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META

Meta Platforms, Inc.Close $674.72EOD only

Max Pain

$637.50

Next expiry Apr 24, 2026

Expected Move

±$13.23

2.0% from close

Price Gap

-37.22

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.49

Slightly call-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Apr 22, 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 22, 2026 close

META Theta Report

Analysis based on market close April 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 VIX 19

IV Environment

IV Regime

High

IV vs VIX

30D implied IV (~52%) is underlying‑specific from the options chain (near‑term ATM/skew); VIX (~19) is SPX index — numbers differ because this underlying carries idiosyncratic/skew and low‑liquidity premia (e.g., event or concentrated demand)

Favorable?

Yes

Term structure: Mixed term structure: front‑week and near‑month put IV spikes while 1d ATM can be low; long‑dated skew exists; spot near max‑pain supports pinning

📌Max‑pain cluster $645/$665/$625 aligns with dealer GEX +$92.8M

⚠️1–8d expiries show lopsided put IV — short‑dated tail risk priced

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+92.8M)

Gamma flip: ~$500.00 — Approx — based on put OI concentration of 15,004 (24.1% below spot)

OI concentrations: Put OI concentrated ~24% below spot; call OI wall $700–$900; gamma flip ~500

Verdict: Pinning likely near max‑pain absent large shock; sellers face assignment risk on short ITM options, potential margin spikes and rapid time‑decay/roll triggers in front‑week expiries — manage by reducing short deltas or widening wings

Premium Opportunities

Iron condor

Sell 2026-05-15 $570.00/$500.00 put wing and $770.00/$860.00 call wing

Sell balanced put/call wings around ~10Δ into post-earnings decay; buys limit tail risk.

Credit: $5.82-$7.12

Max loss: $82.88

BE: 562.88 / 777.12

Mgmt: Close or roll if price nears short wing or IV spikes; trim size if dealer GEX flips. Liquidity warning: Liquidity constraints: long_call: Volume below 5.

Put credit spread

Sell 2026-05-15 $575.00/$515.00 put spread

Sell narrow put spread to capture skewed premium while capping loss.

Credit: $3.62-$4.42

Max loss: $55.58

BE: $570.58

Mgmt: Take profits on >50% premium capture; widen/roll down if breach toward invalidation $645.

Cash-secured put

Sell 2026-06-18 $605.00 cash-secured put

Sell deep DTE put to collect premium and target stock entry below current.

Credit: $15.77-$19.28

Max loss: $585.72

BE: $585.72

Mgmt: Manage like stock assignment risk; consider rolling or closing before earnings.

Risk Alerts

!Sudden earnings/guide/news gap beyond $710–$714.45

!VIX spike >30 lifting short‑dated IV and dealer hedging

!Heavy flow reversing GEX from + to -

!Assignment risk on short ITM options and margin spikes

!Front‑week roll/hedge triggers from concentrated short‑dated exposure

How to Use These Reports

This theta reflects the market close on April 23, 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.