AAPL Traders Eye $240 Puts and $300 Calls as Options Signal Volatility Playbook

• Options market shows heavy call OI at $300 and put OI at $240.
• RSI near oversold levels at 20.54 hints at possible bounce.
• Top Institutional Investors added AAPL in Q4 as insiders sold millions.

Apple shares are hovering around $248.39 as of this morning, down nearly 0.6% from the open. The stock is sitting just below its 200-day moving average of $246.36, and while the long-term trend remains sideways, the short-term technicals are getting interesting.

What options traders are betting on: Deep OTM puts and sky-high call OI tell a story

Looking at the options chain for Friday, March 20th expiration, the most eye-catching numbers are the $300 call (AAPL20260320C300) with 59,448 open contracts and the $240 put (AAPL20260320P240) with 22,626 OI. That’s a huge imbalance — bullish bets at a strike 20% above current price, and bearish ones 6% below.

The put/call ratio for open interest is at 0.68, which means more money is currently tied up in bullish options. This kind of call-heavy setup often signals traders are either long the stock or betting on a rebound — especially with RSI at 20.54, which is near oversold territory. But the heavy put OI at $240 means some are bracing for a breakdown below key support levels.

Block trading activity for the day is quiet, which means no huge whale moves. So what we see in the options market is a tug-of-war: a potential rebound off oversold RSI vs. a possible breakdown if the 247.57 level (lower Bollinger Band) fails.

Company news: Wearables push and analyst splits could shift momentum

Apple recently launched the AirPods Max 2, touting advanced ANC and features like Live Translation — a move clearly aimed at keeping their edge in the wearables game. That said, the Wearables segment posted a 2.2% drop in Q1 2026, which shows the segment is struggling to keep up with the broader company’s growth.

Analysts are all over the map. On one side, Wedbush’s Dan Ives is bullish with a $350 target, while Barclays’ Tim Long is bearish with a $248 price floor. The median target is $315, so there’s a wide spread.

This kind of news mix could explain the options positioning: the $300 call is like a long-term bet on innovation-driven growth, while the $240 put is a hedge against a pullback in sentiment — especially with Apple stock trading at a forward P/E of 28.8X, above the sector average.

Trading setup for stock and options: Where to play the move

If you're trading the stock:

• Consider a long entry near $248–247.50 if the 247.57 level (lower Bollinger Band) holds. That’s your first line of support.
• Set a stop-loss below $245 if the RSI doesn’t recover meaningfully.
• A bullish breakout above $251.83 (today’s high) could be a signal to take profits or scale out.

If you're trading options:

• For a limited-risk long play: Buy the AAPL20260320C300 calls today. These are deep out-of-the-money, but with a lot of open interest, they could ignite if a rebound hits.
• For downside protection: Buy the AAPL20260320P240 puts. These are also deep out-of-the-money but could catch a drop if the stock breaks below $247.50.
• If you want a longer play for next Friday (March 27th): The AAPL20260327C285 call has 7,006 OI — a more realistic strike if Apple makes a recovery by that date.

Volatility on the horizon: What to watch for

The coming week will be crucial. If Apple breaks below the $247.57 level and the $245–240 zone starts getting tested, the puts at $240 will be in play. On the flip side, a rally above $251.83 could reignite bullish sentiment and bring the $285 and $300 call strikes into the spotlight.

The RSI at 20.54 is screaming for a bounce — but with the 200-day moving average just below current price, there's a real risk of a false move. Either way, this is a market that's preparing for a directional shift — and the options market is already betting on it.