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AAPL

Apple Inc.Close $266.43EOD only

Max Pain

$255.00

Next expiry Apr 17, 2026

Expected Move

±$4.76

1.8% from close

Price Gap

-11.43

Distance to max pain

IV Rank

100

High premium

P/C OI

0.72

Slightly call-heavy

Consensus

6.0/10

Consensus signal

Published snapshot: Apr 15, 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 15, 2026 close

AAPL Theta Report

Analysis based on market close April 15, 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 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.5% from MP; +0.5 VIX 18

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV 31.2% vs VIX 18.17 — overall long-dated/term vol rich relative to market; near-term ATM IVs are compressed (2026-04-17 ATM 24.7%, 2026-04-15 ATM 9.4%).

Favorable?

Yes

Term structure: Front-week term is very cheap (0d 9.4%), 2–9d is ~24–26%, then a clear jump into the May 01 16d ATM 32.9% — a steep near-term term structure kink into the May expirations.

💰Long-dated/30–60d IV (≈29–33%) is elevated vs spot market VIX 18.17 — longer-dated premium looks attractive to sell.

⚠️Very low same-day IV (0d ATM 9.4%) and cheap weeklies increase calendar/diagonal sensitivity — avoid naked short weeklies through earnings windows.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+583.2M)

OI concentrations: Max pain cluster $258/$255 (near-term expirations) vs strong GEX magnets at $265 (+$135.0M), $267.50 (+$55.0M), $270 (+$51.7M). Spot $266.43 sits between these pin magnets and max pain $258.

Verdict: Favorable — strong positive GEX (+$583.2M) and concentrated GEX at $265–$270 create a pinning environment that helps defined-risk bullish premium sells (put spreads, cash-secured puts). However, short-dated weeklies are compressed and can flip quickly; manage expiries near pinning days.

Premium Opportunities

Put credit spread

Sell 2026-05-15 $255.00/$250.00 put spread

Uses supportive pinning regime and elevated IV to collect premium.

Credit: $1.06-$1.29

Max loss: $3.71

BE: $253.71

Mgmt: Close at 65% profit; exit on close <$257.50

Call calendar

Sell 2026-04-17 $270.00 call / buy 2026-05-15 $270.00 call

Sell the rich front-week decay and own longer-dated vega to defend against IV moves.

Debit: $5.84-$7.14

Max loss: $7.14

BE: Path-dependent

Mgmt: Close if short-week IV increases >6 vol points or price rallies through short strike

Iron condor

Sell 2026-04-17 $260.00/$250.00 put wing and $272.50/$280.00 call wing

Keep defined wings and manage early — take profits at 40–60%.

Credit: $0.75-$0.91

Max loss: $9.09

BE: 259.09 / 273.41

Mgmt: Take profits early; widen or exit if price breaks EM

Risk Alerts

!Earnings on 2026-04-30 (15d) — avoid selling naked into the earnings event; prefer defined-risk structures or expiration before event.

!Very low same-day/ultra-short IV (0d ATM 9.4%) — weeklies can be deceptively cheap and subject to large gamma moves; avoid heavy naked exposure on 0–2d expiries.

!Pinning GEX (+$583.2M) can quickly flip to trend if net premium flow reverses — monitor net premium and put/call volume for signs of flow reversal.

!Heavy institutional call concentration and flow at $260–$280 (Top premium flow and OI walls) — short calls near these levels have assignment and squeeze risk on sudden rallies.

!Unusual activity in short-dated puts/calls around 4/15–4/17 (large volume multipliers) — watch orderflow for potential directional bets that could spike short-term IV.

Read the Theta analysis for AAPL for 2026-04-15. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.