thetaOwl

AAPL

Apple Inc.Close $310.85EOD only
Max Pain
$300.00
Next expiry May 29, 2026
Expected Move
±$4.38
1.4% from close
Price Gap
-10.85
Distance to max pain
IV Rank
27
Middle-high premium
P/C OI
0.72
Slightly call-heavy
Consensus
8.0/10
Bullish tilt
Published snapshot: May 27, 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 27, 2026 close
AAPL Theta Report
Analysis based on market close April 10, 2026

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

You are viewing an older report from April 10, 2026. A newer theta report is available for May 26, 2026.

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Theta Verdict

Attractiveness7.5 / 10
Sizing: Moderate
Primary: Sell put spreads near the $255–$260 pin (30–45 DTE) — defined-risk, skewed bullish
Invalidation: Close below $255 max pain / EM guardrail (1w lower) — sustained trade below $255 would invalidate short-put bias
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

#1
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.
#2
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).
#3
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.
#4
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.
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This theta reflects the market close on April 10, 2026.
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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.

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