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AAPL

Apple Inc.Close $316.83EOD only
Max Pain
$300.00
Next expiry Aug 21, 2026
Expected Move
±$5.40
1.7% from close
Price Gap
-16.83
Distance to max pain
IV Rank
20
Low premium
P/C OI
0.72
Slightly call-heavy
Consensus
8.5/10
Bullish tilt
Published snapshot: Aug 19, 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 19, 2026 close
AAPL Theta Report
Analysis based on market close May 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 21, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Credit put spreads
Invalidation: Spot breaks below $290 support
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.4% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
Front-month ATM IV 15.65% below VIX 16.76; put skew 84.75%.
Favorable?
Yes

Term structure: Term structure upward after 1 month; short-dated skew due to pinning.

⚠️Extreme put skew front-week; hedge demand.
📈Strong GEX +$581.9M supports premium selling.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+581.9M)

Gamma flip: ~$240.00 — Approx — based on put OI concentration of 58,160 (21.3% below spot)

OI concentrations: Put OI heavy at $240; max pain $295-$298.

Verdict: Moderate pin risk; spot above max pain with put floor support.

Premium Opportunities

#1
Put credit spread
Sell 2026-06-18 $295.00/$280.00 put spread
Sell put spread to collect premium while staying above key support.
Credit: $2.12-$2.59
Max loss: $12.41
BE: $292.41
Mgmt: Exit at 50% max gain or if spot breaks $290.
#2
Call credit spread
Sell 2026-06-18 $315.00/$325.00 call spread
Sell call spread to capture theta with downside bias.
Credit: $2.05-$2.51
Max loss: $7.49
BE: $317.51
Mgmt: Exit at 50% max gain or if spot breaks $310.

Risk Alerts

!Avoid naked puts due to high short-dated skew.
!Resistance at $310 may cap upside.
How to Use These Reports
This theta reflects the market close on May 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.