On Monday, uninformed Apple shareholders are at risk of having a conniption fit.
After closing Friday at $645.57, Apple shares opened Monday at $92.70, but not because the stock plunged—rather, the tech giant's 7-for-1 split has become effective.
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But even though the stock price has moved drastically, options traders should be unaffected. That's because options strike prices and contracts will be automatically adjusted for the split.
Strike prices will be divided by seven, and the Options Clearing Corp. will issue options holders six additional contracts for each outstanding contract. That means that if a trader owned one 700-strike call, he or she now owns seven 100-strike calls.
If the strike price is not divisible by seven, then the strike price gets rounded to the nearest penny.
"If you owned one January 650 call, well, you're still going to have seven contracts, but now you need to divide that by seven also. That gets you to the number 92.86—they're going to round it to 2 decimals. So what happens? Seven January 92.86-strike calls," explained Michael Khouw of Dash Financial on Friday's episode of "Options Action."
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Unsurprisingly, the value of the option contracts should fall in concert with the strike prices.
"The amount of premium that you hold is also going to be about the same, so you would take however much the options were trading for, divide that by seven, that's approximately what they will be, all else equal, come Monday," Khouw said.
One word of caution, however. A trader who bought one Apple call or put before the split will now need to sell seven options in order to close out the position.
—By CNBC's Alex Rosenberg.
Follow the show on Twitter: @CNBCOptions.
