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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 Theta Report

Analysis based on market close April 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.1% from MP; +0.5 VIX 19

IV Environment

IV Regime

Normal

IV vs VIX

Stock IV (avg ~49%) materially higher than VIX (18.87) with steep short-dated put skew.

Favorable?

Term structure: Very low ATM on 0d but rapid rise in 2–11d and extreme put IVs at select expirations—term structure shows short-dated dislocation and pronounced put-rich wings.

📌Pinning regime: MP cluster at $670–$660 near spot supports dealer pin but concentration raises fragility.

⚠️Elevated avg IV + extreme short-dated put IVs — tail risk if gap moves or earnings-like surprise; avoid naked short-dated sells.

🗓️Upcoming events (earnings/macros/M&A windows) and end-of-week expiries heighten assignment and liquidity risk for short-dated options.

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+131.4M)

Gamma flip: ~$500.00 — Approx — based on put OI concentration of 15,067 (25.5% below spot)

OI concentrations: Max-pain pins at $670/$660/$628; put OI concentrated ~25.5% below spot; call wall $750–$1000.

Verdict: Moderate pin risk — dealers show long gamma bias (+$131M GEX) which supports pinning, but concentrated OI below spot can amplify downside on flow shocks; elevated assignment and thin-liquidity risk for short-dated strikes.

Premium Opportunities

Put credit spread

Sell 2026-05-15 $650.00/$590.00 put spread

Harvest front-month elevated put premium with capped downside; fits dealer long-gamma pin backdrop.

Credit: $13.07-$15.98

Max loss: $44.02

BE: $634.02

Mgmt: Take credit near top of entry range; tighten or close if spot <670 or IV on 0–4d months spikes >+100%.

Call diagonal

Sell 2026-05-15 $680.00 call / buy 2026-06-18 $685.00 call

Front-theta harvest with longer-dated hedge to ride post-earnings moves and convexity.

Debit: $7.58-$9.27

Max loss: $9.27

BE: Path-dependent

Mgmt: Sell into premium, roll or close if spot >694 or front IV reprices sharply; keep long leg as hedge.

Iron condor

Sell 2026-05-15 $660.00/$590.00 put wing and $695.00/$750.00 call wing

Wide wings limit max loss and collect sizable premium around earnings week.

Credit: $29.16-$35.64

Max loss: $34.36

BE: 624.36 / 730.64

Mgmt: Collect premium near range top; tighten wings or exit if spot breaches guardrails ($647.66/$694.16).

Risk Alerts

!Short-dated IV repricing (2–4d expiries)

!Catalytic events: earnings, M&A, macro windows increasing gap risk

!Assignment risk and thin liquidity on short-dated strikes

!Gap beyond 1w guardrails ($647.66/$694.16)

!Large directional tape or sector shock that flips GEX/flow

How to Use These Reports

This theta reflects the market close on April 20, 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.