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AAPL

Apple Inc.Close $270.23EOD only
Max Pain
$260.00
Next expiry Apr 20, 2026
Expected Move
±$3.44
1.3% from close
Price Gap
-10.23
Distance to max pain
IV Rank
100
High premium
P/C OI
0.68
Slightly call-heavy
Consensus
6.5/10
Consensus signal
Published snapshot: Apr 17, 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 17, 2026 close
AAPL Theta Report
Analysis based on market close April 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Conservative
Primary: Sell a 30‑day iron‑condor: sell 1x 270/260 put credit spread and 1x 285/295 call credit spread (1 contract = ~100 shares exposure); position size: 1–3 contracts scaled to max risk $300–600 per contract (total risk budget $900 max); roll/hedge if spot <258 or call-side IV rises >8 vol points
Invalidation: Spot breach below $257.97, sustained move above $277–280, or IV repricing +8 vol points on near-dates invalidates passive theta thesis
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.0% from MP; +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
Stock IV (~30.7) > VIX (18.87): stock-specific premium elevated
Favorable?
Yes

Term structure: Near-term vols richer, front-week gamma high; 1–8 week skewed puts vs moderate longer-term vols

📌Max‑pain clustering at $265 across expiries — short-term pinning risk
⚠️Front-week gamma and assignment risk elevated — prefer 30‑day legs to reduce short-dated exposure
💧Expected bid/ask per spread typically $0.05–$0.40; watch liquidity on wings before sizing

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+498.7M)

OI concentrations: Max‑pain pins concentrated at $265 with secondary $260; no single deep put wall within 30% below spot

Verdict: Elevated short-term pin risk around $265 through 4/24–4/26; risk decays after expiries if spot moves away. Avoid large short-call notional into potential ex‑dividend/earnings windows.

Premium Opportunities

#1
Iron condor
Sell 2026-05-15 $255.00/$235.00 put wing and $295.00/$310.00 call wing
Short premium using ~0.18 deltas with 10‑point wings to improve fill odds; targets theta decay over ~30 days and caps tail risk via defined wings.
Credit: $2.69-$3.29
Max loss: $16.71
BE: 251.71 / 298.29
Mgmt: If spot <258, consider rolling/adjusting put side; if call-side IV rises >8 vol points, consider widening or rolling out; cut position on sustained breach below 258 or move above 277–280; size to margin and avoid front-week expiries.

Risk Alerts

!Check upcoming earnings/ex‑dividend dates before opening short calls or short-put carry
!Wide bid/ask on off‑the‑money wings can blow up fills — verify liquidity; expect $0.05–$0.40 spreads
!Margin and short‑dated gamma: front‑week shorts can spike margin and P/L; avoid front‑week expiries or size down
!Early assignment risk on short ITM puts near ex‑dividend — size/hedge accordingly
How to Use These Reports
This theta reflects the market close on April 20, 2026.
What the reports do

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.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.