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AAPL

Apple Inc.Close $270.23EOD only
Max Pain
$260.00
Next expiry Apr 20, 2026
Expected Move
±$3.44
1.3% from close
Price Gap
-10.23
Distance to max pain
IV Rank
100
High premium
P/C OI
0.68
Slightly call-heavy
Consensus
6.5/10
Consensus signal
Published snapshot: Apr 17, 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
Apr 17, 2026 close
AAPL Flow Report
Analysis based on market close April 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Flow Verdict

BiasBullish
Confirmation: Large positive GEX (+$498.7M), call-heavy prints at 272.5–275 and pinning regime supporting upside/pinning.
Invalidation: Spot ~3% above MP, elevated near-term put flow and VIX ~19 could reverse; break below 270 with rising put OI would invalidate.
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.0% from MP; +0.5 VIX 19

Watch next session: monitor 272.5–275 call OI/volume changes; watch price reaction at 270–272 support; track GEX shifts and VIX uptick

Flow Summary

Net premium: +$188.1M bullish

P/C volume ratio: 0.39

P/C OI ratio: 0.70

Flow is net bullish/pinning: concentrated short-dated calls and positive GEX drive pinning near strikes; downside risk if spot falls toward 270 and put OI/VIX accelerate.

Notable Prints

#1
AAPL 2026-04-22 $272.50 Put
Vol: 17,715
OI: 103
Vol/OI: 172.0x
IV: 21.3%
Notional: ~$3.1M
Intent: Hedge
Dual read: Buy/Sell

Read-through: Downside

#2
AAPL 2026-04-20 $272.50 Put
Vol: 68,202
OI: 836
Vol/OI: 81.6x
IV: 3.4%
Notional: ~$68K
Intent: Sweep
Dual read: Buy/Sell

Read-through: Urgent

#3
AAPL 2026-04-20 $275.00 Put
Vol: 9,441
OI: 152
Vol/OI: 62.1x
IV: 21.4%
Notional: ~$2.0M
Intent: Hedge
Dual read: Buy/Sell

Read-through: Protect

#4
AAPL 2026-04-20 $275.00 Call
Vol: 248,580
OI: 6,632
Vol/OI: 37.5x
IV: 7.0%
Notional: ~$249K
Intent: Pinning
Dual read: Buy/Sell

Read-through: Pinning

#5
AAPL 2026-04-22 $272.50 Call
Vol: 36,273
OI: 1,164
Vol/OI: 31.2x
IV: 21.2%
Notional: ~$8.7M
Intent: Call-buy
Dual read: Buy/Sell

Read-through: Resistance

Institutional Positioning

Call additions: Concentrated call OI at 275/272.5 (Apr20) and Apr22 272.5–280; suggests institutional call interest but could reflect dealer roll/sell mechanics.

Put additions: Put interest clustered 270–275 and Apr22 272.5; mix of tactical hedges and potential client buys—trade‑level prints needed to separate intents.

GEX/DEX consistency: GEX +$498.7M and DEX +120.5M share tilt toward call exposure, but consistency is moderate given expiry/same‑day noise.

OI clusters: Largest OI: 275C 6,632; 272.5C 6,404; 270P 3,693; 272.5P 836 — concentrations focused mid‑270s but not definitive directional proof.

Hedging evidence: High same‑day put volume with varying IV; patterns consistent with both client hedges and dealer rebalancing/rolling.

Max pain context: Max pain sits mid‑270s (~275); could encourage pinning, but mark as conditional until trade‑level directional evidence emerges.

Signal vs Noise

~Signal: Large call OI mid‑270s indicates significant positioning but uncertain origin (client vs dealer).
~Signal: Apr22 272.5 put vol/oi spike may reflect hedging; trade prints required to confirm directional buying.
~Noise: High same‑day/expiry volumes likely include roll, dealer delta trades and expiry mechanics—reduce confidence in pure directional read.

Key Conclusions

📌Mid‑270s OI concentration is material but not conclusive — treat pinning as possible, not certain.
⚠️Put spikes point to active hedging; distinguish client buys from dealer flows before acting on downside bias.
🔎Require trade‑level evidence to upgrade conviction; current flow is mixed with moderate uncertainty.
How to Use These Reports
This flow reflects the market close on April 20, 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.