Meta Platforms (META) saw a sharp increase in options market activity on September 21, 2026, as optimism around the company’s Muse agentic AI platform helped drive the stock significantly higher.
META shares were up 11.64% to $742.69 by 2:05 PM EDT, marking one of the stock’s strongest sessions in recent memory.
The rally was supported by several catalysts, including growing expectations surrounding Muse AI, a Wells Fargo price target increase to $796, and Meta’s unveiling of its Petal petabit subsea cable ahead of Meta Connect on September 23.
Options traders responded aggressively to the move.
Meta Options Volume Reaches 1.83 Million Contracts
Total META options volume reached approximately 1.83 million contracts by 1:41 PM EDT.
Call options dominated trading activity, with roughly 1.19 million calls changing hands compared with 647,060 puts.
That produced a call-to-put ratio of approximately 1.84 to 1, indicating a strong bullish tilt in overall positioning.
However, the elevated put volume also deserves attention.
The 647,060 put contracts represented the highest put activity since January 15, 2026. On a day when META shares were up more than 11%, this does not necessarily signal outright bearishness.
Instead, some institutional investors may have been using puts to protect gains or hedge large long positions after the sharp rally.
October META Options Show Strong Upside Positioning
The October 16 options chain showed significant activity across several key call strikes.
With META trading near $742.69, traders appeared particularly active at strikes ranging from $750 to $820.
Notable activity included:
- $650 call: 5,700 contracts, with 11,923 open interest
- $710 call: 8,867 contracts, with 12,587 open interest
- $750 call: 5,700 contracts, with 15,604 open interest
- $765 call: 17,731 contracts, with 9,763 open interest
- $775 call: 14,000 contracts, with 5,005 open interest
- $800 call: 12,186 contracts, with 13,115 open interest
- $820 call: 8,865 contracts, with 2,952 open interest
These figures represent snapshots and may differ slightly from live market data.
$765 Call Attracts Significant New Positioning
One of the most notable contracts was the October $765 call.
Volume reached 17,731 contracts, compared with prior open interest of only 9,763.
That produces a volume-to-open-interest ratio of approximately 1.8 times, suggesting that a meaningful portion of the activity may have represented newly opened positions rather than existing contracts changing hands.
The concentration of activity at the $765, $775, $800 and $820 strikes creates a clear ladder of potential upside targets.
If META were to reach $800 before October expiration, that would represent an additional gain of roughly 7.7% from the $742.69 level.
Meta $1,430 Call Draws Attention
Further out on the options curve, the January 15, 2027 $1,430 call attracted considerable attention.
Trading volume reached approximately 35,979 contracts, while open interest stood at 45,707.
The strike price sits around 93% above META’s current share price, meaning the stock would need to nearly double for the contract to finish in the money at expiration.
The January $1,250 call also showed substantial positioning, with 7,459 contracts traded and open interest of 37,743.
That strike was approximately 68% above the current share price.
These deep out-of-the-money LEAPS suggest that some traders are positioning for an exceptionally strong upside scenario in which Meta’s AI initiatives deliver significantly greater financial impact than currently expected.
However, such strikes represent highly speculative outcomes rather than the market’s base-case expectation.
Meta Implied Volatility Climbs
Volatility metrics also reflected the increased uncertainty surrounding META.
Three-month implied volatility climbed to approximately 43.59%, an increase of about 2.14 percentage points.
Higher implied volatility means traders are expecting larger potential price movements while also making options more expensive to purchase.
The increase likely reflects uncertainty surrounding both Meta Connect and the timeline for monetizing Muse AI.
Options Skew Signals Strong Upside Demand
Another notable development was the shift in options skew.
The 90/110 skew fell to around -0.61 percentage points, down approximately 0.89 percentage points.
A negative skew means out-of-the-money calls were trading at relatively richer implied volatility compared with equivalent downside puts.
That is unusual because equity options typically price downside protection at a premium.
In this case, the structure suggests traders were placing unusually strong value on upside exposure.
In simple terms, the options market appeared increasingly concerned about missing a further META rally.
Bullish Case for Meta Options
Several indicators support the bullish interpretation of the recent options activity.
Fresh call positioning was concentrated across the $765 to $820 October strikes, while the call-to-put ratio remained firmly positive.
Negative options skew also showed stronger demand for upside exposure.
Meanwhile, Meta Connect on September 23 represents a potential near-term catalyst. Investors will be watching closely for more information about Muse AI and Meta’s broader artificial intelligence strategy.
Risks Remain Despite Bullish Positioning
The options data also contains several warning signs.
The unusually high put volume suggests some large investors may be actively hedging their META exposure.
At the same time, rising implied volatility means options premiums have become more expensive.
Call buyers entering after a double-digit rally therefore face the risk of volatility falling after Meta Connect, even if the stock does not decline sharply.
The extremely bullish January $1,430 calls also require META shares to almost double within roughly four months.
That makes them better viewed as high-risk tail positioning rather than evidence that traders broadly expect META to reach those levels.
Meta Options Market Reflects Strong AI Optimism
Overall, the META options market showed a clear increase in bullish positioning as investors reacted to renewed optimism around Muse AI and Meta’s broader technology strategy.
Heavy call volume, upside strike concentration and negative skew all point to strong demand for further gains.
However, record put activity and elevated implied volatility show that traders are also protecting themselves against a reversal.
With Meta Connect approaching, the market is positioning for another potentially significant move in META shares.
