Home Options AAPLReports

AAPL

Apple Inc.Close $258.83EOD only

Max Pain

$257.50

Next expiry Apr 15, 2026

Expected Move

±$2.84

1.1% from close

Price Gap

-1.33

Distance to max pain

IV Rank

High premium

P/C OI

0.73

Slightly call-heavy

Consensus

6.0/10

Consensus signal

Published snapshot: Apr 14, 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 14, 2026 close

AAPL Theta Report

Analysis based on market close April 14, 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 (GEX +242.8M); +1 GEX positive (pinning); +1 spot at Max Pain; +0.5 VIX 18.36

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV 30.5% vs VIX 18.36 — IV is richer than index vols (flows concentrated in calls), short-term ATM IVs 17.8%–31.9% (1d–17d).

Favorable?

Yes

Term structure: Front-week IV depressed (1d ATM 17.8%, 3d 23.6%, 6d 21.9%) then rises into the 17d/30d window (May1 ATM 31.9%, May15 ATM 28.4%) — workable for selling 17–45 DTE wings or buying/ratio calendars across expiries.

💰Avg IV 30.5% vs VIX 18.36 — option premiums are relatively rich vs. index vols

📈Front-week IV depressed (17.8% 1d) — avoid naked weekly puts/calls across earnings-like windows

Pin Risk Assessment

Spot vs MP: At (pre-computed: Spot vs MP = At; Max pain pins: $258 on 2026-04-15 and $255 for later expirations)

GEX regime: Pinning (Total GEX +242.8M) — dealers are positioned to pin around concentrated strikes

OI concentrations: Call OI wall $280-$310 (structural); near-term call OI clusters at $280 (52,884), $270 (32,779), $300 (30,990); put clusters at $235 (25,452), $245 (20,963), $260 (18,926). Strong GEX at $260/$262.50/$265 (each +$22M range).

Verdict: Favorable — strong positive GEX + concentrated OI near 255-265 creates a pinning environment that supports selling premium, especially puts or put spreads into the 255–262 area.

Premium Opportunities

put spread

Sell 255 / buy 250 put spread exp 2026-05-01 (17 DTE)

Pinning + GEX concentration at 260/262.5/265 supports downside magnet to ~255; May1 ATM IV 31.9% gives attractive short premium in 17 DTE window while limiting downside with defined risk.

Credit: $0.80-$1.20

Max loss: $3.20

BE: 255 - credit (≈254.20 to 254.00)

Mgmt: Take profit at 65% of max credit; roll down 1–2 strikes and out 1 expiry if price closes below $252.63; cut losses if price trades and closes below $250 or if spread trades to >50% of max loss.

iron condor

Sell 250/245 put spread + sell 280/285 call spread exp 2026-05-29 (45 DTE)

Wide 45-DTE wings take advantage of term-structure (mid-term IV elevated vs front-week) and structural call OI wall at 280–310 provides call-side resistance; positive GEX supports pinning inside the wings.

Credit: $1.10-$1.60

Max loss: $3.90

BE: Lower ≈ 250 - credit (≈248.90 to 248.40) / Upper ≈ 280 + credit (≈281.10 to 281.60)

Mgmt: Close at 50% of max profit; tighten / buy back wings if either short strike is touched (sell to close opposite wing to convert to vertical) or if underlying closes beyond the 1-week EM guardrail ($252.63/$265.02).

covered call

Buy AAPL stock and sell 265 call exp 2026-05-01 (17 DTE)

Short 265 call yields 1.50–1.61 in 17 DTE (chain shows 265C 1.50/1.61); covered call collects rich short-term premium while remaining under structural call OI wall (280+). Good for conservative income with defined upside (assignment at 265).

Credit: $1.50-$1.61

Max loss: Stock downside (minus premium) — e.g., 100 shares: theoretical max loss to 0 less premium

BE: $257.33

Mgmt: Buy back call at 50% of premium if stock rallies toward strike; let be assigned if you are comfortable selling at 265; cut loss if stock closes below $252.63 and you want to limit share drawdown.

calendar (call)

Sell 2026-04-17 260 call, buy 2026-05-29 260 call (short front-week, long 45d)

Front-week IV depressed (3d ATM 23.6% / 1d ATM 17.8%) vs longer-dated IV (45d ATM ~27.1%) — calendar sells front-week theta while being long vega for any medium-term vol pickup. Unusual activity shows heavy trading at 260/262.5 front-week, creating rent capture opportunity.

Debit: $0.60-$0.95

Max loss: $0.95

BE: Calendar breakeven is range-dependent; favorable if spot near 260 at front-week expiry

Mgmt: Close/roll if spot >262.5 prior to short expiry or if front-week premium decays <30% of received; take profits at 40% of max debit recovery; cut loss if spot moves beyond 2% from strike or calendar value drops sharply (<30% of entry).

Risk Alerts

!Unusual concentrated flow into 4/15 strikes around 260/262.5 (heavy call and put flow) — expect pin action and elevated hedge flows into front-week expirations.

!Gamma / pinning: Total GEX +242.8M — dealers may aggressively hedge, creating pinning but also faster moves if the pin breaks; be ready to cut or roll positions if underlying breaks key EM guardrails.

!Earnings 2026-04-30 (≈16 days) — avoid naked directional premium through earnings; prefer defined-risk or close before the event.

!Front-week IV compression: 1d ATM 17.8% (very low) — selling extremely short-dated naked premium can be risky if a gap moves into/through your strikes; use defined-risk spreads for weeklies.

!Structural call OI wall at $280-$310 — significant call interest could cap upside but also means large option positions exist far OTM that can flip into tail risk if a move accelerates.

Read the Theta analysis for AAPL for 2026-04-14. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.