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AAPL

Apple Inc.Close $310.03EOD only

Max Pain

$305.00

Next expiry Aug 19, 2026

Expected Move

±$3.31

1.1% from close

Price Gap

-5.03

Distance to max pain

IV Rank

Low premium

P/C OI

0.71

Slightly call-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: Aug 18, 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

Aug 18, 2026 close

AAPL Theta Report

Analysis based on market close May 20, 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 May 20, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Confidence:

6 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 VIX 17; override: High put skew and near-term caution warrant lower attractiveness

IV Environment

IV Regime

Normal

IV vs VIX

IV 29.3% vs VIX 17.4, elevated by ~12pts

Favorable?

Yes

Term structure: Near-term put skew extreme (5/22 put IV 82%), term structure dips at 6d then contango

⚠️Put skew elevated on 5/22 expiry; caution near term.

📌Max pain $295 pins spot; dealers long gamma $795M.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+795.6M)

Gamma flip: ~$240.00 — Approx — based on put OI concentration of 58,176 (20.6% below spot)

OI concentrations: Put floor $240 (58k), call wall $320, max pain $295 near spot

Verdict: Moderate pin risk; high OI at $295, dealers long gamma reduces risk.

Premium Opportunities

Put credit spread

Sell 2026-06-12 $290.00/$285.00 put spread

Sell 290/285 put spread to collect premium with defined risk

Credit: $0.78-$0.96

Max loss: $4.04

BE: $289.04

Mgmt: Close at 50% profit or if spot breaks 290

Cash-secured put

Sell 2026-06-12 $280.00 cash-secured put

Sell 280 put to collect IV premium

Credit: $1.17-$1.42

Max loss: $278.58

BE: $278.58

Mgmt: Roll out if spot approaches 280

Risk Alerts

!Elevated put skew on 5/22 expiry; potential event risk.

!Spot near max pain $295; pinning possible.

!Gamma flip at $240 if spot drops sharply.

How to Use These Reports

This theta reflects the market close on May 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.