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META

Meta Platforms, Inc.Close $668.84EOD only
Max Pain
$670.00
Next expiry Apr 22, 2026
Expected Move
±$10.80
1.6% from close
Price Gap
+1.16
Distance to max pain
IV Rank
45
Middle-high premium
P/C OI
0.48
Slightly call-heavy
Consensus
7.0/10
Consensus signal
Published snapshot: Apr 21, 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 21, 2026 close
META Theta Report
Analysis based on market close April 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness5 / 10
Sizing: Conservative
Primary: defined-credit spreads (short-dated puts/call spreads)
Invalidation: Sustained close below 656.8, abrupt VIX spike >25, or rapid shift of GEX to net-negative increasing gamma-less dealer selling/margin pressure
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.7% from MP; +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV ~20% vs VIX 18.9; spot-dated ATM IV is slightly suppressed (~3% below the 2–9d band) while 2–30d term shows elevated put skew
Favorable?
No

Term structure: Front-end distortion: expiry-day IV compressed relative to 2–9d which are richer; longer-dated tails moderately elevated

📌Max-pain cluster 670/665/638 aligned with dealer +GEX that can support pinning near expiry
⚠️Expiry-day IV compression masks richer 2–9d put skew; assignment and margin cost risk make naked premium selling unattractive

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+197.0M)

Gamma flip: ~$500.00 — Approx — based on put OI concentration of 14,964 (25.9% below spot)

OI concentrations: Put OI concentrated ~25.9% below spot; notable strikes at 670/665/638; gamma flip deeper (~500)

Verdict: Pinning pressure likely at listed MP levels; elevated assignment and roll risk into expiries—treat as deterrent to uncovered short positions

Premium Opportunities

#1
Call diagonal
Sell 2026-05-22 $680.00 call / buy 2026-06-18 $675.00 call
Sell May22 680 call, buy Jun18 675 call to collect near-term premium while retaining back-month vega; captures IV compression in the 30–60d window.
Debit: $9.88-$12.07
Max loss: $12.07
BE: Path-dependent
Mgmt: If META rallies >5% intraday or closes above 670: reduce short size by 50%; if position profit ≥50% of max credit or IV spike >+6 pts, take partial profits (sell 25–50% of short); close remaining short if price >685 or loss >60% of initial credit.
#2
PMCC / LEAPS diagonal
Buy 2026-10-16 $650.00 call + sell 2026-07-17 $680.00 call
Buy Oct650 call, sell Jul680 call to fund LEAP with collected premium and reduce assignment risk compared to naked LEAP.
Debit: $37.30-$45.59
Max loss: $45.59
BE: Path-dependent
Mgmt: Roll the short Jul if assignment risk rises (short ITM with <30d to expiry) or close if position loses >40% of debit. Liquidity warning: Liquidity constraints: long_call: Volume below 5.
#3
Call diagonal
Sell 2026-05-29 $690.00 call / buy 2026-09-18 $685.00 call
Sell May29 690 call, buy Sep18 685 call to define upside and capture term structure despite wider spreads.
Debit: $32.47-$39.68
Max loss: $39.68
BE: Path-dependent
Mgmt: Avoid initiating if bid-ask on Sep exceeds $1.00; exit or convert prior to earnings or if META >675 (close short) or loss >50% of initial debit. Liquidity warning: Liquidity constraints: long_call: Volume below 5.

Risk Alerts

!Spot break below 656.8 invalidates sell thesis
!Assignment and margin-cost risk high for naked sellers; prefer defined risk structures
!Rapid VIX spike >25 or GEX reversal to net-negative increases tail risk
How to Use These Reports
This theta reflects the market close on April 22, 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.