Apple ended the session at $332.89, slipping 0.24% from the previous close.

Large options flow leaned clearly bullish, anchored by an $8.42 million in-the-money call purchase expiring January 2027. A much smaller in-the-money put buy worth $661,700 added a modest note of caution, but total large-trade activity still pointed to stronger demand for long-dated upside exposure than for downside protection.

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Options Indicators

Apple’s implied volatility is 26.82%, and with an IV percentile of 44.22%, current volatility sits in a neutral historical range rather than an especially cheap or expensive one. The IV/HV ratio of 1.29 indicates implied volatility is running above realized volatility, suggesting the options market is pricing in somewhat higher forward uncertainty than what the stock has recently delivered, but not at an extreme level.

The Call/Put volume ratio is 2.34.

Large Trades

A call purchase worth $8.42 million was the standout large trade of the session, with 3,900 contracts bought on the January 15, 2027 $330.0 call. With Apple referenced at $332.89, this contract was already in the money, which makes the trade a fairly direct bullish expression with meaningful premium committed to upside exposure over a long-dated horizon. The use of an in-the-money long call suggests the buyer was seeking high-delta participation in further stock appreciation while still maintaining the defined-risk profile of an option position.

A put purchase worth $661,700 was the other displayed large trade, consisting of 1,203 contracts bought on the October 16, 2026 $335.0 put. With the stock below the strike at $332.89, this put was in the money, signaling a bearish stance and likely serving either as downside speculation or portfolio protection against a larger pullback over the next year. Even so, the scale of this bearish trade was much smaller than the dominant bullish call buy, so the overall large-trade flow still points clearly to a bullish bias in Apple, driven mainly by aggressive long-premium upside positioning and only modest offsetting demand for downside protection.

Strategy Reference

For a lower assignment probability, a short-term put seller could consider an out-of-the-money strike around $315.00 or below, while a defined-risk alternative to the long January 2027 call would be a $330.00/$360.00 bull call spread expiring January 2027 if less upfront premium is desired.