I think buyers of 575 or higher call strike prices will lose heavily after the earnings.
I am long with shares and calls (ITM), and hedged my shares and some calls with puts. I hate selling calls as a hedge, id rather buy puts. Downside can be 500-515, upside 570-580. As usual, theres a high chance this will sell after earnings, or stay flat, so careful with OTM calls, premiums are WAY too high.
I believe that you mwy be correct, but only regarding the WEEKLY calls... My OTM AAPL calls don't expire until FEB 22nd, time will be on my side imho. To wit, there are literally DOZENS of ways to play AAPL earnings, especially since a 5-7% move (up OR down) is implied by the options activity alone.
Don't be surprised if the reaction to an ER "blowout" is a delayed one... weakness in the broader indices like we saw last week could potentially throw a temporary wet blanket on a move northward, but if the market makers in AAPL are net "long" than they just may let go of the reigns and let her pop Monday nite into Tuesday mid-day, only to retrace part of any large move higher, and then re-commence AAPL's march into the $600's NEXT week... just a theory, but it wouldn't be anything new.
I actually have some Feb 500, 515, and 525 Minis. Im scared to leave them open for the ER, but I think I will. The rest are ITM april and July calls. Im a strong believer in buying long expiration calls. An 8% pop would be nice, but its so tough for AAPL