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How would you like to make a bearish bet on Apple where the worst case case scenario involves you buying the stock down 10% from here? Apparently one option trader likes those odds.

A couple week back on Options Action, Dan Nathan suggested buying the February 200/190 one-by-two put spread, in which he bought the Feb 200-strike put and sold two 190-strike puts to offset the cost. In fact, by selling two of those lower strike puts, one can put the same trade on today for a small $0.75 credit, meaning that if Apple stock rallies on earnings, one could collect $75 for just trying.

But by putting that structure on for a credit, one immediately makes money if Apple stock trades below that 200-strike put.

And if Dan's right, and Apple sells off, that trade would be most profitable if Apple hits that 190-strike. Below that, the stock will be put to you, but you won't begin to lose money until Apple hits $180.

"I like this structure as I'm bullish on the story and not much they say tonight or about tablet is gonna make me that negative." Said Nathan

Option flow was mixed today, with both strong put and call activity. However, when Dan suggested this trade two weeks ago, the implied move was about 5.5% going into earnings. Since then, that has increased to 6% as investors seek protection.

Questions, comments send them to us at: optionsaction@cnbc.com

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AAPL
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