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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 30, 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 30, 2026. A newer flow report is available for May 20, 2026.

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Flow Verdict

Confidence:

5.5 / 10

base 5; +1.0 net premium flipped positive; +0.5 call flow dominance in volume; -1.0 GEX pinning/mean-reverting regime; -0.0 VIX/IV normal

Watch next session: Spot reaction to $250 level; Follow-through in $247.50/$250 call flow; Any large put block at $240

Flow Summary

Net premium: +$8.1M bullish

P/C volume ratio: 0.81 — slightly call-dominant

P/C OI ratio: 0.72 — moderate call lean

Flow has shifted from last week's clear bearish put dominance to a mixed but net bullish picture. Positive net premium and call-dominant volume suggest dip-buying or covering, but the positive GEX pinning regime and spot below max pain create a neutralizing force. The market is testing a move higher against a gamma ceiling.

Notable Prints

AAPL 3/30 $250 Call

Vol: 35,406

OI: 2,749

Vol/OI: 12.9x

IV: 20.0%

Notional: ~$8.7M (premium est.)

Intent: Directional call buying targeting a move above max pain

Dual read: Bought to open (bullish breakout bet) vs. sold (covered call/write)

Read-through: Massive volume in a weekly just $3.37 OTM. The low 20% IV suggests buyers, not sellers. This is a direct bet on AAPL closing above $250 by Friday, directly challenging the dominant max pain level.

AAPL 3/30 $245 Put

Vol: 32,505

OI: 4,476

Vol/OI: 7.3x

IV: 19.5%

Notional: ~$8.0M (premium est.)

Intent: Protective put hedging or speculative downside bet

Dual read: Bought to open (bearish/hedge) vs. sold (bullish/put write)

Read-through: High volume just $1.63 ITM. The IV is not elevated, and the vol/oi ratio is high but not extreme. This is likely a mix of hedging against a break below $245 and possibly some closing of existing puts. Its size counterbalances the call flow, creating the 'mixed' regime.

AAPL 3/30 $247.50 Call

Vol: 9,981

OI: 700

Vol/OI: 14.3x

IV: 20.3%

Notional: ~$2.5M (premium est.)

Intent: Near-the-money directional call buying

Dual read: Bought to open (bullish)

Read-through: Fresh, high-conviction positioning (14.3x OI) targeting an immediate move above spot. This, combined with the $250C, forms a bullish cluster for the weekly expiry.

AAPL 3/30 $252.50 Call

Vol: 17,937

OI: 1,847

Vol/OI: 9.7x

IV: 21.9%

Notional: ~$4.4M (premium est.)

Intent: Upside breakout bet above recent resistance

Dual read: Bought to open (bullish)

Read-through: Significant volume targeting a move above $252.50, which aligns with several near-term max pain levels. This is a more aggressive bullish bet than the $250C.

AAPL 4/2 $150 Put

Vol: 100

OI: 5

Vol/OI: 20.0x

IV: 146.9%

Notional: ~$15,000 (strike value)

Intent: Noise / retail lottery ticket or spread leg

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

Read-through: Extreme OTM (39% below spot), tiny OI, and astronomical IV. This is pure noise with no institutional signaling value.

Institutional Positioning

Call additions: Concentrated in weekly (3/30) $247.50, $250, and $252.50 calls. This is fresh, near-term bullish positioning aiming for a move above max pain.

Put additions: Weekly (3/30) $245 and $242.50 puts. This appears to be hedging against a failure at $245, not aggressive downside speculation.

GEX/DEX consistency: Partially. Flow is net bullish (+$8.1M), but GEX is only +$15.2M and in a 'pinning' regime. This suggests the bullish flow is modest and may struggle against the mean-reverting force of dealer gamma near $250.

OI clusters: Near-term: $250 call (3/30) is now a major OI cluster from today's flow. Long-dated: Massive call walls remain at $280 and $300 (80k+ OI), which are distant magnets. The $245 put is a key near-term support cluster.

Hedging evidence: Yes, but scaled down. The large $245 put block is likely protective hedging for long stock or call positions opened today. The extreme OTM put flow (like $150) is negligible.

Max pain context: Spot ($246.63) is 1.3% below the dominant $250 max pain level. The new call flow at $250 is directly betting against this magnetic pull, creating a battleground.

Signal vs Noise

~The $150 Put 4/2 is noise — extreme OTM, tiny notional, retail-sized lottery ticket.

~Part of the $245 Put volume could be closing of puts bought last week (recall the heavy $255 put flow), which would be bullish, not bearish.

~The large OI in $280+ calls is legacy, long-dated positioning and not part of today's active flow narrative.

~The net premium positive figure is driven by large, far OTM call buys at strikes like $130 and $205 (see top premium flow). These are likely speculative, low-delta bets or spread legs, not direct bullish signals for the spot price.

Key Conclusions

🔄Regime Shift: Flow flipped from net bearish (-$16.3M) to net bullish (+$8.1M), indicating a change in short-term sentiment.

⚔️Battle at $250: New call flow targets a close above max pain, but positive GEX pins spot lower. This is the key conflict.

📞Call Dominance in Volume: Unusual activity is overwhelmingly call-focused in the weekly expiry, showing bullish conviction for a near-term pop.

🛡️Hedging Adjusted: Large put buys shifted down to $245 (from $255), defining a closer and tighter risk level for new long positions.

How to Use These Reports

This flow reflects the market close on March 30, 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.