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AAPL

Apple Inc.Close $266.17EOD only
Max Pain
$270.00
Next expiry Apr 22, 2026
Expected Move
±$3.67
1.4% from close
Price Gap
+3.83
Distance to max pain
IV Rank
23
Low premium
P/C OI
0.68
Slightly call-heavy
Consensus
6.5/10
Range bias
Published snapshot: Apr 21, 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 21, 2026 close
AAPL Theta Report
Analysis based on market close April 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Conservative
Primary: Short-dated covered-call or weekly iron-condor (sell ATM/weak-OTM calls and hedge put exposure)
Invalidation: Sustained move above major resistance ($285+) with rising IV/VIX or rapid drop in dealer GEX
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
Spot IV ~30% vs VIX 18.9 — overall IV elevated vs equities; very short-dated ATM suppressed expiry-day while 2–9d shows rich put demand concentrated in specific weeklies.
Favorable?
Yes

Term structure: Front-end noisy: expiry-day ATM crushed; 2–7d shows elevated put skew concentrated at weekly strikes near $268–$262; 2–8 week vols higher than longer tails.

📌Max-pain clustering at $268 with recurring pins 4/22–4/27 — short-dated put demand concentrated there
🧭Dealer GEX strongly positive (+$595.8M) supporting pinning and theta for sellers, but watch for quick GEX reversals

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+595.8M)

OI concentrations: Short-dated put OI concentrated at $268 and $262 across weeklies; larger call OI wall $295–310; no deep long-dated put wall >30% below spot.

Verdict: High near-term pin risk at $268 across weekly expiries due to concentrated short-dated put demand; risk of sticky spot into expiries.

Premium Opportunities

#1
Iron condor
Sell 2026-05-15 $257.50/$247.50 put wing and $285.00/$295.00 call wing
Sell 5/15 257.5/247.5 put and 285/295 call wings to collect premium across the expected pin range
Credit: $2.95-$3.61
Max loss: $6.39
BE: 253.89 / 288.61
Mgmt: Close or roll if price threatens a wing or IV spikes; tighten wings before earnings
#2
Covered call
Buy shares + sell 2026-05-15 $280.00 call
Buy shares and sell 5/15 $280 call to harvest premium while holding upside
Credit: $4.54-$5.56
Max loss: Stock downside to $0 less call premium
BE: $267.61
Mgmt: Buy back calls or roll up if stock rallies above resistance ($285+) or ahead of earnings
#3
Put credit spread
Sell 2026-05-29 $255.00/$250.00 put spread
Sell 5/29 255/250 put spread for ≥$1.50 credit (max loss $350 per spread) when conditions above met and bid/ask spread ≤$0.30
Credit: $0.73-$0.89
Max loss: $4.11
BE: $254.11
Mgmt: Invalidation: close if spot <267.5 or 30‑day IV falls <22%. Take profits at 30–50% of max gain; cut losses at 50% of max loss or roll wider/down if bullish thesis remains.

Risk Alerts

!Earnings/headline or IV spike that re-prices put skew
!Break and hold above $285 on volume (invalidates selling edge)
!Rapid VIX move upward (>~6 pts) or dealer GEX reversal
How to Use These Reports
This theta reflects the market close on April 22, 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.