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AAPL

Apple Inc.Close $302.25EOD only

Max Pain

$292.50

Next expiry May 22, 2026

Expected Move

±$4.44

1.5% from close

Price Gap

-9.75

Distance to max pain

IV Rank

Low premium

P/C OI

0.70

Slightly call-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: May 20, 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 20, 2026 close

AAPL Flow Report

Analysis based on market close March 26, 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 March 26, 2026. A newer flow report is available for May 20, 2026.

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Flow Verdict

Confidence:

6 / 10

base 5; +1.5 heavy put premium dominance; -0.5 GEX positive (pinning);

Watch next session: $255P 3/27 OI growth; Spot vs $250 Max Pain level; Any large call sweep above $260

Flow Summary

Net premium: -$16.3M bearish

P/C volume ratio: 0.78 — put-dominant

P/C OI ratio: 0.70 — moderate call lean in positioning

Flow shows a clear bearish tilt with significant net premium paid for puts, particularly at the $255 strike. However, positive Gamma Exposure (GEX) suggests a pinning force near $250, creating a conflict between flow direction and gamma dynamics.

Notable Prints

AAPL 3/27 $255 Put

Vol: 70,741

OI: 3,378

Vol/OI: 20.9x

IV: 22.8%

Notional: ~$17.9M (premium: $34.5M)

Intent: Fresh directional put buying or large-scale hedging

Dual read: Bought to open (bearish) or sold/covered (bullish)

Read-through: Massive volume and premium paid. Given spot at $252.89, this is likely protective or speculative bearish positioning for immediate downside.

AAPL 8/21 $180 Put

Vol: 10,229

OI: 627

Vol/OI: 16.3x

IV: 41.0%

Notional: ~$10.5M (strike value)

Intent: Long-term tail-risk hedge or defined-risk put spread leg

Dual read: Bought as cheap disaster hedge (bearish) or sold for premium in a spread (neutral/bullish)

Read-through: Extreme OTM (29% below spot), high IV. Likely a cost-effective hedge for a large portfolio, not a direct near-term directional bet.

AAPL 3/27 $257.50 Put

Vol: 16,747

OI: 883

Vol/OI: 19.0x

IV: 22.3%

Notional: ~$4.3M (premium: $9.0M)

Intent: Near-term directional put buying

Dual read: Bought to open (bearish)

Read-through: Another large, high-premium put flow just above spot. Reinforces the bearish pressure seen at $255.

AAPL 3/30 $255 Put

Vol: 9,086

OI: 300

Vol/OI: 30.3x

IV: 24.7%

Notional: ~$2.3M (premium: est. $5M+)

Intent: Roll from 3/27 puts or new weekly hedge

Dual read: Bought to open (bearish)

Read-through: High vol/oi suggests new positioning. Extends bearish hedge into next week.

AAPL 3/27 $265 Put

Vol: 316

OI: 5

Vol/OI: 63.2x

IV: 62.8%

Notional: ~$83,000 (premium: est. high)

Intent: Lottery ticket or spread leg

Dual read: Bought OTM put (bearish lottery) or sold as part of a spread

Read-through: Tiny OI, massive vol/oi, and sky-high IV. This is noise—likely a retail-sized OTM punt or a spread component, not institutional.

Institutional Positioning

Call additions: Minimal notable call flow. Top premium strikes are $280, $270, $290 (net positive but smaller vs put outflow).

Put additions: Heavy at $255 (3/27), $257.50 (3/27), $255 (3/30). Significant premium paid indicates buying pressure.

GEX/DEX consistency: No — conflict. Flow is bearish (net premium negative), but GEX is +$139.9M (pinning/bullish for dealers). This suggests flow is fighting the gamma pin.

OI clusters: Long-dated call walls at $280, $300 (large OI). Near-term, $255 put is a major OI cluster from today's flow. $250 is a key level across many expirations (Max Pain).

Hedging evidence: Strong evidence: Large put buys at $255 and $257.50 with high premium. The $180 Aug put is a clear long-dated tail-risk hedge.

Max pain context: Spot ($252.89) is just above the dominant Max Pain level of $250. Positive GEX supports a magnetic pull toward $250.

Signal vs Noise

~The $265 Put 3/27 (63x vol/oi) is noise—tiny OI, retail-sized, extreme IV.

~The $180 Put 8/21 is a structural hedge, not a near-term directional signal.

~Some of the near-term put flow could be closing of existing positions ahead of 3/27 expiry, but the high vol/oi and premium paid suggest more opening.

~Large OI in $280+ calls is mostly long-dated and static, not reflective of today's flow.

Key Conclusions

⚠️Flow vs Gamma Conflict: Bearish put buying fights +$140M GEX pin toward $250.

🐻Net Premium Bearish: -$16.3M outflow, dominated by $255 put buying.

📌Max Pain Magnet: $250 is key pin level across multiple expirations.

🛡️Hedging Rampant: Large protective put buys at $255 and long-dated tail hedge at $180.

How to Use These Reports

This flow reflects the market close on March 26, 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.