AAPL Bull Put Credit Spread — 2026-10-02

AAPL (Apple Inc. - Common Stock) shows bullish unusual options activity: $3094K of buyer-initiated unusual call flow (62% call-dominant) detected across near-term expirations, with a peak vol/OI ratio of 12.3x on the 340 call. We fade this by SELLING premium on the other side: the trade profits from time decay as long as AAPL stays above $325 through expiration. IV rank is 41 (moderate) — rather than sell naked premium at this IV, this is defined as a bull put credit spread (short $325 / long $320) so max loss is capped. Sell the $325 / buy the $320 put bull put credit spread expiring 2026-10-02 (21 DTE) for a net credit of $1.34 ($134 per spread). Breakeven at $323.66; net delta 0.09.

Underlying: AAPL @ ~$332.73 | 2026-10-02 (21 DTE) | Net credit (entry): ~$134 per spread. Use limit orders at the mid or slightly better.

ENTRY: Sell the $325 / buy the $320 put credit spread expiring 2026-10-02 (21 DTE) as ONE order at a LIMIT of the mid or better — target credit $134 on a $5 -wide spread. IV rank 41 is moderate — credit is workable but define risk and don't oversize. Don't leg in. Gamma: dealer gamma is POSITIVE (vol-suppressing) — spot tends to pin/mean-revert, so a briefly-tested strike often reverts; don't over-adjust on the first touch; put wall (support) at $325; call wall (resistance) at $340. | TAKE PROFIT: Buy the spread back to LOCK IN gains at ~50% of the $134 max credit (close near $67 remaining). 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 21 DTE, so plan the exit 0 day(s) out. Defined risk — max loss $366, so let it run to ~50% rather than scalping tiny. | IF TESTED: If AAPL tests the $325 short put (delta ~0.30) or the loss reaches ~$268 (≈2× credit), roll the WHOLE spread DOWN and OUT ~7–14 days for a net credit — the lone-vertical play is roll-down-and-out or close (there's no untested side to roll in until you add a call spread). Treat a close below the $325 put wall as the hard trigger to act (the pin support has failed). If price knifes past the $320 long put, the spread is at/near max loss ($366) — take it rather than hoping. Breakeven $323.66. | MAXIMIZE: Winning cleanly above $325? Let theta close it toward 50%. To improve it, roll the spread UP toward the money in the next cycle for a fatter credit once most of this credit is banked, or add a bear call spread above the market to convert into an iron condor and double the premium if the flow turns two-sided.