Meta closed at $751.66, down 3.33 percent.

The options tape showed conviction despite the stock’s pullback, led by a $3.00 million out-of-the-money call purchase at the $900 strike expiring in 2026. A smaller $474 thousand put sale at $670 added to the constructive tone. Together, the large trades pointed to traders positioning for upside over a longer horizon, while rich option pricing reflected elevated demand for exposure.

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Options Indicators

Meta’s implied volatility is 43.68%, and with an IV percentile of 73.71%, current option volatility sits in the elevated range, indicating that options are priced expensively versus much of the past year. At the same time, the IV/HV ratio of 0.94 suggests implied volatility is slightly below realized volatility, so while absolute pricing is rich on a percentile basis, it is not dramatically overstated relative to recent actual movement. The Call/Put volume ratio is 1.57.

Large Trades

A call purchase worth $3.00 million was the standout large trade, with 17,135 contracts bought at the 900.0 strike expiring on 2026-10-16. With META referenced at 749.21, this call was out of the money, making it a clear bullish directional bet on substantial upside over a longer-dated horizon. The buyer was paying premium for convex exposure, suggesting expectations for a meaningful rally rather than merely modest appreciation.

A put sale worth $474 thousand was the other displayed large trade, with 1,200 contracts sold at the 670.0 strike expiring on 2026-10-16. This put was out of the money versus the current stock reference of 749.21, which points to a moderately bullish stance: the seller is expressing confidence that META will remain above 670.0 into expiration, while collecting premium and potentially signaling willingness to own shares effectively at a lower level if assigned. Overall, the bulk-order flow leans clearly bullish, as the dominant transaction was a sizable upside call purchase and the secondary trade reinforced constructive sentiment through out-of-the-money put selling, indicating traders were positioning for strength rather than protection.

Strategy Reference

For a lower assignment probability, a put seller could consider a strike further out of the money than the displayed 670.0 level, such as the 600.0 or 580.0 strike, though the elevated IV percentile means collected premium may still be attractive relative to historical norms. Alternatively, a bull call spread using the 750.0/800.0 strikes offers defined risk with less margin than a naked call purchase, while still expressing a directional view consistent with the large bullish order flow.