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META

Meta Platforms, Inc.Close $670.91EOD only
Max Pain
$660.00
Next expiry Apr 22, 2026
Expected Move
±$13.25
2.0% from close
Price Gap
-10.91
Distance to max pain
IV Rank
36
Middle-high premium
P/C OI
0.47
Slightly call-heavy
Consensus
7.0/10
Consensus signal
Published snapshot: Apr 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
Apr 20, 2026 close
META Theta Report
Analysis based on market close April 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Conservative
Primary: Short-dated put-selling
Invalidation: Sustained VIX > 25 or fast move outside 658/679 EM guardrails
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.2% from MP; +0.5 VIX 20

IV Environment

IV Regime
Normal
IV vs VIX
ATM IVs roughly in line with VIX (~27); short-dated put skew remains elevated versus calls
Favorable?
Yes

Term structure: Front-week 1–3d shows pronounced put-rich skew; mid-dates flatter; average IV ~27–30

📌Max-pain cluster near $670 with dealer GEX positive — localized pinning risk
⚖️1d ATM IV 27.7 vs VIX ~27.5 — near-term levels permit selling but skew favors put protection

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+134.3M)

Gamma flip: ~$500.00 — Approx — based on put OI concentration of 14,967 (25.2% below spot)

OI concentrations: Put OI concentrated ~25% below spot around $650–$670; call OI wall $750–$1,000; dealer gamma supportive near spot

Verdict: Moderate pin risk centered at $670 for 4/22–4/27 expiries

Premium Opportunities

#1
Iron condor
Sell 2026-05-29 $615.00/$605.00 put wing and $670.00/$680.00 call wing
Sell 5/29 615/605 put wing and 670/680 call wing to express neutral view while limiting tail risk.
Credit: $6.12-$7.48
Max loss: $2.52
BE: 607.52 / 677.48
Mgmt: Adjust or hedge if price breaches wings or IV spikes; close into large IV lift or >EM guardrail breach.
#2
Put credit spread
Sell 2026-05-15 $615.00/$605.00 put spread
Sell 5/15 615/605 put spread to collect short-dated premium after earnings flow into May.
Credit: $1.78-$2.17
Max loss: $7.83
BE: $612.83
Mgmt: Trim or roll wider/down if short strike threatened; close on rapid IV rise or sustained move below invalidation.
#3
Cash-secured put
Sell 2026-05-22 $615.00 cash-secured put
Sell 5/22 615 cash-secured put to collect skewed premium and potentially acquire shares at target basis.
Credit: $10.96-$13.39
Max loss: $601.61
BE: $601.61
Mgmt: Monitor assignment risk near earnings pin window; roll or buy back if IV jumps or price falls toward invalidation.

Risk Alerts

!Rapid IV lift in 1–7d expiries would widen put skew and punish short premium
!Assignment/early-exercise risk on ITM short options (esp. puts) during sharp moves
!Margin and liquidity risk on fast directional moves can force deleveraging
!Earnings/dividend/known event flow can spike IV and invert thesis
!Break of 2d EM guardrails 658/679 or large flow reversal invalidates thesis
How to Use These Reports
This theta reflects the market close on April 21, 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.