Apple Inc. closed at USD 326.57, up 3.56%.
The options market saw two standout large trades in AAPL on Thursday. A $4.38 million net-debit bull call spread targeting the $360 level by October 2026 dominated the flow, while a $3.70 million short put sale in the January 2028 $290 strike signaled an accumulation-oriented bullish stance. Both structures were out of the money relative to the $326.57 reference price.
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Options Indicators
AAPL’s implied volatility is 27.44%, and with an IV percentile of 51.00%, current volatility sits in a neutral range rather than at an extreme. Combined with an IV/HV ratio of 1.36, the options market is pricing implied volatility moderately above recent realized volatility, suggesting premiums are neither especially cheap nor excessively expensive overall.
The Call/Put volume ratio is 2.85, confirming a strong preference for call-side activity across the entire options complex, not just the large trades.
Large Trades
A bull call spread with a $4.38 million net debit was the most important displayed combination trade, built by buying 12,000 AAPL October 16, 2026 $340 calls and selling 12,000 October 16, 2026 $360 calls. With AAPL referenced at $326.57, both strikes were out of the money, so this structure reflects a moderately bullish directional bet on upside over the longer term rather than an aggressive moonshot. Because it is a call spread, the trader reduced upfront premium versus an outright call purchase by capping gains above $360, which suggests a disciplined bullish view targeting appreciation into that strike range while controlling cost.
A $3.70 million short put sale in the January 21, 2028 $290 put was the other displayed large trade, with 1,700 contracts sold. Since the $290 strike sat below the $326.57 reference price, the put was out of the money, making this a bullish income-oriented position that benefits if AAPL stays above the strike and time decay works in the seller’s favor. Strategically, this trade signals willingness to accumulate stock at an effective lower entry zone if assigned, while expressing confidence that downside risk remains contained over a very long-dated horizon. Overall, the bulk-order flow leans clearly bullish: the largest featured trade was a net-debit upside call spread, and the second highlighted trade was an out-of-the-money put sale, while the broader large-trade mix also shows bullish structures dominating the tape. Taken together, the flow points to institutional positioning for continued upside or at least stable-to-higher price action in AAPL rather than preparation for a meaningful bearish reversal.
Strategy Reference
For traders seeking a low assignment probability short-put entry with a shorter duration, an out-of-the-money AAPL put around the $290 to $300 area in a 30-to-60-day expiration would currently carry a delta typically below 0.20; alternatively, a bull put spread using a sold $300 put and a bought $280 put can define risk and reduce margin while maintaining a similar bullish income profile.