Apple Inc. closed at USD 315.34, down 0.28%.

Large options trades in Apple leaned bullish on a session when the stock was little changed. The most notable flow included a long-dated out-of-the-money call purchase at the 320.00 strike and a sizeable out-of-the-money put sale at the 300.00 strike. The combination points to traders positioning for upside while collecting premium on downside levels below the current share price.

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Options Indicators

AAPL’s implied volatility is 27.83%, and with an IV percentile of 55.38%, current volatility sits in a neutral range rather than at an extreme. In other words, options are not especially cheap or especially expensive at the moment; pricing looks fairly balanced, while the IV/HV ratio of 1.35 suggests implied volatility is running above historical volatility, indicating the market is assigning a modest premium to forward-looking uncertainty. The Call/Put volume ratio is 1.78.

Large Trades

A call purchase worth $557.60 thousand stood out as the largest displayed trade, with 4,387 contracts bought at the 320.00 strike expiring on 2026-09-11. With AAPL referenced at 315.34, this call was out of the money, making it a clearly bullish directional wager on upside over a longer-dated horizon. The buyer paid premium for convex exposure above the current stock price, which suggests a view that AAPL can push through 320.00 over time while keeping risk limited to the premium spent.

A put sale worth $482.70 thousand was the other highlighted block, involving 1,027 contracts sold at the 300.00 strike expiring on 2026-10-23. Because the strike sits below the current share price of 315.34, this put was out of the money, and the trade reflects a bullish income-oriented stance. By selling downside premium at 300.00, the trader appears comfortable taking on assignment risk at a lower effective entry level, which typically signals confidence that AAPL can stay above that strike into expiration.

Overall, the bulk-order flow leans bullish. The displayed trades reinforce that view through a combination of upside call buying and out-of-the-money put selling, a pairing that points to traders favoring higher prices while also showing willingness to underwrite downside at lower strikes. Although there were bearish prints elsewhere in the session, the larger pattern in the full block flow suggests constructive sentiment rather than defensive positioning, with market participants appearing more focused on upside participation and premium collection than on preparing for a meaningful breakdown.

Strategy Reference

For traders who share the bullish tone but prefer lower margin requirements than a naked put sale, a bull put spread at the 300.00/290.00 strikes could be considered, while sellers seeking a low assignment probability may focus on strikes at least one standard deviation below spot.