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AAPL

Apple Inc.Close $304.99EOD only
Max Pain
$295.00
Next expiry May 22, 2026
Expected Move
±$2.74
0.9% from close
Price Gap
-9.99
Distance to max pain
IV Rank
27
Middle-high premium
P/C OI
0.71
Slightly call-heavy
Consensus
8.5/10
Bullish tilt
Published snapshot: May 21, 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 21, 2026 close
AAPL Earnings Report
Analysis based on market close May 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

AAPL 69 days from earnings. Bullish flow with near-term put hedging. IV normal, gamma pinning near $298-$300.

Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.8% from MP; +1 VIX 17
Most important: Heavy put volume on May22 $307.5 and $310 suggests hedging; call buying at $315+ shows upside bias.
🛡️Large May22 $307.5 put volume 100k, 32x OI, IV 4.5% (deep ITM hedging).
🔺Bullish call buying at $315 and $317.5 for next week, OI buildup.

Regime Classification

Vol Regime
Normal
Gamma Regime
Pinning
Flow Regime
Bullish
Spot vs MP
Above
Gamma flip: ~$240.00 — Approx — based on put OI concentration of 58,239 (22.3% below spot)

Earnings Overview

Next earnings: 2026-07-30 (69 days)explicit

Expected moves:

  • 2026-05-26 (4d): ±$3.55 (1.1%)
  • 2026-05-27 (5d): ±$4.91 (1.6%)
  • 2026-05-29 (7d): ±$6.38 (2.1%)

IV Setup

Term structure: Normal contango; near-term IV ~12% from 1.1% 4d move, longer-dated lower.

Crush estimate: Moderate post-earnings crush, but negligible for near-term options as event is far.

Skew: Put skew elevated on long-dated OI concentration at $240; near-term puts trade actively.

Historical Context

Beat rate: 100% (5/5 quarters)

Avg move vs expected: Avg move: 1.2% vs expected 1.1% (based on 5 beats)

Directional bias: Consistent upside bias post-earnings.

Key Levels

1$240.00 gamma flip
2EM guardrails: 1w $303.92/$313.73
3Max pain pins: $298 (2026-05-22); $300 (2026-05-26); $300 (2026-05-27)

Flow Highlights

Unusual put volume on May22 $307.5 (100k) and $310 (76k) with high vol/OI ratios.

Likely hedging or speculation ahead of max pain. Could indicate downside protection.

Call buying on May26 $315 (20k) and May29 $317.5 (17k) with moderate vol/OI.

Bullish bets on continuation above $315, aligning with resistance breakout.

Strategies

Bullish Call Calendar
Sell 2026-05-29 $310.00 call / buy 2026-07-17 $310.00 call
Debit: $7.20-$8.80
Max loss: $8.80
Max gain: Variable
BE: Path-dependent
Trigger: Exit if support $299.2 breaks.
Contango favors short IV; bullish flow supports upside.
Outperforms: Sell short-term call, buy longer-term to capture time decay.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Rangebound Iron Condor
Sell 2026-06-05 $290.00/$285.00 put wing and $310.00/$315.00 call wing
Credit: $2.02-$2.47
Max loss: $2.53
Max gain: $2.47
BE: 287.53 / 312.47
Trigger: Adjust if $305 breached.
Gamma pinning and put hedging cap upside/downside.
Outperforms: Sell wings at key resistance and support levels.
Underperforms: Move outside short strikes invalidates range thesis.

Risk Assessment

!Gamma pinning near $298-$300 max pain
!Put OI concentration at $240 creates structural floor
!Below EM guardrail 1w $303.92 may attract sellers

What to Watch

?Support $299.2, resistance $310
?Gamma flip at $240 (put OI concentration)
?Intraweek $305 and $312.5 put volume
How to Use These Reports
This earnings reflects the market close on May 22, 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.