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AAPL

Apple Inc.Close $260.48EOD only

Max Pain

$255.00

Next expiry Apr 13, 2026

Expected Move

±$3.20

1.2% from close

Price Gap

-5.48

Distance to max pain

IV Rank

High premium

P/C OI

0.73

Slightly call-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 10, 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 10, 2026 close

AAPL Theta Report

Analysis based on market close April 10, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

8 / 10

base 8.0 (given); +2 GEX pinning/flow aligned; +1 strong dealer positioning (GEX +$330.0M); -0.5 normal IV (not rich)

IV Environment

IV Regime

Normal

IV vs VIX

IV Avg 29.1% (symbol) vs VIX unknown — ATM short-dated IVs are depressed (0d 6.5%, 3d 15.1%, 7d 22.1%) while mid-dates (~21–42d) are ~27–29% — mixed term structure

Favorable?

Yes

Term structure: Front-week IV very low (6.5% today), increases across 3–21d then flattens ~26–29% in the 21–70d band — favorable to selling 21–45 DTE where vol is higher

💰Dealer GEX +$330.0M and concentrated pin magnets near spot (260/262.5/265) supports premium decay

⚖️Avg IV 29.1% — not sky-high but decent for defined-risk spread selling in 30–45 DTE

Pin Risk Assessment

Spot vs MP: Spot $260.48 is above Max Pain $255.00 (distance $5.48, -2.1% relative to spot to the MP)

GEX regime: Pinning (GEX +$330.0M) — dealers are positioned to dampen moves back toward option cluster zones

OI concentrations: Call OI wall $280-$310 (structural); near-term call clusters at $265 (27,362 OI), $270 (18,351 OI), $260 (12,679 OI). Put clusters at $245 (12,567 OI), $252.50 (8,655 OI). Strong GEX pin magnets: +$34.4M @ $260.00, +$17.1M @ $262.50, +$18.8M @ $265.00, +$8.4M @ $257.50, +$5.1M @ $255.00.

Verdict: Favorable — pinning dealers + positive GEX reduce tail risk for short premium and support selling put spreads/collars near $255–$260

Premium Opportunities

put spread

Sell 255/250 put spread 2026-05-15 (35 DTE)

Max pain $255 is aligned with strong GEX pin magnets at $255–$260 and large call-flow at $255/$260 — defined-risk 5-wide put spread collects skewed premium while dealer pinning reduces likelihood of a fast drop into the short put. 35 DTE sits in the richer part of term structure (~27.4% ATM for 35d).

Credit: $1.10-$1.40

Max loss: $3.60

BE: $253.90

Mgmt: Take 60–70% credit profit (close) at first target; roll down-and-out if price closes below $255 and IV spikes (roll to next 35–45d, maintain defined risk); cut losses and close if AAPL trades and closes below $250 (short strike) or breach of EM 1w lower $255.33 on daily close.

iron condor

Sell 260/265 call spread + sell 250/245 put spread 2026-05-15 (35 DTE)

Uses the pinning regime and the 2-way OI concentration. Selling a 5x5 iron condor collects wider wing premium while staying inside EM 1w range [$255.33–$265.64]; GEX +330M centered near 260 will act to compress toward center. Good risk/reward when you can get ~1.60–2.10 credit on a 5-wide breakeven band.

Credit: $1.60-$2.10

Max loss: $3.40

BE: 248.40 / 267.10

Mgmt: Close at 50% of max profit; if one short strike is tested (any daily close outside short strike), tighten/roll that side to next 21–35d with similar width or convert to broken-wing; cut losses if both short strikes are threatened or stock closes beyond EM 2d bounds $257.28/$263.68 (i.e., breach with momentum).

covered call

Sell 275 call 2026-05-15 (35 DTE) against long stock

If you already own AAPL, selling 275 cover collects decent theta while leaving upside (~5.6% to 275) to the call buyer. Call OI wall sits well above at $280-$310, lowering early-assignment pressure. This is a conservative income trade given dealer pinning.

Credit: $0.80-$1.20

Max loss: Stock downside (unlimited) offset by premium

BE: $259.68

Mgmt: Buy back at 60% of max profit; if stock rallies quickly toward $275, consider rolling up-and-out to next 35–45d; if stock drops below $255 close/roll covered calls and consider switching to put spreads to re-deploy capital.

calendar (call-weighted)

Sell 260 call 2026-04-24 (14 DTE) and buy 260 call 2026-05-15 (35 DTE)

Front-week call IV is very low (14d/7d ATM ~22%), but the calendar captures theta decay on the short week and retains long-dated vega. Works if spot stays near $260 pin; positive GEX helps pin into short strike. Use when you want to express low-risk call-selling while keeping upside exposure.

Debit: $0.25-$0.50

Max loss: $0.50

BE: Construct-level depends on call vols — aim for spot at/near 260 at first expiry

Mgmt: Close/roll short leg before weekly expiry if stock moves >$2 away from 260; take 50% profit on calendar if time-decay and vol convergence produce target; cut if front-week IV spikes >2x or if underlying moves beyond EM 2d bounds $257.28/$263.68.

Risk Alerts

!Max pain concentrated at $255 through multiple expirations — a forced move below $255 could trigger heavier dealer gamma and stress short-put sellers. Invalidation level: sustained close below $255.

!Large positive GEX (+$330.0M) can pinch price toward OI clusters; while this helps pin short premium, sudden directional flows could flip behavior — watch flow/volume for breakouts.

!Unusual flow concentrated at $255 and $260 calls (top premium flow: $255 Call net $25,476,825; $260 Call net $19,869,298) — institutional call buying skews upside risk if momentum picks up.

!Front-week IV is extremely low (0d 6.5%, 3d 15.1%) — avoid selling unprotected naked premium through the front-week if you cannot manage assignment/rapid moves; prefer defined-risk spreads if using weekly expirations.

!Earnings 2026-04-30 (~20 days) — do not hold naked short premium into earnings; prefer to close/roll positions ahead of the event.

Read the Theta analysis for AAPL for 2026-04-10. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.