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AAPL

Apple Inc.Close $311.23EOD only
Max Pain
$305.00
Next expiry Jun 5, 2026
Expected Move
±$3.17
1.0% from close
Price Gap
-6.23
Distance to max pain
IV Rank
38
Middle-high premium
P/C OI
0.70
Slightly call-heavy
Consensus
8.5/10
Bullish tilt
Published snapshot: Jun 4, 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 4, 2026 close
AAPL Theta Report
Analysis based on market close June 5, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Sell call spreads near $310 resistance, avoid naked puts due to market weakness
Invalidation: Break below $305 support or VIX > 25
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.8% from MP; +0.5 VIX 22

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 33.4% vs VIX 21.5, elevated
Favorable?
No

Term structure: Backwardated near-term (5d 31.2% > 21d 26.3%)

📉Market weakness (SPY -2.6%, QQQ -4.8%) raises risk of breakdown below $305
⚠️Gamma flip at $240 could turn OTM puts into ITM on sharp drop

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+462.6M)

Gamma flip: ~$240.00 — Approx — based on put OI concentration of 59,986 (21.9% below spot)

OI concentrations: Put OI at $240 (59,986 contracts, 21.9% below spot); Call OI wall at $345; MP today $305

Verdict: Pinning likely near $305 but gamma flip risk at $240 if spot drops sharply

Premium Opportunities

#1
Call diagonal
Sell 2026-06-12 $310.00 call / buy 2026-09-18 $300.00 call
Collects elevated premium at $310 resistance while maintaining upside potential post-earnings.
Debit: $17.03-$20.82
Max loss: $20.82
BE: Path-dependent
Mgmt: Exit if stock breaks below $305; adjust if IV collapses.
#2
PMCC / LEAPS diagonal
Buy 2026-11-20 $285.00 call + sell 2026-07-17 $330.00 call
Long-dated call provides leveraged upside, short call generates income in high IV.
Debit: $32.31-$39.49
Max loss: $39.49
BE: Path-dependent
Mgmt: Roll short call if tested; close if stock drops below $305.

Risk Alerts

!Broader market weakness (SPY -2.6%, QQQ -4.8%)
!VIX at 21.5 in elevated volatility regime
!Gamma flip at $240 if spot drops significantly
How to Use These Reports
This theta reflects the market close on June 5, 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.