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AAPL

Apple Inc.Close $308.33EOD only

Max Pain

$300.00

Next expiry May 27, 2026

Expected Move

±$2.90

0.9% from close

Price Gap

-8.33

Distance to max pain

IV Rank

Low premium

P/C OI

0.72

Slightly call-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: May 26, 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 26, 2026 close

AAPL Theta Report

Analysis based on market close April 8, 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 8, 2026. A newer theta report is available for May 26, 2026.

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Theta Verdict

Confidence:

9 / 10

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

IV Environment

IV Regime

Normal

IV vs VIX

IV 30.6% vs VIX N/A (Use provided Avg IV 30.6%)

Favorable?

Yes

Term structure: Short-dated IV ~24-27% (2-2 week expiries), 23-30% hump at 23-44d with ATM ~30% at 23-44d (ATM: 2026-04-10 27.5%; 2026-05-08 30.3%)

💰Avg IV 30.6% is adequate for premium sellers — better credits in 23-44 DTE pockets (30d ATM ~30.3%)

📌Gamma pinning (GEX +$258.7M) concentrates dealers around $257.50–$260.00, tightening realized ranges

Pin Risk Assessment

Spot vs MP: At (pre-computed: Spot vs MP: At; Max pain today $258 / MP expirations show $257.50 for 2026-04-08)

GEX regime: Pinning (GEX +$258.7M) — strong dealer hedging centered near-the-money

OI concentrations: Near-term call OI clusters at $260 (12,981 OI), $265 (17,511 OI), $270 (14,414 OI); structural call wall $280-$310. Put OI concentration lighter but notable at $247.50 (8,164 OI) and $250 (5,091 OI).

Verdict: Favorable — dealer pinning around $255–$262 supports selling premium, particularly puts or defined-risk put spreads near 255–260

Premium Opportunities

CSP

Sell 255 Put 2026-05-08 (30 DTE) — cash-secured put

Pinning + positive GEX centered near 255–257.5 (GEX +$11.8M at $255; +$9.7M at $257.50) and bullish flow favor collecting premium with margin of safety. 30d IV (~30.3%) gives attractive credit vs short-dated vols.

Credit: $1.90-$2.30

Max loss: $25290.00

BE: $252.10

Mgmt: Take profits at 50–65% of collected premium; roll down and out if price closes below $253.16 (1-week EM lower guardrail) or roll to a defined-risk put spread; cut losses / buy back if AAPL closes below $250 or option reaches 100% of max loss on mark-to-market.

Put spread

Sell 260 / Buy 250 Put spread 2026-05-08 (30 DTE)

Defined-risk sell within the 260 pin magnet (GEX +$17.3M at $260) gives better capital efficiency than naked CSP while keeping bullish pin bias intact. Spread width $10 limits tail risk where max pain trend is downward but short-term pin supports the structure.

Credit: $1.80-$2.40

Max loss: $760.00

BE: $258.20

Mgmt: Close at 60–70% of max profit; if price tests short strike (260) with strong momentum, roll down 1 strike and/or widen to keep defined risk; close and flip to wider put spread if AAPL prints a daily close below $253.16.

Iron condor

Sell 245/240 Put (buy 240) and Sell 265/270 Call (buy 270) 2026-05-08 (30 DTE)

Market is range-bound short term (2d–2w EM bounds $254.68–$263.12 and $249.87–$267.92). Pinning and strong call OI above means upside is more resisted; the wings sit inside ±~3.5% expected move, collecting decent premium with defined risk.

Credit: $1.10-$1.45

Max loss: $355.00

BE: 241.90 / 266.90

Mgmt: Close at 50% of max profit; tighten/widen or close if either short strike is touched intraday; if volatility collapses or a directional break occurs (daily close outside EM guardrails), exit early.

Covered call (capital owner)

Sell 260 Call 2026-05-08 (30 DTE) against long AAPL shares (covered call)

If you already own AAPL, selling the May8 260 call captures a large premium (unusual activity shows May8 260C last $8.30) and sits right at the 260 pin magnet; fits bullish flow while producing income and a reasonable chance of expiring OTM with pinning.

Credit: $8.00-$9.00

Max loss: Stock exposure (unlimited downside) minus premium collected

BE: $250.90

Mgmt: If AAPL rallies and threatens assignment (close to 260), consider rolling up-and-out to the next month for credit; take 50% profit on premium if decay hits target; if price sells off below $253.16, consider buying back and reestablishing later.

Short-dated defined-risk put spread (weekly, only if you prefer short DTE exposure)

Sell 257.5 Put / Buy 252.5 Put 2026-04-10 (2 DTE) — defined-risk (weekly)

High GEX pinning and large OI at 257.50 (6,254 OI; Vol spike) make very-short-dated defined-risk spreads attractive for experienced managers seeking rapid theta; use only if you can actively manage through pin events.

Credit: $1.20-$1.60

Max loss: $380.00

BE: $256.30

Mgmt: Close for 60–75% profit into EOD prior to expiration or if price moves against you and touches the short strike intraday; do not hold naked through weekend pin events; cut losses if price prints outside 2d EM $254.68–$263.12.

Risk Alerts

!Max pain trend is falling toward $250 over the next several expirations — skew favors puts being more expensive longer-dated; monitor for directional bias shift.

!Gamma pinning (GEX +$258.7M) concentrates price action near $255–$262; short-dated shorts can be magnetized—use defined-risk or active management around key expirations.

!IV term structure rises into late-Apr/May (30d ATM ~30.3%) — while helpful for sellers, any sudden demand (buying flow) could lift IV further and widen wings; manage rolls if IV spikes.

!Unusual flow at $260 strikes (large net call flow and put flow) indicates institutional positioning around 260—be cautious selling naked through that exact level and prefer defined-risk structures if uncomfortable.

!Earnings on 2026-04-30 (outside 2 weeks) — no immediate restriction, but do not sell naked short-dated premium through the April 30 announcement window if your position would cross the event.

How to Use These Reports

This theta reflects the market close on April 8, 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.