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AAPL

Apple Inc.Close $343.99EOD only
Max Pain
$340.00
Next expiry Oct 23, 2026
Expected Move
±$5.26
1.5% from close
Price Gap
-3.99
Distance to max pain
IV Rank
16
Low premium
P/C OI
0.83
Slightly call-heavy
Consensus
8.5/10
Bullish tilt
Published snapshot: Oct 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
Oct 21, 2026 close
AAPL Theta Report
Analysis based on market close June 8, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 8, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Short strangles near max pain, cautious on expiration skew
Invalidation: Spot breaks below $295 support or above $310 resistance
Confidence:
5.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
IV 34.2% vs VIX 18.9, elevated ~15pts
Favorable?
Yes

Term structure: Near-term skew extreme (0DTE call 44%, put 27%); back months normal

🎯Max pain pin at $310 across 3 expirations, gamma support
⚠️0DTE call skew 44% vs put 27%, mispricing risk

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+304.0M)

Gamma flip: ~$240.00 — Approx — based on put OI concentration of 60,321 (20.4% below spot)

OI concentrations: Put floor $240 (60k OI), call wall $320-$345, max pain $310

Verdict: High pin risk, spot likely gravitates toward $310

Premium Opportunities

#1
Short strangle
Sell 2026-07-17 $290.00 put + sell $315.00 call
Sells OTM put and call to capture time decay and IV contraction with defined delta targets.
Credit: $8.30-$10.15
Max loss: Unlimited
BE: 279.85 / 325.15
Mgmt: Close at 50% of max profit or if delta exceeds 0.25; adjust if spot approaches strikes.
#2
Iron condor
Sell 2026-08-21 $290.00/$270.00 put wing and $325.00/$350.00 call wing
Sells wings to collect credit while capping loss; benefits from IV crush and limited movement.
Credit: $8.06-$9.86
Max loss: $15.14
BE: 280.14 / 334.86
Mgmt: Manage at 21 DTE or take profit at 50% of credit; roll wings if tested.

Risk Alerts

!0DTE call skew anomaly
!Negative net premium ($-89M) suggests bearish flow
!Gamma flip far below at $240
How to Use These Reports
This theta reflects the market close on June 8, 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.