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Apple(AAPL) implied volatility is again getting plastered. Now that the stock has fallen back to $525, it seems to have found a floor. I want to take advantage of the incredible low IV buy buying a slightly out-of-the-money call.

I think I could win twice on this one if the stock and IV go up at the same time. Thus I feel I have 'edge' in the trade. I am going to buy the 550 calls in April for 6.50 or so. My goal is to double my money and I will kill the trade if it drops below $3.00 a share. AS ALWAYS, this is a guideline and you should always stick to your trading plan and what's best for your risk/reward tolerance.

Trade: Buy to open AAPL Apr 550 calls for $6.50.

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At the time of publication, Mark Sebastian held no positions on the stocks or issues mentioned.