI wall $700–$900 (heavy); Put floor concentrated $500–$600; near-term OI clusters: calls at $650/$660/$670 and large call flow at $650–$675; puts concentrated at $600/$620/$630
Verdict: Favorable — pinning and strong call flow produce a magnet around 650–670 which supports selling puts/put spreads; watch OI call walls above as pressure zones for rally caps
Premium Opportunities
#1
put spread (CSP defined-risk)
Sell 650/640 put spread 2026-05-15 (31 DTE)
650 is a near-term OI & flow magnet (Top Flow $650 net call flow, GEX +10.4M at 650) and fits the 1‑week EM upper band; 31d IV (41.8%) gives attractive premium while pinning supports downside containment.
Credit: $1.20-$1.60
Max loss: $8.80
BE: 648.80
Mgmt: Take profit at 60–70% of max credit; roll down 1–2 strikes or widen if short put tested (<655 intraday) and credit >50% of width; cut loss if price closes below $641.84 (1w EM guardrail) or if spread mark reaches 60% of max loss.
#2
put spread (CSP)
Sell 640/630 put spread 2026-05-22 (38 DTE)
640 sits inside the measured 1‑week/2‑week range (EM bounds) and benefits from nearby GEX magnets at 655/660 and strong call flow above that caps rallies; 38 DTE still captures elevated term vol (40.7%) for better theta.
Credit: $1.40-$1.90
Max loss: $8.10
BE: 638.60
Mgmt: Close at 50–65% realized profit; if price closes below $641.84, tighten or exit; consider rolling down 10–20 points to same DTE for credit if short strike is threatened intraday.
#3
iron condor (defined-risk wings)
Sell 610/600 put spread + sell 720/730 call spread 2026-05-29 (45 DTE)
45 DTE term still elevated IV (41.3%) and the structure uses the put floor around 600 and call OI wall at 720–730. Positive GEX pinning and current spot above MP make downside wing safer; call wing protects against the heavy call OI cluster above.
Credit: $3.00-$3.80
Max loss: $6.20
BE: 603.00 / 723.20
Mgmt: Take profit at 40–50% of max credit; close if either short strike is tested intraday or if GEX deteriorates; reduce size on a close below $641.84 or above $683.14 (1w upper EM).
#4
call credit spread
Sell 690/700 call spread 2026-05-15 (31 DTE)
Short calls just below the large call-wall cluster centered $700–750; with spot 662 and strong call flow concentrated at 650–675, selling a 690/700 spread collects elevated 31d vol while keeping defined risk.
Credit: $1.00-$1.50
Max loss: $8.00
BE: 691.00
Mgmt: Close at 50–65% profit; roll up and out if market trends strongly higher and spread <30% of max loss; close on two consecutive closes above 675 or if spot rallies to the 1w upper EM $683.14.
#5
calendar (debit but theta+ve for seller of near weekly premium)
Sell 2026-04-24 (10d) call at 660 and buy 2026-05-29 (45d) 660 call (calendar)
Near-dated IV (10d ~31.8%) is lower than the 45d term but heavy short-dated call flow and pinning at 660 make selling the weekly at-the-money call while owning longer-dated attractive to harvest theta and benefit from pinning toward 660.
Debit: $0.35-$0.60
Max loss: $0.60
BE: Dependent on skew; directional breakeven ~ 660 ± premium decay
Mgmt: Target 30–50% of debit as daily theta extraction; close weekly short before expiration if it goes ITM by >$1.00 or if heavy unusual activity continues into expiry; close entire calendar if spot trends outside 1‑week EM ($641.84–$683.14).
Risk Alerts
!Strong near-term unusual activity on 4/15 strikes (high vol & OI at 662.50/665/667.5/675) — avoid selling naked weeklies into this concentrated flow.
!Gamma pinning (GEX +$209.4M) can flip quickly if flow reverses — watch intraday shifts in DEX/GEX and large block trades.
!Max pain trend is falling (short-term MPs $618 → longer-term ~$580) — structural put pressure exists below; avoid heavy one‑sided short puts that would force assignment below $600.
!IV term hump at 17d (47.6%) and elevated 31–45d vols — while favorable for sellers, it also creates outsized vega exposure; do not sell wide wings without defined risk.
!Earnings on 2026-04-29 (TBD) in ~15 days — avoid opening large naked positions that you plan to hold through the print; prefer defined-risk or close before the event.
Read the Theta analysis for META for 2026-04-14. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.