Meta closed at $725.18, down 1.84%.

The session’s most notable large option print was a $4.39 million long-dated upside call purchase targeting $830 by 2027. A much smaller net-credit short put combination around $565–$580 collected premium below the stock, suggesting a range-bound or volatility-selling stance rather than a bearish conviction. Taken together, the large-trade flow remains clearly bullish on Meta, with institutional participants still positioning for upside continuation.

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Options Indicators

Meta’s implied volatility is 44.00%, and with an IV percentile of 76.10%, current option volatility sits in an elevated range, indicating that options are priced expensively relative to their own recent history. At the same time, the IV/HV ratio of 0.81 suggests implied volatility is running below realized volatility, so while premiums are rich on a percentile basis, they are not especially stretched versus the stock’s actual recent movement. Overall, the market is still assigning a relatively high volatility regime to Meta’s options.

The Call/Put volume ratio is 1.62.

Large Trades

A call purchase worth $4.39 million was the standout large trade of the session, with 1,350 META 830.0 calls bought for expiration on 2027-01-15. With the stock reference price at $732.28, the strike sits out of the money, making this a clear upside directional bet that targets a meaningful move higher over a long-dated horizon. The buyer is paying premium for convex exposure rather than immediate intrinsic value, which suggests a bullish view on Meta’s medium- to long-term appreciation potential.

A same-side double short put combination brought in a net credit of $115,200, consisting of the sale of 3,600 META 580.0 puts expiring 2026-10-16 and the sale of 3,600 META 565.0 puts expiring 2026-10-09. This is best read as a short put premium-collection strategy, with both strikes set out of the money versus the current stock price, indicating a view that Meta is likely to remain above those downside levels through the relevant expirations. Because it is a sell-put combination, the trade reflects a neutral-to-slightly-bearish volatility or range-bound stance rather than an outright aggressive bearish directional bet, and its size should be understood as the net credit received.

Overall, the large-trade flow leans clearly bullish on Meta. The dominant feature was the sizeable long-dated upside call purchase, while the only notable opposing flow was a relatively small net-credit short put structure that looks more like premium harvesting around lower strikes than a conviction-driven bearish wager. Taken together, the bulk orders suggest institutional participants are still positioning for upside, with the market tone favoring bullish continuation rather than a meaningful downside reversal.

Strategy Reference

For sellers seeking a low assignment probability, the 565.0 put expiring 2026-10-09 provides a wide downside buffer relative to the $725.18 close while still collecting premium; alternatively, a bull call spread using the 830/850 strikes for 2027-01-15 can reduce upfront cost and margin versus an outright long call on Meta.