As of Monday morning, new options for Apple Inc (NASDAQ:$AAPL) began trading for the January 2020 expiration. With 858 days until expiration, the new contracts represent potential opportunity for sellers of puts or calls to achieve a higher premium than would be available for the contracts with a closer expiration.

What do the exact numbers look like? The put contract at the $150 strike price see a current bid of $16. An investor will commit to purchasing the stock at $150, but will also collect a premium that puts the cost basis of the shares at $134.

Due to the fact that the $150 strike reflects an approximate 7% discount to the current trading price of Apple, there is also the possibly that the put contract would expire worthless. Current analytical data suggests the odds of 65%. Should the contract expire worthless, the premium would represent a 10.67% return on the cash commitment, or 4.54% annualized.

On the other hand, the calls side of the option chain is set at the $165 strike price. Considering that the $165 strike reflect an approximate 2% premium to the current trading price of the stock, there is also the possibility that the covered call contract would expire worthless. Current analytical data suggests the odds of 46%. If that happens, the premium would reflect a 13.13% boost of extra return to the investor, or 5.58% annualized.

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