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You are viewing an older report from April 2, 2026. A newer flow report is available for May 20, 2026.
View latest reportFlow Verdict
Watch next session: Follow-through in $255C and $260C volume; Defense of the $250 put wall; Any large block trades in the $252.50-$255 corridor
Flow Summary
Net premium: +$111.0M bullish
P/C volume ratio: 1.05 — balanced volume
P/C OI ratio: 0.70 — strong call lean
Notable Prints
Read-through: This is the single largest volume print. With spot at $255.92, this $250 Put is $5.92 ITM. The high volume on the day of expiry is overwhelmingly likely to be traders closing out profitable long puts or market makers unwinding hedges. This is a bullish unwind, not new bearish positioning.
Read-through: Significant new volume in a near-term, at-the-money put. Given the overall bullish premium flow, this is more likely part of a bullish put spread (selling a lower strike) or a hedge for long call positions established elsewhere. It defines a clear support level at $250 for the coming week.
Read-through: A very high vol/oi ratio indicates a new position. This strike is just $3.42 OTM and aligns with a near-term max pain level. This could be a direct bearish bet, but its proximity to spot and the dominant bullish premium context suggest it's more likely a hedge against a pullback to the $252.50 consolidation level.
Read-through: This is the most significant call flow in the unusual activity. With spot at $255.92, this is an ATM call bet on a move higher over the next 4 days. The volume and premium align with the overall bullish net premium narrative, representing a direct bullish position.
Read-through: Extremely high IV (57%) and a $20 OTM strike point to a speculative long-delta bet or, more likely, a leg of a complex spread (e.g., a call backspread where this is bought against a higher strike call sale). The high notional value suggests institutional activity, but it's not a clean directional signal.
Institutional Positioning
Call additions: Fresh ATM $255C (4/6) and legacy OTM $235C (4/10) activity. Top premium flow is overwhelmingly in calls at $250, $255, and $235.
Put additions: New near-term hedging at $250P and $252.50P (4/6), defining clear support levels just below spot.
GEX/DEX consistency: Partial conflict. Flow is strongly bullish (+$111M), but GEX is positive (+$289M) in a 'pinning' regime. This suggests dealers are long gamma and will sell into rallies and buy into dips, reinforcing consolidation. Bullish flow must overcome this mechanical resistance.
OI clusters: Near-term: $250 remains a massive battleground (call & put OI). Long-dated: Legacy call walls persist at $280 and $300 (80k+ OI each), acting as distant magnets.
Hedging evidence: Yes. The $250P and $252.50P prints for 4/6 expiry are clear, near-the-money hedges. They provide a floor against the bullish call exposure.
Max pain context: Spot ($255.92) is now 2.4% *above* the dominant $250 max pain level. This is a key change from prior report. The pinning force may now act as a ceiling, pulling price back toward $250 unless bullish flow is exceptionally strong.
Signal vs Noise
Key Conclusions
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