Meta closed at $715.62, declining 4.79% amid a session range between $713.19 and $750.58 on volume of 27.9 million shares, leaving the stock below its previous close of $751.66.
Large option trades painted a cautious picture, led by a $6.13 million short call at the 750 strike, while a smaller out-of-the-money put sale added a modestly bullish undertone. The broader flow remained bearish overall, with call selling dominating and signaling expectations for limited upside or rising downside risk in the near term.
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Options Indicators
Meta’s implied volatility is 43.22%, and with an IV percentile of 72.51%, current option volatility sits in the elevated zone, indicating that options are priced expensively relative to their own recent history. At the same time, the IV/HV ratio of 0.87 suggests implied volatility is running slightly below realized volatility, which softens that rich reading somewhat, but the overall takeaway is still that premiums are on the expensive side rather than cheap or neutral.
The Call/Put volume ratio is 1.68.
Large Trades
A call sale worth $6.13 million was the standout large trade, with 5,703 contracts sold at the 750.0 strike expiring on 2026-10-09. With Meta referenced at 722.66, this call was out of the money at execution, making it a clearly bearish or capped-upside positioning. Strategically, this kind of single-leg short call typically reflects either a view that the stock will remain below 750 into expiration or an income-generating overwrite style trade that seeks to collect premium while limiting participation in a sharp upside move.
A put sale worth $943.00 thousand was the second highlighted large trade, covering 2,050 contracts at the 590.0 strike expiring on 2026-11-06. This put was also out of the money versus the current stock reference, which makes the trade moderately bullish in character, as the seller is effectively expressing confidence that Meta will stay above 590 while collecting premium. Overall, the block flow still leans bearish: despite this supportive downside put sale, the broader large-trade pattern is dominated by call selling and protective or speculative put buying, pointing to a market tone that is cautious to negative and suggests expectations for limited upside or a higher probability of downside risk than sustained bullish continuation.
Strategy Reference
For a low assignment probability on a short call, a seller could look at a strike above the elevated implied volatility range such as the 800.0 call, while traders preferring not to post excessive margin may consider a bear call spread like selling the 750.0 and buying the 800.0 in the same expiration to cap risk.