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AAPL

Apple Inc.Close $294.30EOD only
Max Pain
$297.50
Next expiry Jun 24, 2026
Expected Move
±$3.59
1.2% from close
Price Gap
+3.20
Distance to max pain
IV Rank
1
Low premium
P/C OI
0.69
Slightly call-heavy
Consensus
8.0/10
Bullish tilt
Published snapshot: Jun 23, 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 23, 2026 close
AAPL Theta Report
Analysis based on market close June 24, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Short puts
Invalidation: Spot breaks below $281.2 support
Confidence:
6 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.5% from MP; +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
Average IV 31.5% significantly above VIX 18.6%
Favorable?
Yes

Term structure: Very short-dated (0DTE) low at 8.8%, 2-day put IV surges to 72.5%; term structure steep and inverted for puts

⚠️2-day put IV at 72.5% extremely elevated; caution on pinning and bearish flow

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+100.3M)

Gamma flip: ~$240.00 — Approx — based on put OI concentration of 59,431 (18.1% below spot)

OI concentrations: Max pain $298 for 3 nearby expirations; put floor $240, call wall $310-$350

Verdict: Pinning risk elevated due to max pain convergence above current spot, supported by positive dealer gamma

Premium Opportunities

#1
Put credit spread
Sell 2026-08-21 $280.00/$270.00 put spread
Sell $280/$270 put spread to collect premium while limiting downside.
Credit: $2.16-$2.64
Max loss: $7.36
BE: $277.36
Mgmt: Close at 50% profit or if spot breaks $281.2.
#2
Cash-secured put
Sell 2026-08-21 $275.00 cash-secured put
Sell $275 put to collect elevated IV premium with cash collateral.
Credit: $4.59-$5.61
Max loss: $269.39
BE: $269.39
Mgmt: Roll down if spot nears $281.2; avoid holding through earnings.

Risk Alerts

!Bearish flow and negative net premium (-$31.9M) suggest dealer hedging downside
!High short-dated put IV indicates potential volatility event around earnings or news
!Gamma flip at $240 far below; pinning to $298 may cause rapid moves if spot approaches
How to Use These Reports
This theta reflects the market close on June 24, 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.