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AAPL

Apple Inc.Close $308.33EOD only

Max Pain

$300.00

Next expiry May 27, 2026

Expected Move

±$2.90

0.9% from close

Price Gap

-8.33

Distance to max pain

IV Rank

Low premium

P/C OI

0.72

Slightly call-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: May 26, 2026 close

End-of-day snapshot

This page reflects AAPL options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 26, 2026 close

AAPL Directional Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from April 6, 2026. A newer directional report is available for May 26, 2026.

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Outlook

Bullish with pinning toward $260-$262.50. Confidence: 8/10. GEX +$210.3M and net premium +$124.5M strongly support upside, with flow P/C 0.60 indicating call dominance. Spot above max pain adds gravity but pinning dominates near-term.

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning)

Supports: GEX +$210.3M (pinning), net premium +$124.5M, P/C 0.60
Conflicts: None significant; VIX not provided but IV 31.3% is moderate.

📊GEX +$210.3M concentrated near spot ($260, $262.50) creates strong pinning.

💰Net premium +$124.5M with P/C 0.60 shows institutional bullish flow.

Regime Classification

Vol Regime

Normal

IV 31.3% — normal; no VIX comparison but moderate level.

Gamma Regime

Pinning

GEX +$210.3M concentrated at $260/$262.50 — strong pinning regime.

Flow Regime

Bullish

Net premium +$124.5M with P/C 0.60 — bullish flow regime.

Spot vs Max Pain

Above

Spot $258.86 above max pain $252 — slight bullish bias.

Thesis duration: Multi-week — GEX sign stable positive, max pain ladder flat ~$252 across expirations, flow regime consistent — pinning persists 2-4 weeks.

Price Range Forecast

Next 2 days

$254.63$263.08

GEX pinning at $260/$262.50; break below $254.63 invalidates.

Next 1 week

$252.37$265.34

Flow supports; resistance at EM upper bound.

Next 2 weeks

$247.16$270.56

Structural call OI wall $280-$310 caps further upside.

Key Levels

Max pain pins: $252 (2026-04-06); $252 (2026-04-08); $250 (2026-04-10)

EM guardrails: 2d $254.63/$263.08; 1w $252.37/$265.34

Support: $255.00 · $252.50 · $250.00

Resistance: $260.00 · $262.50 · $265.00

Structural: Call OI wall $280-$310 caps upside; put floor $240-$235 provides distant support.

Dealer Positioning (GEX/DEX)

GEX: $+210.3M

DEX: +105.0M shares

Gamma flip: N/A

NTM gamma: Positive GEX concentrated at $260 (+$3.5M) and $262.50 (+$2.5M) — dealer hedging buys dips, sells rallies. If spot moves +2% to ~$264, gamma flips negative? (N/A per data) but selling pressure increases. -2% to ~$254 triggers more buying.

IV Analysis

IV vs VIX: IV 31.3% — moderate; no VIX given but normal regime.

Term structure: Humped — 4/8 27.4% dips to 4/13 24.6%, then rises to 5/1 31.4% (earnings pricing).

Skew: 4/8 vs 4/13 ~3 vol-pt differential (sell 27.4%, buy 24.6%).

Flow Analysis

Net premium: +$124.5M bullish; P/C vol 0.60, OI 0.72.

Directional prints: call 257.5 ITM 2026-04-08 — Vol 10,839 vs OI 508 (21.3x) — likely bought for delta/gamma. call 260 OTM 2026-04-08 — Vol 15,776 vs OI 1,375 (11.5x) — bullish flow near pin.

Unusual: 27.6 put 257.5 OTM 2026-04-10 — Vol 8,626 vs OI 418 (20.6x) — could be sold for premium or hedge.

Risks & Catalysts

!Earnings 4/30 elevates vol and may break pin

!Gamma flip not defined but negative gamma possible above $265

!Broad market weakness (VIX unknown) could pressure

!Call OI wall $280-$310 limits upside momentum.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Long stock	Moderate-Strong	Buy shares at $258.86	Earnings vol crush, pin break below $255.
Short stock	Weak	Avoid — contradicts GEX/flow.	Pinning and bullish flow create squeeze risk.
Covered call	Moderate-Strong	Own shares, sell $265 call 4/13	Upside capped at resistance; pin may hold lower.
Cash-secured put / put spread	Moderate-Strong	Sell $255/$250 put spread 4/13	Break below $255 triggers max loss.
Long calls	Moderate	Buy $260 call 4/13	Theta decay if pin holds; IV 25.4% moderate.
Long puts / bear put spreads	Weak	Avoid — no edge vs pinning.	GEX positive opposes downside.
Iron condor	Moderate	$255/$250P x $265/$270C 4/13	Pinning may tighten range but earnings risk.
Calendar/diagonal	Moderate-Strong	Sell 4/8 $260 call (IV 28.1%), buy 4/13 $265 call (IV 23.7%) — +4.4pt edge.	Spot moves beyond strikes quickly.
PMCC / LEAPS diagonal	Moderate	Buy 2027-01-15 $230 call, sell 4/13 $265 call	Long-dated IV 29.9% moderate; earnings vol crush.

Top Plays

Put Spread

Sell $255/$250 put spread 4/13

Defined-risk premium below pin with GEX support at $255.

Credit: $0.35-$0.45

Max loss: $4.55

BE: $254.55

Mgmt: Close at 60-70% max profit; stop if spot <$254.63.

Traders wanting bullish exposure with limited risk.

Covered Call

Own shares, sell $265 call 4/13

Enhances yield while capping upside at resistance; aligns with pinning.

Credit: $1.00-$1.20

Max loss: N/A

BE: N/A

Mgmt: Roll up if spot approaches $265; close if pin breaks.

Shareholders looking to generate income.

Calendar Spread

Sell 4/8 $260 call, buy 4/13 $265 call

Exploits IV differential (+4.4pt) with pinning at $260; extra DTE improves theta decay management.

Debit: $0.40-$0.60

Max loss: $0.60

BE: Variable; depends on vol crush.

Mgmt: Close if spot >$262.50 or vol collapses post-earnings.

Vol traders seeking defined-risk play on pin hold.

Watchlist Triggers

Entry Triggers

IFSpot dips to $255 and holds 15 min → Sell $255/$250 put spread 4/13

IFIV on 4/8 rises above 30% while 4/13 IV <25% → Sell 4/8 $260 call, buy 4/13 $265 call

Exit Triggers

EXITSpot >$262.50 for 2 consecutive hours → Take profit on put spread at 80% max

EXITVIX spikes >35 (if data available) and spot <$255 → Exit all short premium positions

Tactical Summary

Bullish pinning toward $260-$262.50 with GEX +$210.3M and flow support. Invalidation: break below $254.63. Regime favors short premium below pin and covered calls for income. Top plays: put spread for defined risk, covered call for shareholders, calendar for vol edge.

How to Use These Reports

This directional reflects the market close on April 6, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.