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AAPL

Apple Inc.Close $273.05EOD only

Max Pain

$265.00

Next expiry Apr 22, 2026

Expected Move

±$4.04

1.5% from close

Price Gap

-8.05

Distance to max pain

IV Rank

Low premium

P/C OI

0.70

Slightly call-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Apr 20, 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 20, 2026 close

AAPL Theta Report

Analysis based on market close April 21, 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); +0.5 spot 1.4% from MP; +0.5 VIX 20

IV Environment

IV Regime

Normal

IV vs VIX

Spot ATM IV ~16–18 sits below index VIX (19.5); concentrated put IV pockets on 4/24 and 5/01 are richer than spot.

Favorable?

Term structure: Mixed term structure: short-dated IV broadly depressed except pronounced put skew into 4/24 and front‑month lift into early May; longer-dated IV roughly normal.

📌Put IV rich in 4/24 and 5/01 — increases cost of asymmetric downside protection

⚖️Concentrated OI/GEX may pin, producing elevated short-term tail risk; avoid aggressive short premium into listed expiries

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+290.1M)

OI concentrations: OI concentrated at $270/$268/$260 puts with call wall $280–$310; expiries clustered short‑dated.

Verdict: Elevated short-term pin and tail-risk into 4/24–5/01; selling premium near these levels is risky without defined risk or hedges.

Premium Opportunities

Put calendar

Sell 2026-06-18 $240.00 put / buy 2026-07-17 $240.00 put

Sell Jun18 $240 put / buy Jul17 $240 put to collect front IV pocket with defined calendar exposure and minimal directional bias.

Debit: $1.26-$1.54

Max loss: $1.54

BE: Path-dependent

Mgmt: Roll short put wider or to later front expiry if IV compresses; cut if sustained break below $252 or VIX>25.

Call calendar

Sell 2026-06-18 $295.00 call / buy 2026-07-17 $295.00 call

Sell Jun18 $295 call / buy Jul17 $295 call to harvest near‑term call premium while keeping defined calendar hedge.

Debit: $1.45-$1.77

Max loss: $1.77

BE: Path-dependent

Mgmt: Manage by rolling short call out/away on IV drop; close on sustained break above $280 or unexpected VIX jump.

PMCC / LEAPS diagonal

Buy 2026-10-16 $285.00 call + sell 2026-07-17 $295.00 call

Buy Oct10/16 $285 call and sell Jul17 $295 call to fund long LEAP and create roll paths.

Debit: $8.64-$10.56

Max loss: $10.56

BE: Path-dependent

Mgmt: Adjust short calls monthly; trim or buy protection if price exceeds invalidation or IV widens materially.

Risk Alerts

!Break and hold above $280 invalidates premium-selling edge

!Large intraday gap down with VIX>25 will spike put IV and widen spreads

!Avoid naked short premium into 4/24–5/01 expiries; use defined-risk structures

How to Use These Reports

This theta reflects the market close on April 21, 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.