AAPL
Apple Inc.Close $302.25EOD onlyThis page reflects AAPL options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
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You are viewing an older report from March 31, 2026. A newer flow report is available for May 20, 2026.
View latest reportFlow Verdict
Watch next session: Spot action at $250 max pain level; Follow-through in $252.50 call volume; Any large block trades in the $247.50-$250 put/call corridor
Flow Summary
Net premium: +$3.8M bullish
P/C volume ratio: 0.95 — perfectly balanced
P/C OI ratio: 0.71 — moderate call lean
Notable Prints
Read-through: This is the highest-volume single-strike trade in the unusual activity list. The 2.9x OI turnover and relatively low IV (24.5%) suggest fresh buying, not closing. This is a direct bet on AAPL moving above $252.50 within 2 days, targeting the next max pain level.
Read-through: High volume just $1.33 ITM. The IV is slightly elevated vs. the ATM call, and the vol/oi ratio is similar to the $252.50C. This is likely hedging activity for long stock or call positions, defining a tight risk level just below spot. It counterbalances the bullish call flow, creating the neutral volume picture.
Read-through: Significant activity directly at the $250 battleground. The 2.0x OI turnover indicates meaningful new positioning. Combined with the $252.50C, this forms a bullish cluster for the weekly expiry, but it's being met with equal-sized put hedging.
Read-through: Extreme vol/oi ratio and elevated IV point to a new, aggressive OTM position. However, the notional value is relatively small. This could be a speculative bet on a sharp drop or a tail-risk hedge for a larger portfolio. It's a notable outlier in an otherwise balanced flow.
Read-through: Another OTM put with high IV and meaningful volume. The 18-day expiry provides more time for a move. This, alongside the $262.50P, shows there is some institutional interest in buying OTM downside protection, albeit in modest size.
Institutional Positioning
Call additions: Concentrated in weekly (4/1) $250 and $252.50 calls. This is fresh, near-term bullish positioning targeting a move above the $250 max pain level.
Put additions: Weekly (4/1) $247.50 puts for near-term hedging, and smaller OTM puts in $262.50 (4/2) and $285 (4/17) for longer-dated/speculative protection.
GEX/DEX consistency: Partially. Flow is slightly net bullish (+$3.8M), but GEX is strongly positive (+$70.5M) and in a 'pinning' regime. This creates a conflict: bullish flow wants to push higher, but dealer gamma positioning near $250 will act as a strong mean-reverting force, suppressing volatility and pinning price.
OI clusters: Near-term: $250 call (4/1) is a key OI cluster from today's flow. Long-dated: Massive call walls remain at $280 and $300 (80k+ OI each), which are distant magnets and likely legacy positions. The $247.50 put is now a key near-term support cluster.
Hedging evidence: Yes. The $247.50 put block is direct, near-the-money hedging. The OTM puts at $262.50 and $285 are smaller but indicate some portfolio managers are buying tail-risk protection.
Max pain context: Spot ($248.83) is just below the dominant $250 max pain level for most near-term expiries. The new call flow at $250 is directly betting against this magnetic pull, but the positive GEX reinforces the pin.
Signal vs Noise
Key Conclusions
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