Meta closed at $738.79, up 3.24 percent.

Meta’s options tape showed a decisive institutional tilt toward downside protection, as a $24.46 million long-dated put purchase overwhelmed a much smaller $2.61 million call bet. The dominant trade was a 4,999-contract buy at the 720 strike expiring in December 2026, while the call side featured 3,426 contracts at the 750 strike expiring in October 2026. Both were out of the money, but the scale and tenor of the put flow point to sustained bearish positioning rather than short-term hedging.

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Options Indicators

Meta’s implied volatility is 44.08%, and with an IV percentile of 76.49%, current volatility sits in an elevated range, indicating that options are priced expensively versus the stock’s own recent history. At the same time, the IV/HV ratio of 0.81 suggests implied volatility is running below realized volatility, which tempers that richness somewhat, but overall the percentile reading still points to a higher-premium options environment.

The Call/Put volume ratio is 1.92.

Large Trades

A put buy worth $24.46 million was the standout large trade, with 4,999 contracts bought at the 720.0 strike expiring on 2026-12-18. With Meta referenced at $733.09, this put was out of the money at the time of the trade, making it a sizable bearish position that looks geared toward downside protection or a directional bet on weakness over a longer-dated horizon. The scale and tenor suggest the buyer was willing to pay significant premium for sustained downside exposure rather than short-term tactical insurance.

A call buy worth $2.61 million was the second featured large trade, with 3,426 contracts bought at the 750.0 strike expiring on 2026-10-09. Given the reference price of $733.09, the call was out of the money, indicating a bullish position that seeks upside participation if Meta pushes above the strike over time. Even so, while this trade reflects constructive expectations, it was materially smaller than the dominant put purchase, so the large-trade flow was still led by downside interest rather than aggressive upside chasing.

Overall, the large-order picture leans clearly bearish. Although there were several bullish call buys in the broader flow, the sentiment was overwhelmed by the much larger long-dated put purchase, which signals stronger conviction in hedging against downside or positioning for a pullback. In short, institutional-style activity appears cautious to negative on Meta, with protective or bearish demand carrying more weight than the upside speculation seen elsewhere in the tape.

Strategy Reference

For premium sellers looking to align with the bearish large-trade skew while avoiding excessive margin, a short call spread could be considered; selling the 760 strike call and buying the 780 strike call in the December 2026 cycle would cap risk while collecting elevated volatility premium, though assignment probability should be reassessed if Meta breaks above its recent closing high.