Meta Platforms Inc (NASDAQ:META) is scheduled to report its quarterly earnings on Wednesday.

On CNBC's "Options Action," Michael Khouw of Optimize Advisors said that the options market is implying a move of about 11% after Meta Platforms reports earnings, versus the average of 8.7% over the last eight quarters.

Check out other tech stocks making moves in the premarket.

There was a trader who sold 1,500 of the July 29 weekly 147 strike puts and then bought the same amount of the 160 strike puts at an average price of $1.47 per contract, Khouw said. The trader is betting $1.1 million on a downside in Meta Platforms’s stock between now and August expiration, he added.

Also Read: Why An Analyst Is Expecting The Fed to Shock The Market Tomorrow. And How You Should Invest

META Price Action: Shares of Meta Platforms declined by 4.50% to settle at $159.15 on Tuesday.