The action is expressing an aggressively bullish view for shares ahead of the 10/27 earnings release

Here’s a look at the last five days of Apple:

Apple

Image: LiveVol Pro

AAPL is up 35c to $115.63 and 40,000 of the Nov 124 – 125 call spreads traded earlier today for $0.20 on ISE. A customer bought-to-open the spread, untied.

The action represents the two largest options blocks traded across the market today and is expressing an aggressively bullish view for shares ahead of the 10/27 earnings release.

The expiration breakeven, if bought for 20c, is $124.20 per share, or a 7.4% advance over the next three-and-a-half weeks. The stock dropped 4.2% to $125.22 on 7/22/15 when the company last reported. Average daily post-earnings gap move over the past two years is 4.4%.