$Apple(AAPL)$ 52.5MSomeone sold 2,222 deep ITM $330 puts at $23.65 with 4 days to expiry.
Those puts are $25 in the money. The premium is $23.65, so only $1.35 of extrinsic value remains. Nobody opens a short put position for $1.35 of extrinsic on $52.5M of capital. This looks like a close. Someone owned those puts as downside protection, and they just ripped the hedge off.
That is bullish. They are saying they no longer need protection against AAPL dropping. The dealer who was short stock to hedge those puts now buys shares back to unwind. That is 222,200 deltas of mechanical buying pressure being released into the market.
$52.5M of downside protection removed from AAPL 4 days before Friday opex. That lines up with everything the chain has been saying.
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