AAPL Broken-Wing Bear Call — 2026-09-23

AAPL (Apple Inc. - Common Stock): $1965K of buyer-initiated unusual put flow (29% put-dominant), IV rank 53 (moderate). Our gamma model reads AAPL in a NEGATIVE-gamma regime (net GEX 8.3M, flip 317.15) — dealers are short gamma and amplify moves, so this is defined-risk only and leans with the flow. Structured as a Broken-Wing Bear Call (sell $325C / buy $330C) expiring 2026-09-23 (15 DTE) — negative-gamma (trend/gap risk) → defined-risk broken-wing leaning with flow. Net credit $125, max loss $375 (defined risk). Breakevens $326.26.

Underlying: AAPL @ ~$316.17 | 2026-09-23 (15 DTE) | Net credit (entry): ~$125 per spread. Use limit orders at the mid or slightly better.

ENTRY: Put on the broken-wing call spread: sell the $325 call, buy the further-OTM $330 call with a WIDER gap on the far wing, expiring 2026-09-23 (15 DTE), as one order at a LIMIT of the mid or better — target net credit $125. IV rank 53 is moderate — credit is workable but define risk and don't oversize. The skew removes downside risk while collecting a credit; the upside gap is the residual max loss ($375). | TAKE PROFIT: Buy it back to LOCK IN gains at ~50% of the $125 credit. Also close on TIME: exit around 21 DTE regardless of P&L to sidestep the late-cycle gamma/pin risk near AAPL's short strike(s) — currently 15 DTE, so plan the exit 0 day(s) out. Below $325 the whole credit is yours — take profits, don't carry the tail. Breakeven $326.26. | IF TESTED: The risk is a sharp rally into the wide wing. When AAPL tests the $325 short call (delta ~0.30) or loss ≈$250, roll the structure UP and OUT ~7–14 days for a credit, or buy an extra long call to square the wing into a symmetric (fully defined) spread. Treat a close above the $325 call wall as the hard trigger to act (the resistance magnet has broken). dealer gamma is NEGATIVE (vol-amplifying) — moves accelerate here, so defend one trigger EARLIER than usual and don't wait for the strike to go in-the-money; put wall (support) at $315; call wall (resistance) at $325. If price reaches the $330 wing, you're at max loss ($375) — take it. | MAXIMIZE: Holding below $325? Let theta collect the full credit. Once most is banked, roll down toward the money next cycle for a richer credit, or add a put spread to convert into an iron condor if flow turns two-sided.