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AAPL

Apple Inc.Close $259.20EOD only

Max Pain

$255.00

Next expiry Apr 15, 2026

Expected Move

±$3.73

1.4% from close

Price Gap

-4.20

Distance to max pain

IV Rank

High premium

P/C OI

0.73

Slightly call-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: Apr 13, 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 13, 2026 close

AAPL Theta Report

Analysis based on market close April 13, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.7% from MP; +0.5 VIX 19 (from pre-computed confidence base)

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV 29.8% vs VIX 19.12 — option IV is materially richer than index VIX, giving sellers an edge

Favorable?

Yes

Term structure: Very low near-term IV (0d/2d/4d ATM values suppressed) then re-accelerates into the 18-46d window (ATM ~31.6% at 18d, 28.7% at 32d) — good roll points at 18-46 DTE

💰Avg IV 29.8% vs VIX 19.12 — richer vol vs market favors premium sellers

🕒Term structure: very low immediate IV (0-4d) but elevated across 18-46d — prefer 30-45 DTE for best credit

Pin Risk Assessment

Spot vs MP: At (pre-computed: Spot vs MP = At; current spot $259.20 vs max pain near $257.50/$255)

GEX regime: Pinning (Total GEX +$246.1M — strong dealer short-gamma that creates magnetic effect)

OI concentrations: Large call OI wall $280-$310 (structural). Near-term OI clusters: calls at $265 (7,358), $260 (4,340), $262.50 (3,837); puts concentrated at $220 (12,265), $255 (3,395), $250 (3,589). GEX concentration +$18.9M at $260.00 (pin magnet, +0.3% from spot).

Verdict: Favorable — strong positive GEX and near-term put/call pin magnets (~$260, $262.50, $265) support selling premium and structured credit since dealers are likely to dampen moves toward pins

Premium Opportunities

put spread (CSP-style defined-risk)

Sell 255 / Buy 250 put spread 2026-05-15 (32 DTE)

255 is a near-term max pain and inside the 1-week EM guardrail ($252.83-$265.58). Positive GEX (+$246.1M) pins toward this zone and term-structure IV is richer at ~28.7% for 32d — defined-risk put spread collects attractive premium while limiting assignment risk.

Credit: $1.10-$1.50

Max loss: $3.90

BE: $253.90

Mgmt: Take profit at 50-65% of max credit; roll down 1 strike / out 1-2 expirations if price trades to the short 255 and the position is >70% of max loss; cut losses (buy back) if AAPL closes below $252.83 on daily close or if SPY/QQQ show broad market breakdown.

iron condor (defined-risk wings)

Sell 255P / 250P and Sell 270C / 275C 2026-05-08 (25 DTE) — sell wings inside 1w EM $252.83-$265.58

Pinning GEX concentrates around 260-265 and max pain is in the 255-257.5 area — a balanced condor that sells short put-side at the pin (255) and short calls out near 270 gives two-sided theta and benefits from the low near-term IV but richer mid-term IV; defined risk limits tail exposure.

Credit: $1.00-$1.60

Max loss: $3.40

BE: 252.00 / 271.60

Mgmt: Close at 50% of max profit; if either short strike is tested, consider rolling the tested side 1-2 strikes and collecting additional credit if IV supports; cut losses if AAPL closes beyond the inner breakeven on daily close or if GEX goes materially negative.

covered call (income on long shares)

Buy stock / Sell 260 call 2026-05-15 (32 DTE)

High dealer pinning near 260 and concentrated call OI at 260/262.50 indicates call premium is elevated relative to front-week; selling the 260 covered call captures strong short-dated premium while retaining upside to assigned rollover — good for conservative income with bullish flow.

Credit: $2.65-$3.30

Max loss: Stock downside minus premium (unlimited/stock basis)

BE: $256.55

Mgmt: Buy back at 60-70% of max profit or if stock rallies above 263 with strong momentum; if assigned and you want to stay long, buy back call and re-establish covered call at higher strike or roll out 1-2 weeks for credit.

short put (cash-secured naked) — higher risk

Sell 250 put 2026-05-15 (32 DTE) cash-secured

If you want to synthetically accumulate AAPL at attractive price, the dealer pin and put OI support around 250-255 plus elevated mid-term IV makes selling a single cash-secured put reasonable — but spread alternative preferred for defined risk.

Credit: $0.70-$1.05

Max loss: Stock purchase at 250 minus credit (e.g., ~249.30 basis if credit $0.70)

BE: $249.30

Mgmt: Take profit at 50-75% of collected premium; if price trades to 255 or lower and you are uncomfortable, roll down 2.5-5 strikes and out 1-2 expirations; close before any unexpected market shock or large gap below $252.83.

Risk Alerts

!Earnings on 2026-04-30 (17 days) — outside the 2-week cutoff but close enough to consider closing/rolling positions that extend into the report window.

!High positive GEX (+$246.1M) — while it favors pinning, a structural break below 1-week EM ($252.83) could flip dealer behavior and accelerate downside.

!Unusual concentrated flow at $257.50 strikes (heavy call flow and option activity) — can create short-term spikes and pin pressure around $257.50/$260; monitor order flow and intraday prints.

!Immediate near-term IV is artificially low (0d-4d ATM 8-23%) — selling ultra-short expirations is less attractive; prefer 18-46 DTE where IV re-rates to ~28-31%.

!Large structural call OI wall at $280-$310 — if market internals rotate strongly bullish, that call wall can create asymmetric upside pressure which may widen realized moves and increase assignment risk on covered calls.

Read the Theta analysis for AAPL for 2026-04-13. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.