Meta ended the session at $718.67, slipping 0.31%.

Large options trades showed a defensive skew despite a healthy headline call/put ratio. The most prominent transaction was an $827,600 long-dated put purchase, which overshadowed a smaller short-put sale. While some investors sold downside premium, the dominant institutional flow favored outright bearish hedging, suggesting caution beneath the surface.

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Options Indicators

Meta’s implied volatility is 45.55%, and with an IV percentile of 84.06%, current option volatility sits in an elevated range, indicating that options are priced expensively versus most of the past year. At the same time, the IV/HV ratio of 0.87 suggests implied volatility is slightly below realized volatility, implying the market is not pricing a major premium over recent actual movement despite the relatively high percentile backdrop. The Call/Put volume ratio is 1.64, reflecting stronger overall call activity but not fully capturing the heaviness of the largest single block.

Large Trades

A PUT purchase worth $827,600 was the largest displayed trade, with 1,061 contracts bought on the November 20, 2026 $625.00 put. With Meta referenced at $721.27, this strike is out of the money, making it a bearish downside hedge or speculative bet on a meaningful pullback over a longer-dated horizon. The elevated turnover ratio of 7.80 also suggests this was a notable conviction trade rather than routine flow. A second notable trade was a short put sale worth $405,900, with 1,137 contracts sold on the November 6, 2026 $605.00 put. This strike is also out of the money versus the current stock reference, so the position reflects a moderately bullish stance, typically expressing willingness to collect premium while betting Meta holds above that level into expiration.

Overall, the large-trade flow leans bearish on balance. While there was some constructive premium-selling activity in out-of-the-money puts and additional upside call buying in the broader tape, the largest and most dominant block was a substantial long-dated put purchase, which points to greater institutional interest in downside protection or bearish positioning. Taken together, the bulk-order figures suggest caution is outweighing optimism, with sentiment tilted toward expecting increased downside risk rather than a clean continuation higher.

Strategy Reference

For a low assignment probability put sale, a trader could consider an even deeper out-of-the-money strike such as the $560.00 put, while those preferring to limit margin without capping all upside could use a put credit spread like selling the $600.00 put and buying the $560.00 put.