The full options chain — every greek, read.

The full chain — every strike's call & put with real Black-Scholes delta, gamma, theta, vega and implied vol — plus the at-the-money expected move, the put/call IV skew, and notes on what each one means and what it implies. Quotes, implied volatility, greeks and open interest are real, from the options feed.

AAPLspot $333.40ATM IV 39.4%Downside skew (puts bid up) · RR -8.7ptreal-time quotes

Expected move (±1σ to 2026-07-20)±0.0%$333.40 – $333.40ATM IV 52.0%Max pain $325.00

CALLS			Strike	PUTS
Δ	IV	Price		Price	IV	Δ
0.92	87.1	16.50	317.50	0.11	65.8	-0.03
0.90	79.4	14.26	320.00	0.17	61.3	-0.05
0.89	67.5	12.23	322.50	0.29	57.9	-0.08
0.87	57.6	9.50	325.00	0.46	55.8	-0.12
0.77	61.2	7.13	327.50	0.82	54.3	-0.20
0.68	54.5	5.13	330.00	1.39	51.3	-0.31
0.56	52.7	3.53	332.50	2.30	51.2	-0.44
0.42	52.0	2.24	335.00	3.55	49.0	-0.58
0.29	52.2	1.25	337.50	5.25	44.8	-0.74
0.18	51.4	0.75	340.00	6.75	53.7	-0.81
0.11	52.7	0.41	342.50	9.14	32.6	-0.98
0.07	54.9	0.23	345.00	11.10	53.3	-0.94
0.04	57.1	0.13	347.50	13.75	0.0	—

Δ delta · IV implied vol % · price = mid. Rows near spot are highlighted. Per-contract greeks, IV and quotes from the options feed.

AAPL's option chain near $333.4 implies a +0% (~1-sigma) move by 0 days out, with a downside (put) skew — crash insurance is bid up. Every greek — delta, gamma, theta, vega — is on the chain below, from the options feed. Your decisions, your risk.

Each card walks one piece of the chain — what it shows, what the greek means, and what it suggests. Quotes, implied volatility, greeks and open interest are real, from the options feed.

What is an options chain?

AAPL trades near $333.40. The grid lists every strike for an expiry, with a CALL (right to buy) and a PUT (right to sell) side-by-side.

A "call" lets you buy the stock at a fixed "strike" price; a "put" lets you sell at the strike. Each costs a "premium" (the price). Calls gain when the stock rises; puts gain when it falls. The chain is just every strike laid out as a grid.

→ The at-the-money strike is $332.50.

Delta — how much does the option move?

The at-the-money call has a delta of 0.559 and the put -0.4398.

Delta is how many dollars the option moves for a $1 move in the stock. A 0.50 delta call gains ~$0.50 if the stock rises $1. Calls have positive delta (0 to 1), puts negative (0 to -1). Loosely, delta also approximates the chance the option finishes in-the-money.

→ Higher delta = behaves more like the stock itself.

Gamma, Theta & Vega — the other greeks

ATM gamma 0.05513, theta $-2.35/day, vega $0.05.

Gamma is how fast delta itself changes (curvature). Theta is the daily "time decay" — what you lose each day just from the clock ticking, all else equal. Vega is sensitivity to volatility — how much the price moves if implied volatility rises 1 point. Long options are usually short theta (decay) and long vega (helped by rising vol).

→ Time decay (theta) accelerates as expiry approaches.

Expected move — how far might it travel?

By 0 days out, the options imply a one-standard-deviation move of about $0.00 (+0%), i.e. roughly $333.40–$333.40.

Implied volatility is the market's forecast of how much the stock will swing. Multiply it by the square root of time to expiry to get the "expected move" — a ~68% chance the stock lands inside that band. Bigger IV = bigger band = pricier options.

→ About a 2-in-3 chance of finishing inside that range.

The volatility skew — what is the fear gauge?

Out-of-the-money puts price at 65.8% IV vs 52.7% at-the-money — a downside (put) skew — crash insurance is bid up.

In a perfect world every strike would share one IV. In reality, IV varies by strike — usually OTM puts are pricier (a "skew") because investors pay up for downside protection. A steep put skew is a fear gauge; a flat or upside skew suggests complacency or upside-chasing.

→ Demand for downside protection is elevated.

Greek Glossary

Call / Put: A call is the right to buy at the strike; a put is the right to sell at the strike.
Strike: The fixed price at which the option lets you buy (call) or sell (put).
Delta: Dollar move of the option per $1 move in the underlying (and ~probability of finishing in-the-money).
Gamma: How fast delta changes as the stock moves — the curvature of the option.
Theta: Daily time decay: value lost per day, all else equal.
Vega: Price change for a 1-point rise in implied volatility.
Rho: Price change for a 1% change in interest rates.
Implied volatility (IV): The market's forecast of future swings, baked into the option price.
Expected move: spot x IV x sqrt(time) — the ~68% (one sigma) range by expiry.
Skew / Smile: How implied vol varies across strikes; a downside put skew signals demand for crash protection.