thetaOwl
HomeOptionsMETAReports

META

Meta Platforms, Inc.Close $605.06EOD only
Max Pain
$605.00
Next expiry May 22, 2026
Expected Move
±$12.50
2.1% from close
Price Gap
-0.06
Distance to max pain
IV Rank
32
Middle-high premium
P/C OI
0.46
Slightly call-heavy
Consensus
8.5/10
Bullish tilt
Published snapshot: May 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
May 20, 2026 close
META Theta Report
Analysis based on market close May 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness9 / 10
Sizing: Aggressive
Primary: Sell puts at max pain
Invalidation: Break below gamma flip level of 500
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.0% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
IV elevated vs VIX, term structure upward sloping after 0 DTE
Favorable?
Yes

Term structure: Near-term IV (2 DTE) at 29%, back-month IV ~37%, contango structure.

📌Max pain pin at $605 across expirations supports premium selling.
📈IV at 29% vs VIX 17, elevated premium opportunity.
🔋Dealers long gamma ($89M), indicating short volatility positioning.

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+89.3M)

Gamma flip: ~$500.00 — Approx — based on put OI concentration of 15,197 (17.4% below spot)

OI concentrations: Max pain $605 across weekly expirations; heavy put OI at $500; call resistance at $700+.

Verdict: Pinning risk moderate: spot at max pain, but gamma flip at $500 offers downside support.

Premium Opportunities

#1
Put credit spread
Sell 2026-06-12 $600.00/$585.00 put spread
Sell $600/$585 put spread to capture elevated IV with limited downside.
Credit: $5.42-$6.63
Max loss: $8.37
BE: $593.37
Mgmt: Manage at invalidation level $605; consider rolling if threatened.
#2
Cash-secured put
Sell 2026-06-18 $590.00 cash-secured put
Sell $590 put to collect elevated IV premium on bullish long-term view.
Credit: $12.29-$15.02
Max loss: $574.98
BE: $574.98
Mgmt: Close or roll if spot approaches $590 to avoid deep ITM assignment.

Risk Alerts

!Volatility could expand if spot moves away from max pain.
How to Use These Reports
This theta reflects the market close on May 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.