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AAPL

Apple Inc.Close $275.15EOD only
Max Pain
$295.00
Next expiry Jun 26, 2026
Expected Move
±$4.84
1.8% from close
Price Gap
+19.85
Distance to max pain
IV Rank
10
Low premium
P/C OI
0.69
Slightly call-heavy
Consensus
5.5/10
Bullish tilt
Published snapshot: Jun 25, 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 25, 2026 close
AAPL Theta Report
Analysis based on market close June 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Sell Put Credit Spread (1-2 week)
Invalidation: Break below 277.5
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 VIX 18

IV Environment

IV Regime
Normal
IV vs VIX
IV elevated vs VIX (32.8 vs 18.4)
Favorable?
Yes

Term structure: Near-term put IV very high (111), skew steep; longer-term normal

📉Put IV spike at 111 signals downside fear; selling premium attractive
📈Dealer long gamma $+284.9M supports pinning near $278

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+284.9M)

Gamma flip: ~$240.00 — Approx — based on put OI concentration of 59,420 (15.4% below spot)

OI concentrations: Put floor $240; Call wall $300-$350; Max pain $278-$280

Verdict: Moderate pin risk near $278-$280 due to high OI concentration

Premium Opportunities

#1
Put credit spread
Sell 2026-07-24 $280.00/$275.00 put spread
Sell 280/275 put spread for 2.07-2.53 credit. Max loss $247 per spread.
Credit: $2.07-$2.53
Max loss: $2.47
BE: $277.47
Mgmt: Close at 50% profit or if AAPL breaks 277.5.
#2
Iron condor
Sell 2026-08-21 $280.00/$275.00 put wing and $300.00/$305.00 call wing
Sell 280/275 puts and 300/305 calls for 3.42-4.18 credit. Max profit 4.18, loss 0.82.
Credit: $3.42-$4.18
Max loss: $0.82
BE: 275.82 / 304.18
Mgmt: Manage at 50% profit or adjust if IV spikes.
#3
Call calendar
Sell 2026-07-17 $300.00 call / buy 2026-07-31 $300.00 call
Sell July 17 300c, buy July 31 300c. Debit 2.10-2.56. Profit from time decay and IV drop.
Debit: $2.10-$2.56
Max loss: $2.56
BE: Path-dependent
Mgmt: Exit before earnings or if IV spikes unexpectedly.

Risk Alerts

!Near-expiration gamma risk (0 DTE skew extreme)
!Potential gap risk if spot breaks support 277.5
How to Use These Reports
This theta reflects the market close on June 26, 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.