Call Traders Take a Bite Out of Apple Stock

AAPL has seen a surge in weekly calls the last 10 days

Deputy Editor
May 4, 2020 at 2:50 PM
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The 20 stocks listed in the table below have attracted the highest weekly options volume during the past 10 trading days, with data courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. Stocks highlighted in yellow are new to the list. One name that sticks out in particular is FAANG name Apple Inc (AAPL). Below, we'll take a closer look at the options activity surrounding the tech giant, to see how its been performing on the charts amid global strain on supply and demand. 

options volume may 4

At last check, the stock is up 0.4% to trade at $290.36. Steadily rising on the charts since late March, Apple stock was recently turned away from the $300 region. Up 50% in the last nine months, AAPL is a chip-shot away from its year-to-date breakeven point. 

Per White's data, over the past 10 days, 1,374,494 calls and 1,196,231 puts have crossed the tape. This afternoon, the weekly 5/8 300-strike call is the most popular, followed by the 290-strike in the same series -- with new positions being opened at both. 

In addition to the surge in options volume, AAPL is seeing attractively priced premiums. The stock's Schaeffer's Volatility index of 34% sits in the 20th percentile of its annual range implying that near-term options traders are pricing in relatively low volatility expectations. Plus, it's Schaeffer's Volatility Scorecard (SVS) sits at up at 87 (out of 100), showing that the stock has tended to exceed option traders' volatility expectations during the past year, a good thing for option buyers. 


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