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AAPL

Apple Inc.Close $273.05EOD only
Max Pain
$265.00
Next expiry Apr 22, 2026
Expected Move
±$4.04
1.5% from close
Price Gap
-8.05
Distance to max pain
IV Rank
24
Low premium
P/C OI
0.70
Slightly call-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: Apr 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
Apr 20, 2026 close
AAPL Flow Report
Analysis based on market close April 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Flow Verdict

BiasBullish
Confirmation: Large positive GEX (+$290M), bullish flow and DEX buy uplift, pinning gamma with spot just below MP and heavy call flow at 267.5–270.
Invalidation: Significant near-term put prints (265–270) and elevated put-call OI ratios; rising IV on puts could accelerate downside if spot falls or VIX jumps.
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.4% from MP; +0.5 VIX 20

Watch next session: Monitor 267.5–270 strikes for pinning/unwinding; Watch VIX and SPY/QQQ direction; Track net premium, GEX changes, and any gamma flip

Flow Summary

Net premium: +$71.7M bullish

P/C volume ratio: 0.59

P/C OI ratio: 0.68

Overall bias bullish: dealer gamma and large positive GEX point toward pinning ~267–270; however sizable put prints and elevated put-call OI introduce downside risk if volatility or spot breach occurs.

Notable Prints

#1
AAPL 2026-04-22 $267.50 Call
Vol: 40,675
OI: 505
Vol/OI: 80.5x
IV: 22.4%
Notional: ~$4.6M
Intent: []
Dual read: []

Read-through: []

#2
AAPL 2026-04-22 $270.00 Call
Vol: 60,399
OI: 2,059
Vol/OI: 29.3x
IV: 22.1%
Notional: ~$2.7M
Intent: []
Dual read: []

Read-through: []

#3
AAPL 2026-04-22 $265.00 Put
Vol: 65,591
OI: 2,654
Vol/OI: 24.7x
IV: 22.6%
Notional: ~$7.9M
Intent: []
Dual read: []

Read-through: []

#4
AAPL 2026-04-22 $267.50 Put
Vol: 61,361
OI: 2,640
Vol/OI: 23.2x
IV: 22.5%
Notional: ~$14.8M
Intent: []
Dual read: []

Read-through: []

#5
AAPL 2026-04-22 $262.50 Put
Vol: 21,090
OI: 954
Vol/OI: 22.1x
IV: 24.0%
Notional: ~$1.1M
Intent: []
Dual read: []

Read-through: []

Institutional Positioning

Call additions: Notable same-day calls at 267.5–270 expiries; could be directional or flow-linked market‑making rather than sustained buys

Put additions: Concentrated short-dated puts 265–270 printed today, suggesting downside hedging or one-off protection

GEX/DEX consistency: Positive GEX/DEX today aligns with bullish/pinning flow but consistency unclear — check multi‑day series

OI clusters: OI clustered near 265/267.5/270 (puts and calls); clusters may reflect expiries, skews or dealer hedges

Hedging evidence: High put OI plus call prints consistent with hedged exposure/collar possibility, though single‑day prints may not imply durable positioning

Max pain context: Spot near but slightly below MP; outcome ranges from pin toward mid‑260s to no‑pin if prints were flow trades or unwound prior to expiry

Signal vs Noise

~Signal: concentrated short‑dated 265–270 activity could indicate institutional hedging or directional intent
~Signal: same‑day GEX/DEX move supports a pinning scenario but lacks multi‑day confirmation
~Noise: single‑day volume spikes and low‑IV call prints may be market‑making/flow trades, not directional bets
~Noise: recommend checking multi‑day OI change and time‑decay to distinguish transient flow vs sustained positioning

Key Conclusions

📌265–270 complex likely reflects hedging/flow; pinning is possible but not certain — monitor multi‑day OI
⚠️Large puts increase short‑tail downside risk if spot breaches 265, but outcome depends on whether prints persist or are unwound
How to Use These Reports
This flow reflects the market close on April 21, 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.