How Options Traders Played Apple Stock Before Big Event

Over the last 10 days, options traders have targeted the stock

Jake Scott

Deputy Editor

Sep 9, 2024 at 1:54 PM

AAPL

Shares of Apple Inc (NASDAQ:AAPL) are 0.2% lower at glance, trading at $220.38 as the Big Tech giant prepares to unveil its iPhone 16 and other new products. Artificial intelligence (AI) will be the focus of the reveal.

Before the event, AAPL has seen an uptick in options volume. The security is once again on Schaeffer's Senior Quantitative Analyst Rocky White's list of names that attracted the most weekly options volume in the last two weeks. Coming in third place, Apple stock saw more than 5.2 million calls and 3.1 million puts exchanged over the last 10 days, the favorite being the weekly 8/30 230-strike call.

While shares have taken a step back from their July 15 record high of $237.23, they still boast a respectable 23.7% year-over-year lead. The equity pulled back in tandem with the broader market on Aug. 5, and since recovering has failed to close above the $231 mark, though they're clinging to a 4.5% quarter-to-date gain.

AAPL Chart September 92024

Follow @Schaeffers

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!