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AAPL

Apple Inc.Close $304.99EOD only

Max Pain

$295.00

Next expiry May 22, 2026

Expected Move

±$2.74

0.9% from close

Price Gap

-9.99

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.71

Slightly call-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: May 21, 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 21, 2026 close

AAPL Theta Report

Analysis based on market close April 6, 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 April 6, 2026. A newer theta report is available for May 21, 2026.

View latest report

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning)

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV 31.3% — normal for AAPL

Favorable?

Yes

Term structure: Sharp spike to 31.4% ATM IV at 2026-05-01 (25 DTE), ~4-7 vol points above nearer expirations (24.6%-27.4%)

📈IV dislocation at 5/01 expiration offers calendar spread opportunities

Pin Risk Assessment

Spot vs MP: Above by ~$6.36 (2.5%) vs $252.50 max pain

GEX regime: Pinning (GEX +$210.3M)

OI concentrations: Call wall $280 (82K OI), put wall $240 (2.7K OI near-term)

Verdict: Favorable — strong positive GEX and OI clusters create magnetic pinning, supporting credit positions

Premium Opportunities

reverse calendar spread

Sell $255 call 2026-05-01 (25 DTE) / Buy $255 call 2026-04-17 (11 DTE)

Captures ~5 vol point differential (sell 31.4% IV, buy 26.3% IV); strike near spot and GEX pin magnet $255; benefits from IV normalization in May expiration as term structure flattens

Credit: $0.75-$1.05

Max loss: Unlimited above $255 (capped by long call)

BE: Dynamic based on IV decay; ideal if price near $255 at April expiry

Mgmt: Close at 50% profit; adjust if price moves >$5 from $255; exit before April expiry to avoid pin risk

put spread

Sell $250/$245 put spread 2026-04-24 (18 DTE)

Puts OI cluster at $240-$250 provides support; positive GEX pinning; below max pain $252.50 but above 2-week EM lower bound $247.16

Credit: $0.85-$1.05

Max loss: $4.15

BE: $249.15

Mgmt: Close at 65% profit; exit if price closes below $247.16; roll down/out if $250 tested

iron condor

Sell $250/$245P x $265/$270C 2026-04-17 (11 DTE)

Range-bound between 1-week EM bounds ($252.37-$265.34); positive GEX pinning; put side near OI support, call side near GEX resistance

Credit: $1.10-$1.40

Max loss: $3.60

BE: 248.60/266.40

Mgmt: Close at 50% profit; adjust if either short strike tested; exit if price breaks $247.16 or $268.16

cash-secured put

Sell $255 put 2026-05-01 (25 DTE)

High IV at 31.4% for 5/01 expiration; strike is 1.5% below spot, near GEX pin magnet $255 (+$802K) and put OI cluster; below max pain but above 2-week EM lower bound

Credit: $1.82-$2.07

Max loss: $253.18

BE: $253.18

Mgmt: Close at 70% profit; roll down/out if price breaks below $252.37 (1-week EM lower); accept assignment if put to you

Risk Alerts

!Earnings on 2026-04-30 — close all short premium positions at least 1 week prior

!Positive GEX +$210.3M indicates strong pinning, but a break below $247.16 could accelerate selling

!Call OI wall at $280-$310 may cap major upside moves

!Unusual activity in $257.50 calls and puts suggests institutional interest near spot — monitor for directional bias

!IV spike at 5/01 expiration may normalize quickly — manage reverse calendars actively to capture decay

How to Use These Reports

This theta reflects the market close on April 6, 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.