In the last five days, Apple Inc (NASDAQ: AAPL) shares have risen 1.65% but failed to breach the $150 level. Options data shows that the 150-strike Call option with the Dec. 9 expiry has seen the maximum volume at 118,605, according to Barchart data.

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Rationale: Despite the surge, Apple shares witnessed the $150 mark as a key resistance, and professional options traders are likely to have used this opportunity to short this call at levels close to $1.75 seen on Wednesday and Thursday. Since then, the option has lost over 60% of its value and last closed at $0.67 on Monday. The option value would go to zero by Friday's market closing if Apple shares end at or below the 150-mark.

How To Trade: The best way to take this trade is by deploying a strategy known as the ‘Bear Call Spread’ where traders can short a Call option which is typically close to the resistance level of the stock while simultaneously buying another Call option — of the same stock belonging to the same expiry — which is relatively out-of-the-money.

For example, if a trader believes Apple shares will end at or below $150 by Friday, i.e. Dec. 09, they can short the $150 call option of Dec. 09 expiry, while simultaneously buying the $152.5 call option belonging to the same expiry. The $150 call closed at $0.67, while the $152.5 call closed at $0.27 on Monday.

If a person were to execute the trade at the above-mentioned levels, they would receive a net credit of $0.4 per unit. If Apple shares close at or below the $150 mark by Friday, $0.4 would be their profit per unit. This should be multiplied by the lot size of the options to arrive at the final absolute profit value.

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