Apple Inc. closed at US$331.34, down 0.52%.

Large options trades in AAPL leaned decisively bullish today, highlighted by a $10.62 million long-dated call buy at the $350 strike expiring in January 2027. A separate $0.95 million far out-of-the-money put sale at the $255 strike expiring in September 2026 reinforced the constructive tone. Together, the bulk-order flow points to institutional positioning for further upside rather than near-term downside protection.

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Options Indicators

AAPL’s implied volatility is 26.33%, and with an IV percentile of 35.06%, current option volatility sits in a broadly neutral range rather than at an extreme. The IV/HV ratio of 1.11 suggests implied volatility is running modestly above realized volatility, indicating options carry a slight premium to recent actual movement, but not to a degree that would make them look unusually expensive. Overall, AAPL options appear fairly priced to slightly rich, with volatility expectations somewhat above recent historical behavior.

The Call/Put volume ratio is 1.47.

Large Trades

A CALL buy worth $10.62 million was the standout large trade, with 8,075 contracts bought at the 350.0 strike expiring on 2027-01-15. With AAPL referenced at 331.34, this option is out of the money, making it a clear bullish directional position that targets upside over a long-dated horizon. The use of long calls at an out-of-the-money strike suggests the buyer is seeking leveraged participation in a continued advance while keeping risk limited to the premium paid, which is typically consistent with constructive medium- to long-term expectations for the stock.

A PUT sale worth $0.95 million involved 9,500 contracts at the 255.0 strike expiring on 2026-09-16. This put is out of the money versus the current reference price of 331.34, so the trade reflects a bullish-to-neutral stance, as the seller is expressing confidence that AAPL will remain above that strike through expiration. Strategically, short out-of-the-money puts are often used either to collect premium or to position for potentially owning shares at a much lower effective entry level, indicating comfort with downside being limited well below current levels. Overall, the bulk-order flow is decisively bullish: the dominant trade was a large long-dated upside call purchase, while the other displayed trade was a far out-of-the-money put sale that also leans constructive. Taken together, the large-trade profile points to institutional positioning for further upside, with market sentiment favoring strength rather than near-term downside protection.

Strategy Reference

For traders seeking a low assignment probability on the short put side, selling a put below the 255.0 strike that already attracted the $0.95 million sale, such as the 240.0 or 230.0 strike in a nearer expiration, may further reduce the likelihood of being assigned while still collecting premium. If posting margin on a naked call or put is a concern, a bull call spread using the 340.0/350.0 strikes in the January 2027 expiration can cap capital at risk while still participating in upside above the current reference price.