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AAPL

Apple Inc.Close $341.07EOD only
Max Pain
$335.00
Next expiry Sep 28, 2026
Expected Move
±$3.75
1.1% from close
Price Gap
-6.07
Distance to max pain
IV Rank
13
Low premium
P/C OI
0.74
Slightly call-heavy
Consensus
8.5/10
Bullish tilt
Published snapshot: Sep 25, 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
Sep 25, 2026 close
AAPL Theta Report
Analysis based on market close May 13, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 13, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Attractiveness8 / 10
Sizing: Aggressive
Primary: Short Put Spreads
Invalidation: Spot closes below $240 support or breaks gamma flip level
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.1% from MP; +1 VIX 18

IV Environment

IV Regime
Normal
IV vs VIX
IV (avg 31.6%) significantly above VIX (17.9), indicating elevated premium
Favorable?
Yes

Term structure: Front-end IV elevated due to near-term expirations with high put IV; term structure relatively flat from 2 weeks out

⚠️2DTE put IV at 115.6% signals extreme short-dated fear

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+894.4M)

Gamma flip: ~$240.00 — Approx — based on put OI concentration of 58,232 (19.7% below spot)

OI concentrations: Put floor at $240 (58.2K OI), call wall at $320, max pain $290

Verdict: Moderate pin risk with strong dealer gamma long near spot; spot above MP suggests upward drift

Premium Opportunities

#1
Short strangle
Sell 2026-06-05 $275.00 put + sell $315.00 call
Sell put/call at $275/$315, capturing elevated premium ahead of earnings.
Credit: $2.84-$3.47
Max loss: Unlimited
BE: 271.53 / 318.47
Mgmt: Monitor spot near $240 support; close at 50% max gain or before earnings.

Risk Alerts

!Elevated put IV on near-term expirations
!Large put OI concentration at $240 may act as strong support
How to Use These Reports
This theta reflects the market close on May 13, 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.