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AAPL

Apple Inc.Close $307.34EOD only

Max Pain

$310.00

Next expiry Jun 8, 2026

Expected Move

±$6.75

2.2% from close

Price Gap

+2.66

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.70

Slightly call-heavy

Consensus

7.5/10

Bullish tilt

Published snapshot: Jun 5, 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

Jun 5, 2026 close

AAPL Theta Report

Analysis based on market close April 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 23, 2026. A newer theta report is available for June 5, 2026.

View latest report

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.2% from MP; +0.5 VIX 19

IV Environment

IV Regime

Normal

IV vs VIX

Spot ATM IV ~19–22 (30d) sits below VIX; front-week put IV is stretched (24–55), creating strong 1–7d skew.

Favorable?

Term structure: Term structure: elevated front-week skew vs calmer 2–6 week IV; 30‑day average IV ~22 (not 30) — short-dated tail is the main premium source.

📌Max-pain cluster at $265–$270 aligns with dealer +GEX and concentrated put OI.

⚠️1d put IV spike (up to ~55) — short-dated tail risk elevated; favour defined-risk trades.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+474.9M)

OI concentrations: Put OI concentrated at $265–$270 across near expiries; call OI wall $295–$310.

Verdict: High pinning risk near $265–$270. Short-gamma exposure rises sharply within ~1–2% of these strikes — expect repricing and painful hedging; prefer limited-width spreads and pre-defined roll/margin rules.

Premium Opportunities

Put credit spread

Sell 2026-05-29 $265.00/$250.00 put spread

Sell 265/250 put spread to collect premium while capping downside and avoiding front‑week gamma.

Credit: $2.86-$3.49

Max loss: $11.51

BE: $261.51

Mgmt: Close or roll if spot <$270 or IV spikes; cap loss at max loss or buy back if short‑dated put IV jumps; consider 1–2% width adjustment near invalidation.

Iron condor

Sell 2026-05-29 $255.00/$240.00 put wing and $290.00/$300.00 call wing

Sell 255/240 put and 290/300 call wings to exploit post‑earnings skew while limiting risk.

Credit: $3.09-$3.78

Max loss: $11.22

BE: 251.22 / 293.78

Mgmt: Tighten or hedge if spot moves >1–2% toward a wing; close calls if VIX>25 or rapid GEX erosion.

Cash-secured put

Sell 2026-05-29 $255.00 cash-secured put

Sell 255 cash‑secured put to collect premium and potentially acquire stock below pin band.

Credit: $2.66-$3.25

Max loss: $251.75

BE: $251.75

Mgmt: Reduce size or buy back if spot <$265 or VIX>25; ensure capital reserved for assignment.

Risk Alerts

!Short-dated put IV spike — gap/down risk overnight

!Spot >3% from max-pain ($265–$270) reduces edge; tighten management

!VIX breach >25 or rapid dealer GEX erosion invalidates sell bias

How to Use These Reports

This theta reflects the market close on April 23, 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.