Notable five-way option spread in Apple as shares extend gains
Notable five-way option spread in Apple as shares extend gains. The stock up 34c to $190.92 and in the midst of a four-day 3.8% winning stretch. In option action, one player sells 11.3K Jul 165 - 175 put spreads at 7c while buying 11.3K Aug 165 - 175 put spreads for 77c and selling 8.75K Aug 205 calls at 99c. The July spread likely closes some positions opened in late-June: which included a buyer of 30K on 6/26 and 30K on 6/29. The positions are deep OTM and expiring at the end of next week. Some are apparently being closed to monetize the loss and rolled to August today. In addition, 205 strike calls are being sold as well - likely part of a collar spread strategy against a position in the underlying. August option capture earnings 7/31.