Smiley is a horror film that follows the story of Ashley, a college student who is battling depression and suicidal thoughts. One night, while chatting with a stranger on an online chat room, she hears about an urban legend that says that if you type "I did it for the lulz" three times, a demented serial killer named Smiley will appear and kill the person you are chatting with.
Despite her friend Proxy's warning, Ashley tries the ritual and is terrified when she sees a figure with a smiley face mask enter her friend's room and kill her. However, Ashley soon learns that the killings are being orchestrated by a group of internet trolls who are using the Smiley legend as a way to scare and manipulate people.
As the body count rises, Ashley finds herself being stalked by the real Smiley, who seems to be more than just a myth. With her mental state deteriorating and no one believing her, Ashley must confront her fears and stop Smiley before it's too late. The film ends with an ambiguous twist that leaves the audience wondering if Ashley was really the victim or the killer all along.