AAPL’s Jun-13-25 $200 Call Trades 58,804 Contracts—Implied Volatility Drops 18% as Sellers Dominate
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Most Active Option: 7.2% of All AAPL Volume Focused on a Single $200 Strike Call
Apple (AAPL) caught attention today as the Jun-13-25 $200 call became the standout contract, with a staggering 58,804 contracts changing hands—making up 7.2% of total AAPL options volume as of 3:38 PM. That’s an outsized concentration for a single option, especially given its short expiration window.
| Contract | Volume | % of Total AAPL Option Volume | Trade VWAP | Open Interest (Prev. Day) | Change in OI |
|---|---|---|---|---|---|
| Jun-13-25 200 Call | 58,804 | 7.2% | $0.85 | 8,963 | +3,886 |
Sellers in Control: 85% of Contracts Sold, Implied Volatility Slides 18%
The order flow paints a clear picture: 85% of trades in this contract were sold versus 15% bought. Professional and large traders made up 55% of the flow, but retail participation wasn’t far behind at 45%. This tilt towards selling, combined with a big drop in implied volatility—from a previous close of 27.3 down to 22.4 (a decrease of 18%)—points to market participants expecting limited fireworks as expiration approaches.
| Metric | Previous Day | Today | Change |
|---|---|---|---|
| Implied Volatility (IV) | 27.3 | 22.4 | -18.0% |
| Option Last Trade Price | 1.44 | 0.85 | -40.97% |
| Underlying Price | 198.90 | 198.90 | +0.12 (0.06%) |
Premium Fades as Option Nears Expiry: Price Drops 41% in a Single Day
Price action tells the story of a waning option premium: The last trade price in this contract plummeted from $1.44 to $0.85—a sharp 41% decrease since the previous session. Intraday, the contract traded as high as $1.52 and as low as $0.61, but ended close to session lows. With AAPL stock barely moving (+0.06%) and sitting just below the $200 strike, the market is essentially pricing in minimal short-term volatility through the expiry.
Open Interest Rises, but Trade Direction Skews Bearish-to-Neutral
The jump in open interest (+3,886 contracts from yesterday) could suggest new positioning, but with such heavy selling pressure and the majority of contracts likely written rather than bought, this feels less like a bullish bet and more like participants writing options to collect premium as expiration approaches.
What This Could Mean for Traders: Betting on Stability Over the Next 48 Hours?
For investors watching Apple, the options market is sending a message: Despite the heavy activity, big players are overwhelmingly selling rather than buying this $200 strike. This points to a consensus that the stock is unlikely to break out significantly above $200 before the option expires in two days. In other words, stability—and not explosive upside—is the short-term bet.
With implied volatility at its lowest intraday mark (20.6) before recovering slightly, option writers seem content to profit from a rapidly declining premium as time runs out. Unless AAPL surprises with an unexpected move, these sellers are hoping to walk away with premium in hand.
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