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AAPL

Apple Inc.Close $304.99EOD only
Max Pain
$295.00
Next expiry May 22, 2026
Expected Move
±$2.74
0.9% from close
Price Gap
-9.99
Distance to max pain
IV Rank
27
Middle-high premium
P/C OI
0.71
Slightly call-heavy
Consensus
8.5/10
Bullish tilt
Published snapshot: May 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
May 21, 2026 close
AAPL Theta Report
Analysis based on market close May 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Aggressive
Primary: Not specified
Invalidation: Break below $298 or sustained VIX spike above 20
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.8% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 30% vs VIX 16.7 — elevated, favorable for sellers
Favorable?
Yes

Term structure: Short-dated put IV elevated; term structure shows forward skew

📈Put IV on 0DTE 117% vs call 37% — fear pricing
💰IV ranked above VIX indicates rich premiums

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+805.2M)

Gamma flip: ~$240.00 — Approx — based on put OI concentration of 58,239 (22.3% below spot)

OI concentrations: Put wall at $240 (58K OI) 22% below spot; max pain pin at $298 for 0DTE

Verdict: Low pin risk today; spot at $308 vs max pain $298

Premium Opportunities

#1
Iron condor
Sell 2026-07-17 $300.00/$290.00 put wing and $325.00/$335.00 call wing
Sells OTM put and call spreads to capture theta decay.
Credit: $4.24-$5.18
Max loss: $4.82
BE: 294.82 / 330.18
Mgmt: Close at 50% max gain or adjust if spot breaches wings.
#2
Put credit spread
Sell 2026-07-17 $295.00/$285.00 put spread
Sells put spread below support to collect premium with defined risk.
Credit: $1.75-$2.14
Max loss: $7.86
BE: $292.86
Mgmt: Consider early close if spot drops below $300.
#3
Cash-secured put
Sell 2026-07-17 $290.00 cash-secured put
Sells naked put to earn premium with cash collateral.
Credit: $3.26-$3.99
Max loss: $286.01
BE: $286.01
Mgmt: Roll down or close if spot approaches strike.

Risk Alerts

!Gamma flip level at $240 — distant but significant if breached
!Spot 3.8% above max pain — potential pullback risk
How to Use These Reports
This theta reflects the market close on May 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.