AAPL Broken-Wing Bull Put — 2026-10-30

AAPL (Apple Inc. - Common Stock): $1534K of buyer-initiated unusual call flow (38% call-dominant), IV rank 58 (elevated). Our gamma model reads AAPL in a NEGATIVE-gamma regime (net GEX 36.5M, flip 348.17) — dealers are short gamma and amplify moves, so this is defined-risk only and leans with the flow. Structured as a Broken-Wing Bull Put (sell $342.5P / buy $337.5P) expiring 2026-10-30 (14 DTE) — negative-gamma (trend/gap risk) → defined-risk broken-wing leaning with flow. Net credit $172, max loss $328 (defined risk). Breakevens $340.78.

Underlying: AAPL @ ~$344.81 | 2026-10-30 (14 DTE) | Net credit (entry): ~$172 per spread. Use limit orders at the mid or slightly better.

ENTRY: Put on the broken-wing put spread: sell the $342.5 put, buy the further-OTM $337.5 put with a WIDER gap on the far wing, expiring 2026-10-30 (14 DTE), as one order at a LIMIT of the mid or better — target net credit $172. IV rank 58 is moderate — credit is workable but define risk and don't oversize. The skew removes upside risk while collecting a credit; the downside gap is the residual max loss ($328). | TAKE PROFIT: Buy it back to LOCK IN gains at ~50% of the $172 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 14 DTE, so plan the exit 0 day(s) out. Above $342.5 the whole credit is yours — take profits, don't carry the tail into expiration. Breakeven $340.78. | IF TESTED: The risk is a hard drop into the wide wing. When AAPL tests the $342.5 short put (delta ~0.30) or loss ≈$344, roll the structure DOWN and OUT ~7–14 days for a credit, or buy an extra long put to square the wing back into a symmetric (fully defined) spread. Treat a close below the $345 put wall as the hard trigger to act (the pin support has failed). 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 $345; call wall (resistance) at $350. If price reaches the $337.5 wing, you're at max loss ($328) — take it. | MAXIMIZE: Holding above $342.5? Let theta collect the full credit. Once most is banked, roll up toward the money next cycle for a richer credit, or convert into an iron condor by adding a call spread if the flow turns two-sided.