A trader sold 4,000 March $340 puts at $2.22 and bought 4,000 March $335 puts at $1.72 for a credit of $0.50 or $200,000.
As you can see from the graph above, the bull vertical has limited risk and limited profit potential. The max risk of the bull vertical is $1,800,000. The max gain is the credit received. The break even underlying price level is $339.50.
The line shown in the chart above is the break even underlying price of $339.50. The bull vertical is profitable as long as the underlying price is above the break even. The 52-week range for AAPL is a low of $195.71 and a high of $364.90. AAPL has a higher P/E ratio, Price-to-book ratio, and Price-to-sales ration than it's competitors HPQ, MSFT, and DELL.
AAPL traded 561,023 contracts today compared to average volume of 301,564.